Proposal #19: Extend Advanced Staking
Summary
This proposal extends the “Advanced Staking” program for another four months, with stakes accepted till March 10, 2024 and rewards accrued at an APR of 15% (same as a prior period) with the locking period of 60 days.
The new staking cycle will be started with the parameters stated in the “Terms for smart contracts” section.
Background
The initial “Advanced Staking” program was launched via PIP-9, PIP-10, and prolonged via PIP-13 and PIP-18. The extended Advanced Staking program was valid till October 28, 2023 and the corresponding rewards were calculated for the same period.
The community proposes to launch the new cycle (“program”) given the completion of the previous program (activated via PIP-18). As discussed on Panther’s Discourse forum, the community recommends running a new cycle of the “Advanced Staking” program (AS4), with the parameters stated below in the “Terms for smart contracts” section.
The remaining $ZKP tokens originally allocated as staking rewards according to proposal PIP-9 shall be used to source rewards under the new program.
This proposal (1) authorizes updates to the current UI which introduce the new staking terms as described below, (2) authorizes and triggers the execution (via Panther’s space on Snapshot.org and the Reality.eth oracle) of the attached blockchain transactions listed below under Annex, deploying and configuring Panther’s smart contracts to launch Advance Staking - 4 (AS4).
Terms for smart contracts
It is proposed to follow the below parameters for extending the “Advanced Staking” program:
Parameter | Description |
First day stakes are accepted | As soon as the PIP is passed and executed. |
Last day stakes are accepted | March 10, 2024, 12:00 am UTC, or earlier if “Amount of $ZKP allocated for rewards to all stakers” below has been already depleted, or earlier if Panther’s mainnet beta is launched beforehand. |
Amount of $ZKP allocated for rewards to all stakers | 1) The remaining part of rewards, which were allocated according to PIP-9 and used during three cycles of the Advanced Staking program. 2) The additional $ZKP 2M, which are the tokens recovered by the Polygon bug fix PIP. |
Number of days the staked $ZKP remains locked after stake creation | 60 days |
Reward formula, where: Reward - reward for a stake ($zZKP) Amount - amount staked ($ZKP) APR - Annual Percentage Rate (%) Period - rewarded period (days) | Reward = AmountAPRPeriod / 365, APR - 15%, Period - 60 days |
Minimum $ZKP amount per stake | 1000 |
Time since for a staker to withdraw rewards from the MASP (but forfeiting the right to accumulate PRPs) | Immediately after the stake is created. |
Proposed Actions
Approve all parameters included in the sections “Terms for smart contracts” and “Community Deployment Rewards”.
Authorize UI code updates to implement new terms,
Authorize and execute on the Ethereum Mainnet and Polygon network the deployment and configuration transactions described in the Annex, to achieve the terms for the AS4 program to be those outlined in the section “Terms for smart contracts”, including the adding funds to the rewards pool.
Send the deployment rewards according to points 1, 2, and 3 of the ''Community Deployment Rewards'' section of PIP-18, namely:
The distribution of 2000 $ZKP towards the following address for deploying the updated frontend (v0.5.4) onto IPFS:0xE1B583De9cB37196031b771686734a31ec365768
The distribution of 6000 $ZKP to the following address who executed the blockchain transactions to deploy and configure the smart contracts on the Ethereum Mainnet and Polygon network:0xE1B583De9cB37196031b771686734a31ec365768
The distribution of $146 USD in $ZKP tokens - which is $ZKP 7685 at the rate $ZKP=0.019 USD - as a gas fee compensation for the community member who executed point 3 of the Proposed Actions section, PIP-18: :0xE1B583De9cB37196031b771686734a31ec365768
Participation
Please vote to accept or reject the proposed actions detailed above.
As per the existing DAO governance structure, as the staking smart contracts are not currently issuing any rewards, you need to hold $ZKP, staked or not, on the Ethereum Mainnet or Polygon to participate in voting.
Voting power is calculated by Snapshot.org taking a Snapshot of the number of ZKP tokens per holder at the block within which the proposal was created.
Full proposal details
The full details of this proposal are visible in raw Markdown format.
Annex
This proposal triggers the execution of the following blockchain transactions. These transactions are already encoded during the submission of the proposal to Snapshot.org, and can be independently verified via the snapshot.org web interface.
The complete list of transactions can be found under the following URL: https://docs.pantherprotocol.io/docs/dao-proposals/proposal-19-extend-advanced-staking/technical-details.
Last updated