Staking rewards - DAO vote #12

Good news We have successfully fixed the rebase bug that lead to the one time peak of staking rewards in July and successfully deployed the fix on mainnet on Aug. 15th 2022. Since then we have been tracking rebase executions and so far everything is running smoothly.

However, the fallout from the issue, a gap between circulating supply of staked HDX and actual HDX balance of the staking contract, remains.

We are deeply sorry for the current situation and hope we can find a solution that everyone can comfortably live with in this unpleasent situation.

Current situation As the staking contract is now secure but unbalanced, there won't be HDX rewards for the next ~180 days if we do not perform any further actions.

Next steps We could fix this by adjusting the HDX supply to the staking supply, which would result in a one time mint of ~5.5 Million HDX.

Our (humble) opinion:

Stakers can receive HDX rewards again once the HDX are minted and added to the contract (within a few days)
The missing HDX would have to be minted anyway once the new Tokenomics are deployed as we need to have a fair distribution for all stakers / non stakers
By minting the gap, we make sure all users who unstake get their HDX and the extra rewards from the rebase issue.

This leads to two possible options:

Mint the missing HDX, approx. 5.5 million HDX
No staking rewards (for new stakeres, everyone who had tokens staked before the issue already got overproportionate rewards) for ~180 days or until new Tokenomics are deployed

If 1) wins, we will post the exact number once the mint has happened.

As always, we are very grateful for your continued patience and support in this situation. It will be completely resolved very soon, hopefully to everyones satisfaction.

You can vote here, duration is 4 days.

start

August 24, 2022

8:24 AM

end

August 28, 2022

9:00 AM

Voting

off-chain

Voting type

single-choice

Voters

Votes

25,275,892

Final Votes

closed

Mint circa 5.5 Million HDX

20.7M sHDX

82.06%

No mint, no staking rewards

4.5M sHDX

17.94%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

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