Liquidity Staking Period Change - 180 Day Periods.
The SingularityNET team has been hard at work creating the first robust, scalable, general-purpose decentralized AI platform We’ve launched mobile SDK, an AI Publisher portal making it easier to put new services on the platform, a number of spinoffs and advanced research projects leveraging the platform reach maturity, and the advent of AGI token staking a key aspect of the SingularityNET ecosystem.
Staking began in April 2020 and the particulars of the staking process and model were elaborated upon in a series of blog posts. Ultimately the role of staking in the SingularityNET platform ecosystem is closely tied to the fiat-crypto gateway — a collection of software processes that together allow users the option to interact with AI providers and other users on the SingularityNET platform using entirely fiat currency rather than AGI tokens.
Platform tokenomics is a very complex and evolving subject, and a great deal of consideration goes into the install of each platform component we install to ensure stability and balance is met. At the time we launched liquidity staking the average gas prices for transactions across the Ethereum blockchain was quite low and with the exception of a short-lived spike in April 2020 the cost of gas remained very stable. However, over the past six months, the average gas cost of transactions has increased at unpredictable rates which have led to additional costs in running short 30-day staking windows.
After carefully considering how we could manage this given that we are of course not in control over the cost of gas, we analysed the behaviour of the staking accounts and discovered that the vast majority of those who stake do so for a period of 180 days or more.
The percentage of stakes that rolled over into the following period can be found below:
|Stake Period||Account Rollover %|
|April / May||98.32%|
|May / June||99.16%|
|June - July||100%|
|July / Aug||86.79%|
|Aug / Sep||78.60%|
|Sept / Oct||79.65%|
For these reasons, we have taken the decision to change the length of the staking period from 30 days to 180 days and in doing so insulate both the staking community and the foundation from gas price volatility. The open window for staking will remain unchanged at 7 days prior to the close of the staking period.
These changes will take effect from the next staking window.
New Staking Period Dates
The next open window where new stake requests can be submitted will now be on the 5th of November 2020 running for a period of seven days and closes on the 11th of November.
Subsequently, on the 12th of November, the new staking period begins and all tokens successfully staked will be locked until the 11th of May 2021, 180 days later.
Then on the 5th of May 21, the next window opens for 7 days ending on the 11th of May 21 ready for the next 180 day period to begin on the 12th of May 2021.
Need Further Help?
If you currently have AGI staked or are considering staking your AGI into the liquidity pool and you are unsure of how these changes may affect you, or you have any other questions about staking in general then you can check out This FAQ or alternatively if you can’t find your answer there then please feel free to drop us a line at email@example.com
With great thanks,
The SingularityNET Team.
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