Stay in full control of your funds.
Stay in full control of your funds.
Assets under management: 1’400’000 DFI
Use blockchain data to track & trace the entire LOCK fund flow or the state of vaults. Plus our entire code is Open-Source.
Access for everyone. No need to be a blockchain expert & to run Masternodes. No risk of liquidation running a vault or risk of Impermanent Loss participating in Liqiudity Mining. Start earning yield with as little as 1 DFI.
How to start …
Step by step guide
- Visit Jellywallet.io and install the plugin for your Chrome Browser
- To get DFI, click on “Buy/Sell” and buy DFI hassle-free with a simple bank transfer.
- Complete the KYC process to use LOCK.
- Click on Stake, deposit your desired DFI amount and start earning daily rewards.
- Staking rewards can be reinvested or paid out into the wallet (currently 0% APY!). Staking Rewards can be recieved in $DFI, native Bitcoin, Liquidity Pool Tokens or Stablecoins among other
- FULL transparency: any transaction can be tracked & traced 100% publicly via Blockchain transactions. Plus our entire code is Open-Source
- Reward Diversification of your Staking Rewards into any DeFiChain asset, for instance: dBTC, dUSDT/C, dBTC-DFI or DUSD-dTSLA LP Token
- Fast and straight-forward KYC process: Staking can be started within few minutes
Our Security Set-Up
LOCK sets a new industry benchmark… the most secure and transparent Crypto Custodial Service.
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What is LOCK?
LOCK is an independent and global Crypto Custodial service to further decentralize DeFiChain and enable a better governance. Furthermore, LOCK offers Crypto investment services to earn daily returns on Cryptocurrencies like DFI or dBTC. LOCK provides its services to retail as well as institutional investors and is available in different wallets like DFX or Jellywallet. Further wallets will integrate LOCK in future as well.
What are the APRs/APYs?
Current APY/APR is 0% on DFI. No Rewards are paid out currently.
How does LOCK Staking work?
LOCK Staking is integrated natively in wallets like DFX. DFI Coins (DFI UTXO) can be transferred directly into LOCK Staking within the LOCK application in order to receive daily Staking rewards. LOCK pools the DFI to create Masternodes with it. Creating a Masternode requires 20'011 DFI and thus, LOCK pools the DFI of its customers. Any amount >1 DFI can be staked at LOCK and therefore, a reinvestment of Staking Rewards is possible as well to benefit from compound interest. Staking Rewards are paid out on a daily basis and are reinvested into Staking by default. However, the upcoming Reward Diversification enables users to diversify their Rewards into other assets automatically (see below).
Unstaking of DFI is possible at anytime and is usually processed within minutes, if not many users unstake their DFI simultaneously! Before Staking can be accessed, a KYC process needs to be passed successfully. However, your KYC data can be transferred from DFX to LOCK, if you're a customer at DFX, so that you don't need to do the KYC process again. Otherwise LOCK offers an own KYC process.
When can I withdraw my Funds?
You can stake and unstake your DFI anytime and also withdraw your funds from the YIELD MACHINE anytime. There is no lock-up period. Usually, you receive your DFI within 5 min after unstaking. However, if many LOCK customers want to withdraw their DFI at the same time, Masternodes have to be resigned which takes 16h on DeFiChain. In that case, LOCK user need to wait longer for their DFI. For further information, please have a look at our Terms & Conditions. There is a GSheet providing informtion about the current available liquidity at LOCK for Staking and the YIELD MACHINE, so that users can estimate, whether their withdrawal will be processed quickly or not. Withdrawals from the YIELD MACHINE are processed within minutes as well, if there is enough Liquidity available. Otherwise, withdrawals take about an hour per 100'000 USD that are withdrawn. Please have a look at our video about the Transaction Control as well in which we explain how withdrawals are processed at LOCK and why this process highly critical, and thus requires an uber secure approch.
How LOCK handles Transparency of Funds
LOCK has a strict Transparency approach and users can check and verify anytime that their funds are there, available and can be withdrawn anytime! All Liquidity and Reward addresses for DFI Staking and the YIELD MACHINE are public. More details regarding LOCK's Transparency approach can be found here. Please have a look at our Security video as well in which we explain our Transparency concept in detail that is a key pillar of our security set-up.
Who is operating the Masternodes for LOCK Staking?
