Process of Moving to New IGSP and Important Changes
Hey Idexonauts! The time is upon us. After unanimously voting to make the move early to a new IGSP, we will be starting the process this week.
There are the following changes to note coming in the new IGSP:
- Change in fees share percentage: With broader external markets being what they are, it’s important for the project to reach sustainability. An 80% fees share is simply unsustainable and thus we are changing it to 50%. The high fee share failed to generate the expected token economic effect and led to too much value leaving the system too soon in the project’s history.
- Guaranteed reward size (backstopped by IDO): To balance the above, and to reward those continuing to stake with the project, we are creating a guaranteed reward to remove reductions in overall reward and create continued reward in case of any bumps in the road ahead. In any months where total rewards added in USDC are less than the previous 12-month average, then we will add IDO rewards up to 125K IDO, and prorata the IDO provided based on any miss (e.g. 65% of average reward added would mean 43.75K IDO reward added, in addition to the USDC reward).
- Milestone rewards moved forward on locked stakes: Since locked stake periods of annual or tri-annual are longer than the milestone reward period, we will add the rewards to the stake amounts when the transfers are made. There are no more milestone rewards available for new Stakers – this applies to stakers in the old pool (i.e. token id 208 and lower).
- Autocompounding: As discussed previously, one of the pain points expressed by Stakers in the old IGSP was the need to claim a reward, acquire more IDO and then stake that in a new NFT in order to achieve autocompounding. With the new autocompounding feature, Stakers need only select a button to turn their stake into autocompounding. With this feature enabled, rewards will automatically be used to acquire more IDO and the IDO will be used to top up their existing stake without the Staker needing to do anything.
- No deadlines: Since stakes and rewards are based on length of time period staked, there is no concept of deadlines any more. Simply choose the locked duration and you get access to that pool of rewards at the end of each month. If you stake at any time before the end of a month, you qualify for that month. In the case where a user stakes in the middle or later of a first month, that is balanced by the fact that at the last month of the lock period the user would then miss that month end reward.
- Stakes can be topped up: As mentioned in the autocompounding section above, stakes can now be topped up, it is not necessary anymore to create a new stake to add more. When idexo tops up a stake for a user (e..g. in autocompounding, guaranteed reward or in some other reward) it has no affect on the lock period. On the other hand, when a user does it themselves, it will extend the lock period by 1 month. This is to prevent users from gaming the system in terms of topping up larger amounts right before the reward date with no change to the stake.
- Multiple reward tokens: The new IGSP enables multiple reward tokens to be used, with new ones capable of being added at any time. More news about that will be coming in the future. Whenever a new reward token is added, it will show in the regular staking UI below any other reward tokens and have a reward listed for each NFT token id and any rewards will be able to be claimed in the regular way.
Here are the transfer procedures from moving from the old to the new:
- If you know you want to move to a tri-annual lock (max rewards, 3-year lock), you will be able to do that in the Staking UI using a simple form or by transferring it manually to the deployer address. If you have several stake ids in the old system and you would like to combine them into 1 stake, let one of the team admins on Telegram or by email to cx @ idexo.io and they will arrange that.
- If you want to transfer and pick a lower lock period (annual or quarterly), contact one of the team admins on Telegram or by email at cx @ idexo.io and let us know the period you would like and the team will help arrange that transfer.
- Finally, it is also possible to simply withdraw tokens from the previous stake and stake newly in the new IGSP interface. We will be delaying the launch of that direct staking interface until after all of the other transfers are done, in order to preserve people’s token ids who are making the transfer.