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Does claiming rewards effect IL protection of the staked asset?

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It doesn’t affect the IL protection. You can always claim your BNT rewards anytime, which moves them from the rewards contract to your wallet. However, this will reset the Bonus Rewards Multipliers for any of your positions in pools receiving rewards. Better still, you can claim your BNT rewards and automically stake them into any whitelisted pool in the network this will not affect your multiplier in any way.

However you may be spending $150 in gas to claim a $100 worth of rewards in which case your better off leaving the bnt accruing until v3

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