XCEL+ — Earn Protocol Revenue by Staking
Staking XCEL converts it into XCEL+, a non-transferable receipt token that entitles holders to the vast majority of protocol yield and fees.
What XCEL+ Holders Receive
- Stablecoin lending yield — the majority of all yield from protocol-deployed reserves
- Trading fees — a share of every XCEL buy and sell
- Borrowing fees — 100% of all origination fees
- XRT emissions — weekly perpetual call options on XCEL
For the full breakdown of percentages and distribution splits, see Fee Structure & Treasury.
Why Staking Is the Dominant Strategy
A staker is simultaneously:
- Earning yield from lending returns
- Holding an appreciating asset on the bonding curve
- Collecting fees from every swap and borrow in the protocol
- Receiving XRT — call options on XCEL's upside
- Able to extract near-full liquidity via borrowing without selling
This means rational users never need to sell XCEL to access liquidity — they just borrow against it. This structurally suppresses sell pressure while keeping holders liquid.
Yield is paid out, not retained to raise the floor.