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Withdrawing SPA
When user decides to withdraw assets after the lock expires - one week is needed to make the assets available (cooldown). When initiating staking user can select one of two cooldown options. This cannot be changed later on and is an irreversible process.
  1. 1.
    Auto-cooldown: the protocol will automatically initiate a cooldown 7 days before expiry. In this case, the assets will be available immediately after the lock period, but they will not bring any more rewards post expiry.
  2. 2.
    Stay staked at residual value (or manual cooldown): after the lock expires, the assets remain locked with the residual value of [0.01917*staked SPA tokens], and will continue to bring rewards to the user. If one day the user decides to take their assets out - they need to initiate the cooldown manually. After a one-week cooldown, the assets will become available.
Withdrawing from the protocol, does not automatically claim all the SPA rewards. The users would be required to claim the rewards separately. In case the staking rewards are not distributed till that point of time, users can still claim the rewards and fee earnings accrued to them after they have withdrawn their staked SPA tokens.

Stay Staked at Residual Value

If a user chooses this option while staking, their veSPA balance will be set at the residual veSPA balance. They will continue to earn all the staking rewards at this veSPA balance for as long as the protocol keeps distributing rewards. The residual veSPA balance is equivalent to the veSPA balance of a staking position which unlocks in 7 days.
Residual veSPA balance = (7/365)*Staked SPA tokens = 0.01917*Staked SPA tokens

Initiate Cooldown

Stakers can initiate cooldown when 7 days are left in lockup expiry or anytime after that. When the staker’s veSPA balance is set to the residual veSPA balance or when only 7 days are left in the lockup period, the staker can initiate a transaction to start a cooldown period. When cooldown period is initiated the lockup expiry date is updated to a new date which would be 7 days from the date on which cooldown was initiated.
Staker’s veSPA balance decays from the residual veSPA balance to zero during the cooldown period. At the end of the cooldown period the staker can withdraw the SPA they had deposited. Staker’s receive rewards during the cooldown period in proportion to their veSPA balance.
At the end of the cooldown period the veSPA balance remains zero and the user doesn’t get any rewards. The users can unstake at any point of time after the cooldown period has ended.
Example

Auto-Cooldown

In case users choose the auto-cooldown option, veSPA balance decays to zero and the stakers are able to withdraw their staked SPA balance at the end of their lockup period.