WAX.io Rewards; What They All Mean, And What We Know So Far
So we are 5 days post main net launch and a lot of people are still asking a few questions and I hope to answer a couple right now.
Now if you are looking to carry out the swap and looking for a guide for it, I hate to break it to ya but this ain’t that kinda article.
There are lots of those out there already, plus a few nifty videos too. From WAX Guild proposer EOS Blocksmith , EOSIO SUPPORT, Non-ledger linking , Ledger linking and many more on their way.
In short terms, and because I’m a nice guy, here is a short list to use as a checklist whilst you follow the videos/use tokenswap.wax.io and their official videos too, or one of the above.
1.) install scatter (or other eosio wallet)
2.) generate key in wallet.
3.) copy public key from wallet
4.) sign up on account.wax.io
5.) click ‘create account’
6.) paste public key into field for public key
7.) confirm
8.) click upgrade tokens
9.) copy your burn address
10.) send tokens to your burn address from ethereum wallet or exchange
11.) add WAX chain to your wallett (two clicks in scatter)
Now onto the actual reason for this article,
……….
Dun Duun
Dunnnnnnn…….
…
All dem juicy rewards that we are wanting to claim.
In short, and as per their official blogs:
Participants of the Genesis Block Member Program (GBM) will receive daily token rewards for 3 years. To be eligible, you must participate in the WAX Token Swap!
Now you become eligible by simply burning your WAX ERC20 tokens before the August 30th 2019 cut-off date. That’s it, so by doing the above 5/10 mins task, you are set.
What they haven’t explained a lot of though, is the rewards system itself, and how it works, and, there is a smidgen of a current lack of official support to understand it.
Hopefully by now, everyone understands that they
NEED
to vote for a minimum of 16 Guilds, up to a maximum of 30 and you earn rewards by voting for at least 1 Producing Guild and then place your votes accordingly.
You then simply tick as many as you wish and then click the vote button at the bottom.
Now the challenge we have is outside of voting, all we can see for candidates on here is their website and that’s it. Plus on the main account page, we have no way of knowing how to check when to claim, our amount of rewards and various other things regarding the WAX blockchain right now.
This is why a lot of users have started looking to EOS and community tools already. One such tool that has helped me personally more than I care to admit so far is from a fantastic fellow, that represents EOSCafeBlock is;
This community made and run site is a fantastic one due to how much work has already been put into it. Syed, the lead developer of it, is a frequent of the @WAXTradeTalk and main @WAX_io channels, as well as of course pretty much everything EOSio you can imagine. Feel free to drop by, say thank you, ask questions or bake him a cake and send him it. He won’t mind.
Now, this site is what I am using for all of my tasks, so I shall be sharing how I do this with supporting images from there too.
Firstly, you will want to log in: Top right, having Scatter (You can use other EOSio wallets too, but the current WAX instructions only cover Scatter) open too on your desktop, or verify via your ledger/trezor/ other EOSio compatible hardware wallet. You will know how to do this by now anyway so no instructions further in this one.
Once in, hit wallet and you are greeted with a nice and large, clearly set out piece of info. that may appear overwhelming to begin with especially in the top bar, but if we take a moment, it’s all gravy:
From here I can tell that I have a total value of WAX, total WAX balance, how much resources I own for my usage on the WAX chain and then how my balance is broken down.
Available is simply what you have liquid in WAX right now within your account. As per the image, it’s pretty much dust.
You have a pending refund balance, again 0.0 in this instance.
A CPU staked amount of WAX and a NET staked amount, with a staked by others of 2.0 — I have not seen a balance higher than this so far.
CPU and NET staked are to start with, from your balance burn of erc20 to main net WAX protocol tokens, exactly 50/50 split.
These latter two are our interests, if only for how we work with our rewards every time we claim.
Now a small disclaimer, I genuinely don’t know if what I am doing with my daily rewards is optimal, I’m simply giving you the information I know is correct to let you choose how to react accordingly after being shown how to use it. DYOR of course!
If you can recall from above, the WAX account page only shows a claim icon, with no hints to time count from last claimed to when you are due etc. Bloks has you covered here.
You click the Claim GBM Rewards menu item, under “Tokens”
From here it will give you your balance of WAX that is eligible for GBM rewards.
You will notice each time you press the claim rewards button during the tokenswap window that this figure increases. Based on your staking rewards, this amount will increase at each interval that you actively click the button.
When the times is 0 Hours 0 Minutes 0 Seconds, it will say NOW!
With using wax.bloks.io you will have a scatter pop-up, you can whitelist the action so never have to do this again or simply click. Pay close attention to the two arrows. This will be explained in a little while.
You should then see a success txn popup just below the Claim Rewards button from above:
This will then move that balance that you saw in the “Rewards” field above the Last Claim field into the Available field we saw under balance breakdown in the image above too.
You are free to do as you please with these WAX, this is your GBM rewards for having your WAX staked for the 3 years. It’s calculated as WAX AMOUNT YOU HAVE / 1095 currently and then each time you claim it would be X amount of days since your last claim
XXXX / 1095 * days since last claim.
