Looking for feedbag on Locking in tokens and unlocking tokens the idea I’m told is ever 3 months lock and unlock 25% Feedback please
The following is purely theoretical, since staking is not yet functional, and is my personal opinion only. (It will all go live once the v1 Marketplace is launched.)
Based on my reading of the Safex GitHub wiki (subject to change, of course), rev share is calculated at 1000-block intervals, for all qualifying staked SFT at the start of each 1000-block chunk, which remain staked for the entire 1000-block chunk. During the 1000 blocks, if you stake/unstake, you don’t receive rev share on that 1000-block chunk.
Because of this, the more frequently you stake/unstake, the more chunks of 1000-blocks you will miss receiving rev share for.
Weekly stake/unstake = 18.5% block loss
Monthly (30 days) = 4.6%
Quarterly (90 days) = 1.5%
Annually = 0.38%
By creating multiple overlapping staking outputs, for each subsequent unstake instance you are minimising the chance of missing valuable rev share during the 1000 blocks that they skip during the claim period.
My current thinking is to have 12 ~equal stakings of SFT that I claim sequentially each month. This would nullify annual seasonal fluctuations in marketplace volume, as (after the first year of accruals) each 1/12th bag of SFT would have received an entire year of interest, and I’d simply claim one of the 12 staking outputs at the beginning of each month, and then immediately restake the SFT.
I purchased Safex over two years ago. At that time my understanding was that everyone holding Safex would receive revenue share without having to do anything. There was no mentioning of staking. I admit I am not that knowledgeable about crypto science in general, and have had a difficult time following along all of the changes taking place with Safex these past few years!
It almost sounds as though, while I hold Safex Token, revenue sharing (i.e. airdrops) are not going to be automatic?
When the v1 marketplace is launched, hopefully the Safex development team will put together some kind of guidelines explaining what members will need to do.
I always heard of them having to be locked in to make sure all tokens were active, eliminating rev shares being distributed to an inactive wallet, could be wrong!
As far back as I can remember for Safex (~2017), there has always been talk of needing to manually stake your SFT to be eligible for rev share.
That makes sense. Unfortunately if a wallet becomes inactive it most likely would mean the keys were lost.
I purchased around that time ( August 2017) so I should have been aware of it. Would having to manually stake SFT be a difficult process? I try to keep up as best I can, and did join the Reddit forum and GitHub as well as the Safex forum and Discord. I even got a Twitter account to stay tuned to all things Safex. But I wouldn’t know how to download binaries and install and things like that. I wait for releases of the Windows versions. So much of this stuff is really complicated. Kudos to @dandabek, Igor and the Safex staff and community.
To lock in it will be a simple user interface the same way you already have been using the wallet.
Entering a quantity and clicking a button that sends the transaction to the blockchain will be sufficient.
Monitoring your rewards, and then retrieving them would be a similar transaction as locking in (clicking a button)
Right now at this stage all of this functionality is built into the command line. As we reach the feature freeze next week then Igor and I will go all in to build out the graphical wallet so you can easily do all of these thing with the tokens: locking in, collecting, registering and account, selling and buying products.
Oh Wow! Nice and easy
I’m excited for that👌
Thank you @dandabek
I was a little intimidated on the complexities of locking in also, but I am now very relieved on the simplicities, thanks for taking time to explain. Feeling very good about it now.
Haven’t seen you in Discord, where ya been Shazbot
I closed my account in discord, I lost my temper and shut myself down afterwards, totally my bad. Thanks for asking. This platform is more peaceful.
I hear ya, I’ve had other friends who did the same, really a loss for the group as a whole! Hopefully this change.
I would keep it simple. Lock everything as long as stake collecting time is running / until you need cash, unlock early during the week (Monday-Wednesday) and collect, lock again and stake coins. I would expect revenue (market activity) be higher at weekends so I would not unlock at/before weekends and miss out on those staking rewards. GMV statistics of markets like Amazon, eBay etc. also show that volume is generally the highest in Q4 (Black Friday, Christmas and New Year shopping) and lowest in Q1 (all money is blown).
Sound advice, I think
But if I’m being honest, I really don’t understand any of this stuff too well. I’m mostly an investor, and while that’s no excuse not to be on the same page, I’m hoping when v1 of the Safex Marketplace is released that the developers will include a tutorial or guide.
Interestingly, I just received a communique from Coinbase with the following address:
All the best!
Dan has mentioned it will be made very easy and understandable how to stake and unstake. You will select an amount for staking and click a button. Same for unstake. Some knowledge is needed, especially to understand and safely manage your keys. You don’t want to be the one crying because you lost your investment due to a dead hard drive.