Announcing Changes to IGSP for Year 2 and Vote To Make Changes Early
Having run the Idexo General Staking Pool for 8 months now there have been several points of friction with the current set-up that have become obvious:
- Missing deadlines annoys users: Plenty of users who come across the project later than a deadline would like to be able to stake for full rewards however miss out because they missed a deadline.
- Long wait periods to get full rewards makes monthly rewards lower: The problem with the quarterly and annual set-up is that it forces rewards to sit unclaimable for long periods of time, making the rewards at the end of each month seem artificially low.
- Lack of auto-compounding: Under the current system, the user must claim a reward, purchase more $IDO and manually restake, not to mention do so in time to make a deadline.
To address this, we will be implementing the following changes for the IGSP in the second year (at the latest – see further below for how this can come sooner). Note: these changes don’t have an immediate effect on your existing stakes; to participate in the new structure will require a transfer of your old NFT for a new one.
- Annual rewards will go to people who lock their stake for a 1-year period and will be distributed monthly. 50% of all rewards generated per month will go to those that stake annually. Anyone can stake at any time for 1 year and have access to these rewards. People who stake annually also get quarterly rewards.
- Quarterly rewards will go to people who lock their stake for a 3-month period and will be distributed monthly. 25% of all rewards generated per month will go to those that stake quarterly. Anyone can stake at any time for 3 months and have access to these rewards.
- Tri-Annual rewards will go to people who lock their stake for a 3-year period and will be distributed monthly. 25% of all rewards generated per month will go to those that stake tri-annually. Anyone can stake at any time for 3 years and have access to these rewards. People who stake tri-annually also get annual and quarterly rewards.
- Auto-compounding will be available. A user can now select to have auto-compounding and choose what term of stake the would like to compound to. Instead of adding their reward claim, the system will use the reward to purchase more $IDO on a DEX at the prevailing rate and restake the $IDO for them.
We have received a very positive reaction to the above changes in people we’ve spoken to. Therefore, we are proposing a vote to implement these starting July 2022 (i.e. the start of Q3). How this would work in practice is that the end of the 1st year would be June 30, 2022 instead of Sept 30, 2022 and the new year would begin in July. The accumulated annual reward (currently $41,000 USDC) would be distributed on June 30 to those that qualified in October for annual rewards, along with accumulated Q2 rewards for quarterly stakers and June rewards.
Users would then need to transfer their existing stake to the new pool and select which lock period they want (quarterly, annual, tri-annual). All rewards would then begin to be distributed monthly with the first reward date in the new system being July 31, 2022.
You can vote on this poll here.