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📢 From June, 10th 2024 to July 11th, 2024, Polyhedra will launch a staking event where participants can earn rewards by staking the Polyhedra Network tokens.
Official Staking Website: https://stake.polyhedra.foundation/
Polyhedra Network Token Smart Contract Address: 0xC71B5F631354BE6853eFe9C3Ab6b9590F8302e81
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Introduction
By staking Polyhedra Network tokens, users will obtain Staking Power. Every Thursday at 00:00:00 UTC during the event period (4 weeks), rewards will be calculated and distributed based on the ratio of each user's Staking Power to the total Staking Power by all users.
Rewards include: $ETHFI, $ID and $CYBER
- Week 1: 50k $ETHFI
- Week 2: 50k $ETHFI
- Week 3: 400k $ID
- Week 4: 50k $CYBER
Rewards Calculation and Distribution Dates: June 13th, June 20th, June 27th, July 4th
The total rewards will be over 1.13 million in USDT value, given the price on June 8th, 2024.
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⚠️ No rewards will be calculated on other dates.
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Acquiring Staking Power
-
Overview of Staking Power
- Staking Power is obtained by staking the Polyhedra Network tokens. Staking Power cannot be traded or transferred.
- The balance of Staking Power is directly proportional to the quantity of Polyhedra Network tokens staked and staking duration. The balance will be decreasing over time until it reaches zero at the end of the staking duration, at which point the staked Polyhedra Network tokens can be unlocked.
-
Staking Rules:
- Staking Duration:
- Cycle Description: A staking cycle runs from each Thursday at 00:00:01 to the next Thursday at 00:00:00.
- Minimum single staking duration: 1 week (604800 seconds)
- Maximum single staking duration: 5 weeks (3024000 seconds)
- Minimum unlocking time: When the currently selected staking time is less than 1 week (604800 seconds) from the start time of the next cycle (00:00:01 UTC next Thursday), the minimum unlocking time is the next unlocking time (00:00:00 UTC next Thursday) + 1 week (604800 seconds).
- Number of Stakes:
- Within the staking duration, you may extend the staking time or increase the number of Polyhedra Network tokens staked to increase your Staking Power.
-
How is Staking Power calculated?
$$
\it{Staking\ Power} = \frac{ \it{position.amount} \times (\it{position.expiry} - \it{block.timestamp})}{ \it{max\_lock\_time}}
$$
- max_lock_time: A constant that equals to 5 Weeks (3024000 seconds)
- position.amount: Quantity of Polyhedra Network tokens staked
- position.expiry: Timestamp of the unlock time (in UTC)
- block.timestamp: Timestamp of the calculation moment (in UTC)
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For example, Staking 1 Polyhedra Network token for one week. If the current time (block.timestamp) = 1, what is the initial Staking Power obtained?
- max_lock_time：3024000 seconds (5 Weeks)
- position.amount：1
- position.expiry：1209600 (Since the current block.timestamp=1, the start time of the next cycle is 604800, which is less than 604800, so the unlocking time is 1,209,600(604,800 + 604,800).
- block.timestamp：1
$$
\begin{equation*}
\begin{split}
\it{Staking\ Power} & = \frac{ \it{position.amount} \times (\it{position.expiry} - \it{block.timestamp})}{ \it{max\_lock\_time}} \\
& = \frac{1 \times (1209600 - 1)}{3024000} \\
& = 0.399999669312169\end{split}\end{equation*}
$$
Earning Rewards
- Rewards include: $ETHFI、$CYBER and $ID
- Reward Distribution:
- Timing: Upon acquiring Staking Power by staking Polyhedra's Network tokens, rewards are allocated weekly on Thursdays at 00:00:00 UTC during the staking period (i.e. on June 13, June 20, June 27 and July 4). The reward will be calculated based on the proportion of Staking Power held.
- Claiming: Rewards must be manually claimed via smart contract interactions to transfer them into the wallet each period. Unclaimed rewards accumulate and remain until claimed. It's recommended to claim all rewards post-event on July 4 to reduce gas expenses.
- Reward Calculation:
- User’s Reward = User’s Staking Power at snapshot / Total Staking Power at snapshot × Total Rewards