Staking v1 to Staking v2: What Altrucoin Holders Can Expect

Altrucoin staking is being updated, with version two coming out Thursday July 29th at 2pm CST. This is going to be a major update, so we wanted to make sure everybody knows how the transition will happen.

Firstly, staking v2 will be a part of Altruvaults. Altruvaults is the DeFi-as-a-Platform product that we created, which allows token on the Binance Smart Chain to add features such as staking. We did this because as we developed the features of v2, we realized that other tokens could benefit from this as well.

For more information about how Altruvaults benefits Altrucoin holders, check out our Medium article on the subject.

As for the transition, we wanted to simplify the process. Rather than the complicated method that we originally had for helping each individual person, we now have an easier method that will more than cover the cost for staking users.

Users have entered staking v1, paying the BSC gas fee and v1 entry fee

Users have been receiving rewards from staking v1

Thursday at 1pm, deposits get disabled in v1 and tokens get unlocked

Users can exit v1, paying gas fee and v1 exit fee, or remain in staking v1

Thursday at 2pm, staking v2 is launched

Users can enter the Altrucoin vault (staking v2) in Altruvaults, paying the BSC gas fee and entry fee

Users get rewards from staking in the Altrucoin vault inside Altruvaults

Why do I have to pay the fees twice?

Instead, we’ve chosen to leave the fees as is, and instead make sure that the rewards go up by more than the entry, exit, and gas fees combined. The new vault will gain rewards from external tokenomics discussed in our Altruvaults Medium article, as well as a manual dump from some of the liquidity from Altrucoin. This ensures that not only will holders from v1 make their money back, but the rewards pool will continue to grow at a higher rate than seen in v1, since other tokens will contribute to the reward pool size of the Altrucoin and Altruvault tokens.

The Altruism Protocol is a set of defi tokens built to bring together defi lending, token reflection, charity donations, staking, and decentralized governance.