Let us first say that we have achieved a 57% lock up in staking, which has far exceeded our expectations for utilization of this product. This staggering lockup has catalyzed us to shift our strategy into high gear.
The Dark project team has decided to expedite efforts to start staking on MATIC L2 network and design strong liquidity provider incentives for DARK/ETH. There are a variety of reasons for this and we want to make sure the community understands why we’re taking this aggressive step.
5-day Rewards Airdrop on MATIC
Directly preceding the release of this article, a snapshot of pDARK holders (those who are staking DARK) was taken. An airdrop of 5 days worth of the bonus staking rewards will be distributed on MATIC to ensure everyone receives their rewards. These bonus rewards will be distributed by weight, in accordance with the emissions schedule outlined in our previous announcement. When gas price permits, we will utilize our Dark Agents to call rewards for our mainnet stakers. Mainnet reward distribution will be limited to DARK until we rollout our aDARK platform and have established a healthy market.
Note: You do not need to migrate your staking to Matic to receive the 5-day emission rewards. The only requirement is that you were staked at the time of our snapshot.
You may have noticed that when you stake your DARK you receive a token called DarkPool(pDARK, contract address: 0xf62dc91f8f43b241840228b3a857ff9d6522660c). This token is representative of your stake in the Dark staking pool. It was not previously announce that pDark would also be used as the entry point to Dark Staking on MATIC and other L2s which we plan to deploy.
We will be updating staking incentives for this migration to the following:
DARK/ETH LP Staking
- 4% Daily Split Rewards from an initial pool of 1,000 DARK for DARK/ETH liquidity providers(LP) who stake their LP tokens on Uniswap and staking the LP token on our Dark Staking page.
- We recognize this is a simple solution for a complex problem in DeFi. We are aggressively working on innovative liquidity providing models to deliver to the market for Dark Exchange and Dark Staking products.
Dark Staking (on Ethereum)
- 3% (up from 2%) Daily Split Rewards from an initial pool of 1,500 DARK for DARK and sDARK
- You will notice that your DARK reward earned is not an estimate, and therefore does not taper off or fluctuate as people enter and exit the staking pool. As such, we are able to hasten the emissions of DARK, increasing daily payout by 50%. Those DARK rewards will be called as frequently as low gas permits, but will continue to accrue even if extended periods of high gas are encountered.
Dark Staking (on Matic)
- 2% Daily Split Rewards from an initial pool of 500 DARK for DARK, MATIC, ENJ, Storj, DAI
It is important to keep in mind that you can’t stake on both MATIC and ETH mainnet at the same time. Once you stake your pDARK on Matic you will stop receiving rewards on ETH mainnet. Staking Dark on Ethereum mainnet does not qualify you for MATIC rewards. This optionality enables stakers to choose where to stake to take advantage of different reward offerings and emission rates. As our Dark Agents come online and gain market liquidity, we will explore additional reward options and incentives for our stakers.
By adding the L2 staking option, we have vastly increased the total rewards available for the community to earn and expect to see a portion migrate to staking on Matic. A partial migration will allow everyone to enjoy a higher return due to reduced competition for a finite reward pool.
Staking on Matic will allow for much shorter reward intervals, as well as other features that we hope to include in future updates (such as automatic re-staking of rewards).
Part of the driver for this migration is to qualify Dark.Build for proper submission of a grant application to the Matic team by having a product launched on their network soon rather than later. We have a team mandate to use as many options as we can to get resources so we can add to the team with proper incentives and expand marketing efforts.
- We have scheduled a few interviews with promising candidates to join the team and take the lead on the UI/UX needs for our project. As we narrow the selection and choose a path forward, we will continue to update the community!
- We have not forgotten about the 546 DARK airdrop that we have planned for L2 distribution on Matic. This airdrop will be performed in conjunction with our staking release on Matic as part of our celebration.
Telegram Discussion: https://t.me/darkbuild