[APPROVED] OIP-4 Unified Staking for OPEN and OCP

Summary

We propose to streamline our staking mechanism by consolidating the current four separate staking contracts into a single, user-friendly solution. This change will simplify the staking experience while maintaining attractive rewards for our community and include an option for OCP staking.

The Proposal

Current Situation & Changes

  • Currently: Four different staking contracts with varying lock periods. High fees to manage for users under multiple contracts.

  • Proposed: Single unified staking contract with 1-month lock period and an additional staking contract for OCP token.

  • All existing contracts will be paused and unlocked for a smooth transition and during the first month 40% APY will be offered to respect initial 6 months previous contract. Post 31st November staking rewards will be unified from 5% to 15% APY plus being prepared to link it to protocol activity.

Proposed Voting Dates

Start: Friday 25th 4pm UTC with snapshot at 2pm UTC
End: Sunday 27th 4pm UTC.

*Development requirements are minimal, as it leverages on whats previously built in terms of frontend work.

9 Likes

Keeping it simple definitely helps.
Staking OCP is great addition.
However, can you explain the “Post 31st November staking rewards will be unified from 5% to 15% APY plus being prepared to link it to protocol activity.”?

3 Likes

I am not clear whether we can re-lock the 40% APY for one month or whether I continue to get that APY until the end of my lock period which ends in March 2025. It sounds like the new interest rates are going to be 15% max, is that correct?

1 Like

Makes total sense - will get my vote.

3 Likes

Initially it was only setup for the first 6 months even if allowed to stake during the interim. That was the plan when launch and that is what will be respected.

1 Like

APY will be variable related to amount of tokens staked, protocol activity etc. Similar to what the previous staking was. Full details coming at a later stage this year. Current staking contracts were created as an interim mechanism to reward holders during building phase post Qredo.

2 Likes

cool, I’m looking forward to the new snapshot vote :grinning:

Oh, OK. Thanks for letting me know!

Vote today on OIP-4!