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?
Users can choose to remain in staking v1 if they want to. The reason we chose not to try changing the fee structure for the Altrucoin vault in Altruvaults is simplicity. Changing the fees and worrying about how long they should change and for whom would be incredibly complicated and sure to leave somebody feeling wronged.
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.