We may have been keeping a little detail to ourselves.
Time is absolutely flying and yet we are breaking ground across the board, some of you may have felt that we have been a little quiet on the updates regarding the PHNX Spot Staking dApp but actually we have been keeping certain facts under wraps…well not anymore!
We have been faced with a number of challenges! Gas fees a few weeks back being a huge one! We were scheduled to launch on Main-net on August 31st, at the point of moving to Main-net it would have cost us at least 10x in gas fees for that reason we delayed Main-net testing.
The good news is due to the development team’s hard work and commitment to hit deadlines this has not altered the Public launch which is set for September 21st. In fact, we are launching to Main-net TODAY! We will now be holding one week of extensive testing and unless anything catastrophic happens (we don’t expect it to) you can finally start staking on the platform! Testers who are working with us will have the opportunity to now earn 30% rewards on tokens staked!
PHNX Reward Pool
As part of a carefully planned launch, we have decided to allocate limited but not exhaustive pools of PHNX, details on the pool will be shared as part of the public launch announcement. We have taken this approach which is based on market data and research will allow us to offer an advantageous reward system to our existing and new community whilst capturing analytics to incorporate when refining/updating our dApps. The team will be carefully monitoring a number of data sets (e.g. user growth, usage, locked tokens) and as PhoenixDAO grows to ensure a long standing sustainable solution.
We are already working on ways in which the PHNX Spot Staking feature will become widely utilised by our ecosystem and partners.
The Fun Stuff!
This is where we hope you get excited. Some of you may know we have been sharing some details around staking limits and reward percentages…we may have underplayed this part just a little!
Upon launching on September the 21st you are going to be able to utilise the platform to create an unlimited number of stakes, these can vary in stake period and quantity of PHNX staked. For extra security reasons we are applying a maximum stake amount per transaction of 20,000 PHNX (this is per transaction and not per user, if a user wishes to stake more than 20,000 then will simply need to make multiple transactions). What’s even more exciting is that we have decided to offer 20% APR!
20% APR spot reward use case: Stake 10,000 PHNX for 365 days and receive an immediate payout of 2,000 PHNX.
We will release further details on the platform toward the public launch and this will include details on the early withdrawal burn. An area we will monitor is the Ethereum gas prices and the value of PHNX to vary parameters as and when we need.
Huge returns so keep an eye out for this one! It’s going to be worth it especially if you like huge rewards!
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