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.
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.”?
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?
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.
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.
