- Auto-compounding of staked $SCRT
- Staking risk reduction
- $SEASY token airdrop
- Community farming
- Incentive for folks undelegating to use StakeEasy
1. Auto-compounding of staked $SCRT
The staking rewards are available to be claimed by user and grow in real time. These staking rewards are not auto-staked for user to increase the staked amount. In order to achieve this, user has to manually do the transactions of claiming and staking the reward. The user can choose to do this daily or weekly or monthly. This process has two pain points:
a. Gas fee spent in doing these transaction.
b. Time and effort spent.
With StakeEasy, the rewards are compounded every 8 hours without the user’s intervention, so it saves them the fees spent on gas and the effort in doing the transactions manually.
2. Staking risk reduction
Every passive income has some risks involved with it and so does staking $SCRT to validators and the key risks are as follows:
a. Slashing due to double signing or downtime.
b. Validator increasing commission fee.
c. Validator disconnecting services.
StakeEasy chooses multiple (10) validators to stake to so that the slashing of one validator has much smaller affect on delegator’s rewards.
There’s also a mechanism inbuilt in the StakeEasy contract which re-delegates the staked amount every 21 days if there’s a better validator to stake to in comparison to ones in the current validator set. This handles the case where if a validator increases it’s commission fee or stops it’s services, the staked amount can be immediately re-delegated to some other validator and this happens without any manual input from user.
3. $SEASY token airdrop
There will be an airdrop of $SEASY tokens to users of the protocol in the near future. To be eligible, one needs to have $SCRT staked through StakeEasy.
The snapshot date for this airdrop will be announced at least a month before it, so folks will have enough time to unstake their existing staked $SCRT, if any, and stake it to StakeEasy to be eligible but it’s always a better decision of enter early.
The airdrop amount will be proportional to amount of $SCRT staked and would be a bit more for early stakers.
4. Community farming
Community farming event will start soon and will go on for a couple of month or more, depending on participation. The purpose of Community farming is to give our early user the option of being an early backer of the protocol and to be part of the long term growth. This will also help the protocol bootstrap the liquidity for $seSCRT/$SCRT and $SEASY/$SCRT pairs on numerous DEXs.
Anyone who has staked their $SCRT with StakeEasy have been issued the liquid token $seSCRT. This $seSCRT token is to be deposited to participate in Community farming and the staking rewards over the period of farming will be converted to $SEASY and will be claimable once the farming is complete. The important thing to note here is that the exchange price will be much lower as compared to the first public listing of $SEASY token on DEXs.
Some details regarding Community farming have already been shared in the last blog post and more details will be shared with the community before it is made available.
5. Incentive for folks undelegating to use StakeEasy
If you’ve already staked your bag of $SCRT with a validator and to delegate it through $SCRT, it needs to be unstaked first and there will a 21 day wait period during which there will be no staking rewards for those $SCRT.
We understand that there shouldn’t be a need to loose out on the staking reward for those 21 days. That’s why we’ve found a way to make sure that the user is not loosing any reward in order to stake with us.
If you’ve $SCRT staked or is in undelegation period during the mainnet launch of StakeEasy (20th March) and that $SCRT you choose to stake with StakeEasy once it’s unstaked from your existing validator, then you’re eligible for $SEASY incentive equivalent to the $SCRT staking reward for 21 days. We’ll cover it even if the deposit amount is 10M $SCRT ;).
How to use the protocol: https://www.youtube.com/watch?v=ZQjzHG_wtjs
Conceptual explanation: https://www.youtube.com/watch?v=Oscc9IUp-1Y
Details on “Secret Network’s one-stop-shop for the best yield farming strategies and how StakeEasy will implement it” coming soon!
Stay tuned across our socials for further updates.