Convert

Information about convert feature

Overview

The "convert" feature allows users to obtain stZIL immediately, rather than having to wait for the usual 14-day unbounding period. Without this feature, a user who has already staked their ZIL with an SSN node would have to first unstake their delegated ZIL before being able to receive stZIL. However, with the convert feature, the process can be done almost instantly.

Also users who have delegated ZIL and want to withdraw it from staking to ZIL without waiting an unbounding period can use convert feature to obtain stZil first. Then this stZIL can then be exchanged for regular ZIL using Avely Swap, a service that allows users to trade one type of cryptocurrency for another. This process is faster than the usual 14-day wait for ZIL to be unstaked, but it may incur fees.

How does it work?

The conversion process consists of two steps:

Step 1: Transfer Stake to stZIL

Step 2: Mint stZIL using transferred stake from step 1

Note: If the user completes the first step but fails/missed the second, the system will return the funds to the user at the beginning of the next cycle.

Why My Convert Is Locked?

We cannot process your stake if you see the red alert box on top of the conversion block.

There can be several cases when a user cannot use a convert feature. All of them are connected to native staking technical reasons.

Reason #1: User has fresh stake top-ups (aka “buffered stake”)

The most common reason is the user has recently staked in native staking. It could be treated as as in-out protection on the native staking contract. Due to this restriction user's stake could not be touched next 2 cycles. Currently, 1 cycle takes ~24 hours.

Alternative cause of the problem - the user delegated stake using the native staking feature.

Solution: Just wait :) After 2 full cycles, your deposit will be un-freeze and be able to convert.

Reason#2: User has unclaimed rewards

We are not able to start the conversion process if you have unclaimed rewards on native staking.

Solution: Please, claim rewards from all SSN Providers you have.

Reason#3: User has unfinished rewards

If the user has an active withdrawal(-s) of funds its blocks the conversion first step.

Solution: Please, complete the withdrawal process on the native staking provider side.

Reason#4: Unknown

If your convert is blocked for this reason, please write in our Telegram chat https://t.me/avelyfinance and we will find a solution.

Troubleshooting

The lock system is designed to prevent a user from errors in the conversion process. However, the state of the blockchain is changed every block and it could lead to a tiny chance to face a problem.

First, do not be worried If you see an error during the conversation. All operations happen on-chain and the funds are safe.

Sometimes you could run a convert in the middle of cycle changing (which is 1 time per day) and see an error due to the sync process between stZIL and the native staking smart contract.

Try to refresh the page and do the convert a bit later again.