The WAX official articles explain this in depth so I won’t go over it too much.
The above availability though is not your staking rewards themselves that you are gaining from voting for Guilds, you are having them added to your stack every time you claim also without you seeing it unless you go hunting.
Remember I placed a red arrow to point to the two different parts of your claim earlier?
One was the claimgbmVote — the other was the claimgenesis.
On the account.wax.io page you never see the whole of your WAx at this time and it will only display your balances covering your unstaked amounts by hovering over the [ ? ] symbol. That is not your full WAX balance though as you still have your returned GBM rewards that for some reason are not added to the main display area.
Now I know that is not my account balance myself as I have been checking and attempting to understand it all.
I know I sent 30,020.5507 WAX to my burn address, and I have claimed as often as I can:
So 30020.5507 + 29.02080444 + 27.46391541 + 27.47992935 + 27.57223407 + 36.65101467 = 30139.7177935
We then do the total number in my balance 30,191.27934937 minus the above to get what I would expect to have been rewarded from staking so far.
30,191.27934937 — 30139.7177935 = 51.56155587
Clearly, the WAX account is showing a value we cannot understand from the above, so this is where I stopped using it after day 1. *
*( Please note this article is written and published on 6th July 2019, so at the time of you reading it, it may not be the case anymore)
From seeing my highlights and their timestamps you can see that this is our staking rewards automatically deployed for us back into CPU/NET in a 50/50 split again.
So that’s where our staking rewards are!
I’ll list these just as a whole number ( I attained it by taking the CPU and NET stake amounts and adding them together )
17.83129188 +13.8812566 +11.4782734 + 9.99166334 + 9.35826624 = 62.54075146 in Staking returns.
Now if I add that back to the initial burn amount I had, I get:
30,083.09145146 which matches the amount WAX.account.io displays. So we now know that they do not show us any GBM reward values at all, apart from the results of staking our balance for the rewards overall.
My examples above may have been able to be receiving more in Staking rewards than I currently am, but I have chosen to split my GBM rewards some days and purchase some RAM with it. You can read up on what Ram is and how it affects an EOSIO chain in some pretty cool articles that are floating about, one of this is this fantastically in depth one from EOS Asia with assistance from one of the WAX guild proposers WAX sw/eden.
An example of trying to explain the WAX blockchain ecosystem and the choices you have regarding what to do with your rewards from the community stalwart @KaeferGeneral can be found below
As you spotted from my account screenshot I shared above I have not been staking ALL of my rewards back into CPU/NET at a 50/50 split, nor have I put all of it back into the staking at all. I have been transferring some of my GBM rewards into some ram whilst it is at a lower value as per the explanation above.
I’m not going to give advice on any of the choices, you can join our @WAXTradeTalk Telegram community and ask there for information to help you make your free choice. I will however quickly show you how to stake and purchase Ram if you so wish to, via bloks. * There are other ways, I’m just happy with doing it this way so far :)
I’ll keep this easy and visual, you simply choose what to stake back into WAX to increase your stake rewards pot for the next day/time you claim.
I mentioned above about voting upon the WAX account site, however also mentioned I do everything within Bloks now, so it seems logical I show you that feature too:
At the time of writing, if you scroll to the bottom you can see all the new candidates that would really appreciate our votes to enable WAX to notice and consider their applications.
Feel free to click the links to their social accounts and websites to do your own research on if you wish to vote for them.
In future, I will cover what a WAX proxy does and how you can pass on your DYOR over to them and they can handle “who” you vote for each week, you will still be required to vote once a week for that proxy, but it takes away the hours of research and confusion if you do not wish to experience that, yet.
Closing notes, I won’t advise you to unstake, that’s a decision you need to make based on risk vs reward and if you want to play the game on Ram buying and selling or waiting to flip on an exchange listing. You can do it in Scatter, sqrl, cleos or sites such as bloks. I don't condone it myself though as you forfeit your GBM rewards ( the 1:1 over 3 years, so the daily GBM rewards you claim, they will go DOWN), but if you wish to, you can do it like so.
WARNING THOUGH. Once you have actioned this request you cannot rescind it, or stop it, that is it. Your GBM rewards are now gone from that portion of your WAX GBM daily reward allocation (xxx amount / 1095 = daily reward figure)
I think this just about covers it for all things Staking and Rewards, if you have liked what you have read then please say thanks, share it to educate others, give it a clap or order me a Tequila slammer in my honour on your next outing.
Do you have any thoughts on what else you would like me to cover? Please drop me a comment or Telegram message and I’ll get up to some mischief on my next article soon.
Cheers my lil’ chockablockchain fans and readers,
Toodles.
Kieran.
ps. Daily reward claiming vs. weekly reward claiming can be compared here : https://medium.com/chockablockchain/wax-rewards-claim-daily-or-miss-out-a82e153800cb
If you would like to support our writing, please share and clap our stuff as we only get exposure via you lovely peeps that are reading. If you wish to drop me a tip, you can do so into my WAX account please: f1s3w.waa. Thank you all #WAXon❤
pps. If you wish to find a more up to date article, look no further: https://guide.wax.gg/basic/rewards
