# Stake & Unstake
**Staking is where you actually earn yield.** When you stake USDM, you receive **sUSDM**, a receipt token whose exchange rate to USDM grows over time as the protocol captures funding rates, lending yield, and maker rebates.
Unstaking is a two-step process with a cooldown period.
{% hint style="info" %}
**Current unstake cooldown: 3 days.** This value is read live from the sUSDM contract and can be adjusted by governance. The active value is always shown in the UI and is authoritative.
{% endhint %}
## How the exchange rate works
```
1 sUSDM = X USDM (X grows over time)
```
The app always shows the current rate at the top of the Stake page, e.g. `1 sUSDM = 1.0004 USDM`. When you stake USDM, you receive `amount / X` sUSDM. When you unstake, you receive the same number of sUSDM × (current rate) USDM, which is higher than you put in, because the rate has grown.
* **Stake decimals**: USDM has 6 decimals, sUSDM has 12.
* **Yield accrues continuously** through the rate. No claim transaction, no compound button.
## Stake
### 1. Enter the amount
On the Stake page, select the **Stake** tab and enter the USDM amount you want to stake. The app displays:
* Your USDM balance.
* The estimated sUSDM you'll receive at the current rate.
### 2. Approve USDM (first time only)
Click **Approve USDM**. This allows the sUSDM contract to pull your USDM.
### 3. Stake
The button changes to **Stake USDM**. Click and confirm.
The transaction calls `sUSDM.deposit(amount, yourAddress)`. Your USDM is transferred in, and sUSDM is minted to your wallet at the current rate.
### That's it; yield starts now
Your sUSDM balance doesn't change, but its **redemption value in USDM** grows. You can watch the `1 sUSDM = X USDM` line on the page tick up over time.
## Unstake
Unstaking is a two-step process: **request** now, **claim** after the cooldown.
### 1. Request an unstake
Switch to the **Unstake** tab. Enter the sUSDM amount you want to unstake. The app displays:
* Your sUSDM balance.
* The estimated USDM you'll receive at the current rate.
Click **Unstake sUSDM** and confirm. The transaction calls `sUSDM.cooldownShares(amount)`.
After this, the cooldown starts. A new card appears under **Unstake requests** with status `Cooldown` and a countdown timer.
{% hint style="warning" %}
Your sUSDM is locked to the cooldown request until the cooldown ends. The exchange rate at the time of the request is the rate used at claim; you don't get additional yield during the cooldown.
{% endhint %}
### 2. Wait for the cooldown
The **Waiting Time** column counts down. The cooldown length (currently **3 days**) is set by the sUSDM contract and shown live in the UI. Governance can adjust this parameter; future changes will be announced before they take effect.
### 3. Claim your USDM
When the cooldown ends, the request's badge flips from `Cooldown` to `Ready` (green) and the button changes from a grey `Waiting` to a teal **Claim**.
Click **Claim** and confirm. The transaction calls `sUSDM.claimUnstake(requestId)`, burns the cooldowned sUSDM shares, and sends the corresponding USDM to your wallet.
## After unstaking
You now hold plain USDM. You can:
* **Re-stake it** to earn yield again.
* **Redeem it** to USDC; see [Redeem USDM](/guide/redeem.md). Note that redeem has its own, separate cooldown.
## Troubleshooting
* **"Insufficient USDM balance"**: check your USDM balance; you may need to [mint](/guide/mint.md) first.
* **"Insufficient sUSDM balance"** (on Unstake): you're trying to unstake more than you hold.
* **Rate looks static**: the sUSDM rate updates whenever the protocol settles earnings; it's not every block.
---
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