Aqualis Power V2 Staking Upgrade

in #leofinance11 months ago


To appropriately reward long term participants in the Aqualis protocol, the Aqualis staking formula has been upgraded. This change will be incredibly important for any user who wishes to stake Aqualis tokens during the main net launch, which is currently still scheduled for Q3, albeit late Q3 due to the additional development and testing required for this change.

Please refer to our updated Aqualis Power docs for detailed information.

Table of Contents

  • Summary of changes
  • Rationale of changes
  • Implementation timeframe
  • Closing remarks

Summary of Changes

The major change for Aqualis staking v2 is that your Aqualis power no longer decreases over time as your remaining locked time decreases. Instead, your Aqualis power remains constant throughout the entire staking process and depends solely on your initial stake time, unless you choose to amend your stake.

By the end of your staked period, you will retain your Aqualis Power and have the option to withdraw at any time, free of charge! However, please note that amending your stake time will reset your stake timer completely and staking more Aqualis tokens will incur a penalty proportional to the amount staked, as calculated below:

  • New stake time remaining = (initial stake time - stake time remaining) * (portion of new tokens) + stake time remaining

Other changes:

  • Maximum staking period: 105 weeks → 150 weeks
  • Bonus reward per week (compounding): 2% → 1%
  • Early unstaking fee: 1% + 0.3% per week → 1% + 0.4% per week
  • Auto renewal: no longer required
  • Note: the exact numbers are subject to change prior to main net launch

We have reduced the compounding rewards per week as users can now stake for a longer period with less risk, since they no longer have to renew their stake for the full benefits. Furthermore, we have increased the early unstaking fee and maximum staking period for the same reason.

Rationale of Changes

The main reason for this change is to allow users with a long term commitment of the protocol to be rewarded with higher Aqualis Power throughout the entirety of their stake. This aims to encourage users to stake their Aqualis tokens for longer and think twice about withdrawing.

Under the previous implementation, Aqualis power was calculated using the remaining stake time. This means in order for a user to maintain constant Aqualis Power, they will need to manually refresh their stake, or auto refresh if they have staked it for the maximum period. This forces a user to stake for the maximum period, or waste time and gas fees manually updating their stake time.

Furthermore, a user who has been staking for 2 years while auto refreshing at the maximum duration will have the same stake time remaining and Aqualis Power as someone who is new to the protocol and staked for the maximum period. Under the new implementation, the user who has already been staking for 2 years will now have the same Aqualis Power as a new user, but wait 2 years less before they can unstake. For more information, please read our recently updated Aqualis Power docs.

Implementation Timeframe

We believe this will take roughly 3 weeks to develop and 1 week to test. This includes the development of the Aqualis Power calculation and Aqualis Power rewards smart contracts.

Closing Remarks

Although we haven't officially launched yet, Aqualis is already making great strides to improve our initial product. Despite this delaying our launch by roughly a month, we would still implement this now, rather than later.

For More Information

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I'm excited for this project to hit the main net. Thanks for providing this helpful update.

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