xTETHYS is an ERC-20 token you can get by locking your $TETHYS tokens following the current xTETHYS-TETHYS ratio. Starting from 1:1, the ratio increases infinitely by buying back $TETHYS tokens and rewarding the xTETHYS stakers with them.
xTETHYS holders are receiving rewards from 3 different sources: 1) Since all staked TETHYS is lent on Tethys Market, everyone in xTETHYS benefits from Supply APR in Tethys-Metis pool. This reward is applied over time, without a need for a distribution to happen. 2) DEX fees (0.03 of each swap) are used to buy back TETHYS and distribute them to xTETHYS holders. 3) Borrow fees from Tethys Market. There is a share of borrow fees that protocol earns over time. We distribute these fees to xTETHYS holders as well.
Currently, the only way to see how much you earned is by keeping track of the TETHYS amount you can get by redeeming your xTETHYS. This amount changes with each distribution, since each buyback makes xTETHYS more expensive in the xTETHYS-TETHYS ratio. Distribution happens several times a week.
How much TETHYS you can get by redeeming xTETHYS
Buyback funds are derived from swap fees (0.03%), which means that the higher the volume of the Tethys exchange, the more tokens will be purchased and distributed to stakeholders.
The buyback occurs every two days at a randomly selected time to avoid any kind of market manipulation.
3) Enter an amount in the field
4) Click "Stake Tethys" and confirm transaction