First Stakers are Onboard – What Comes Next

We had a successful launch of our General Staking Pool on October 5, 6 and 7th, 2021. While it took us late in the evening on October 5th (or morning of October 6th depending on where you were) to finally launch it, when we did we had a great response from the Idexonauts. Over 1.1M $IDO was staked, for a combined value of nearly $495K at the time. 

That is a great start to our general and directional staking adventures. We can also acknowledge that it would have been much higher had we not had a day of such crazy high gas fees on Ethereum for our entire launch days. Many of you expressed to us that you were waiting for gas fees to come down before staking. We did extend a bit the deadline, however we do also need to be fair to the people who did stake and paid the high fees. If you missed the cut because of an issue on our end or you had a failed transaction attempting to stake, please contact us within the next day and we’ll get you sorted.

So What’s Next? 

1. We have made the first reward deposit of $20K USDT. Here is how reward claiming works: 

At the end of each time period (e.g. the first one will be on October 31, 2021 for calculating the month of October), we run a calculation off-chain using all available data on-chain. You can verify this data yourself at any time. Here is how we do it: 

  • We call the stakes() function to return all tokenIds in existence in the contract.
  • For each tokenId we look up its info, using the getStakeInfo(tokenId) function. This returns among other things the original date of the stake deposit. We use that date to determine who is eligible for rewards on a given reward date.
  • After calculating who is eligible and looking also at the size of their stake (also returned from the getStakeInfo function), we then multiply the available reward by the % share of the total eligible stake (i.e. sum of all eligible stakes) that each stake represents.

Using this, we arrive at a reward claim for each eligible NFT and use a function called addClaimableReward(tokenid) to add the claim to your NFT id. Then your staking UI will update with that available reward claim. You can also run the function directly by calling getClaimableReward(tokenId) using your the id of your NFT. We will also make these calls available through our API/SDK free of charge. 

To claim your reward at any time, you can use the ‘Withdraw Reward’ function in the Staking UI. Whatever you don’t claim simply keeps accumulating until you do. You can verify the available reward of yourself and others using direct smart contract calls as mentioned and we will also be publishing those in our SDK. 

2. We are now in the process of creating a Mirror NFT on a less expensive chain. You will receive an NFT automatically to your same wallet address on that chain. Here’s how you will be able to use that NFT when we do: 

When we go live with a Mirror NFT smart contract on another chain you will be able to verify that you have that NFT in our and vote and propose votes with it. We are going to want to get going asap with that as there are a lot of important decisions to be made. One of those will be what the first directional staking pool will be regarding and what chain to put future staking pools on. This Mirror NFT will contain your information such as date staked and size of stake and its information will be synchronized with the main chain.

3. As a project team we will now begin to orient our responsiveness mainly to the feedback we get from stakers through their votes. For non-stakers in the community your voice will be heard by the stakers. 

We understand that not everyone in the community could stake, especially with the crazy high gas cost and perhaps we set the minimum IDO to stake too high. Unfortunately we only heard the complaint about the minimum IDO to stake after the contract had been deployed and it was too late to change it. Reducing it for future directional staking pools (or indeed increasing it if so desired, or leaving it the same) is a decision that will be left up to the stakers through voting. 

In general, as defined by our whitepaper we will be moving to decentralized decision making through the stakeToken votes. It is democratic in that anyone can acquire $IDO, stake it and have a vote. For those in the community who want to participate yet not have a vote, your voice will be heard by the stakers who will act upon it as much or as little as they want to. If you can demonstrate how your suggestion will benefit the community as a whole they will likely be receptive.

4. If you missed the first phase cut-off, you can still stake anytime. Here’s what you get for staking: 

There was some obvious benefit to making the first phase of cutoff (i.e. eligible for this quarter’s and this year’s rewards). Nevertheless, you can still stake anytime now and receive the following: 

  • Staking before October 31st makes you eligible for the monthly rewards for November 2021 (and every month after that) and Q1 2022 USDT rewards. 
  • Being among the first 5M tokens to stake (currently a bit less than 4M tokens left to do so) makes you eligible for the guaranteed $IDO rewards (guaranteed APY of between 25%-40% based on length of time staked). 
  • Staking creates your stakeToken NFT that gives you a vote, lets you create votes and there are a bunch of other benefits coming for stakeToken holders

5. Now the real fun begins

With both our token and staking launch now completed, we get to get back to innovating on bringing value to our staking pools and community. We have a couple of big partnership announcements as well as technical innovations in the pipeline, not to mention opportunities to generate new USDT to add to the pool. 

Thank you to everyone who participated in our Staking Launch. We are all looking forward to the first votes!

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