The private keys of the Masternodes (Owner addresses) are kept by LOCK in its Cold Storage and thus, the custody of customer's DFI is done by LOCK as well. The operator nodes, however, are operated by mydeficha.in (a German service specialized in running operator nodes) in order to guarantee a Masternode uptime of >99%, to generate as much Rewards as possible.
Can Rewards be paid out in different assets?
No Rewards are paid out currently.
How are customer funds secured?
Security + Transparency: Security of customer funds is our number 1 priority. Our core pillars for securing customer funds in the most safest way are a Multi-Signature Set-Up for the Private Key, our own designed & built Cold Wallet, a Transaction Control & FULL Transparency. How all of this comes together & how LOCK sets a new Benchmark for the entire Crypto industry can be seen here . All transactions, addresses, Vaults, Liquidity pools, balances, etc. can be verified transparently via the LOCK Transparency page.
How is DeFiChain voting taking place?
Any LOCK user is able to vote on CFPs/DFIPs regardless of the amount of staked DFI. Any user can vote YES/Neutral/NO on each CFP or DFIP. The LOCK Masternodes vote pro rata following the will of LOCK users. LOCK always votes with all its Masternodes to get the maximum out for its users, since Voting on DeFiChain is rewarded with DFI and these DFI are distributed to LOCK users! Also, DeFiChain On-Chain governance is supported by LOCK!
Is there Staking planned for other Blockchains/Protocols?
Yes, further Staking protocols are on the agenda of LOCK.
How long do deposits take?
Deposits into Staking and the Yield Machine are processed within minutes and Rewards are paid out the next day, if the deposit has not been removed again.
How long do withdrawals take?
Usually withdrawals from Staking and the Yield Machine are processed within minutes, if sufficient liquidity is available or rather if the amount of the withdrawal is not too large. If not, withdrawals of the Yield Machine take 1h and withdrawals from Staking take 16h due to the resigning of DeFiChain Masternodes. If it takes longer, please contact email@example.com . The available liquidity of LOCK can be monitored in this GSheet.
LOCK Vault Anti-Liquidation Set-Up
LOCK runs a LOAN scheme of 150%, meaning you would be liquidated at 150% collateralization ratio, to be exact if you are ~15min/30 blocks below 150% with your Vault! The collateralization ratio of LOCK is set to 170%.
LOCK checks the next price of the mined asset, which is 1h ahead! If a deviation is determined, e.g. of 0.05%, i.e. if the then Collateralization Ratio would lie with 169.95%, by the Next Price, Collateral is refilled so that the collateralization of 170% fits again.
Furthermore, there is an emergency mechanism at 155%, which shoots additional collateral at this threshold!
Last Resort is an emergency check, the EVERY 5 minutes, checks that you are in any case above 150% collateral and if not by automated collateral is shot, so that you can not even be longer than 5 minutes below 150% attendance!
What is the flexible Reward Diversification?
The flexible Reward Diversification provides the possibility to receive rewards from Staking and the Yield Machine in different assets and not only in the underlying asset. This option also provides the possibility to pay out the rewards to your wallet, instead of re-investing into Staking or the Yield Machine.
The Reward Diversification for Staking and the YIELD MACHINE enables the diversification into DeFiChain assets like DFI, dBTC, dETH, Stablecoins like dUSDT/C and even Liquidity Pool token like dBTC-DFI or DUSD-DFI. Plus, Reward payouts into a Bank account are possible as well via DFX.
The Diversification into different protocols, e.g. into native Bitcoin oder native USDT will be possible for Staking and the Yield Machine as well at a later stage.
Is there a report for tax purposes?
Yes, there is a CSV file export available that generates a proper documentation of your rewards (Staking + Yield Machine) as well as any deposits and withdrawals being made at LOCK. By clicking onto the 'CSV EXPORT' button within the LOCK application, a CSV file generated that can then be used on our partner's platform of chain.report to generate a proper tax documentation. Furthermore, you can provide your DFX wallet address on chain.report to generate a tax documentation for your LOCK rewards, instead of uploading your CSV file.
If you use CoinTracking for tax documentation purposes, please use this link to generate the CSV file for your LOCK account that can then be uploaded to CoinTracking. Just replace 'YOURADDRESS' in the link with your DFX wallet address.
Is KYC mandatory?
Yes, KYC is mandatory due to Anti-Money-Laundering regulation, however our KYC process can be finished within minutes and requires an Online-Identification process (Online-Ident). Furthermore, your KYC data can be transferred, if you are a verified DFX user, so that you do not need to do KYC again.
Send us a message here, if you have questions.
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