# KLAP Token Holders

KLAP token holders may earn rewards without lockups using Key Finance.

Users must Step 1) Earn KLAPkey tokens by unlocking KLAP tokens, Step 2) Stake KLAPkey tokens.

## STEP 1. KLAP Token Unlocking

* Once users unlock their KLAP tokens(or veNFT) in Key Finance, KLAPkey tokens are returned at a 1:1 rate. A KLAPkey token is a tokenized version of KLAP token, the governance token of Klap Finance.
* KLAPkey conversion is 1-way. Key Finance will not convert KLAPkey tokens to KLAP tokens. Users may trade their tokens by using other exchanges (ex. Klayswap) at the market price.
* Key Finance locks up KLAP tokens acquired from users’ unlocks, forever as veNFTs.

## STEP2. KLAPkey Staking

* Users may deposit KLAPkey tokens earned by unlocking KLAP tokens, into KLAPkey staking pools to earn rewards.
* Users may freely unstake their KLAPkey anytime as there exist no lockup requirements.

## KLAPkey Staking Rewards

Rewards one may earn by staking in Key Finance without lockups are stated below:

* KLAP Rewards: 10% of total KLAP rewards farmed by providing liquidity to [klap.finance](http://klap.finance/) lending pools
* KEY Rewards :  KEY Token emission to KLAPkey stakers


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