Important Announcement: We present the EXNT Staking details.

We are almost ready to deploy our Staking module. Here are a few details we can share with the exnetwork.community:

Mechanics:

1. You can only stake in multiples of 5,000 EXNTs, one of these is called an EXNT5k.
2. You can only unstake in multiples of 5,000 EXNTs.
3. Unstaking will take 168 hours of approx. 7 days.
4. There will be three types of staking: Flexible(EXNT5k), 3 Months locked (EXNT5k3) and 6 Months locked (EXNT5k6).
5. Staking will be done thru our Community App at https://exnt.io

Access logic change:

Once staking is live. Access to groups will switch from just having EXNT in your linked wallet to actually staking them in our dashboard to our internal wallets.

Mining of EXNG (Exnetwork Gold):

1. a CYCLE is 720 hours of approximately 30 days.
2. if you unstake and it goes down below 5,000 EXNTs, any active mining cycle is discarded and the 0.05 EXN Gold that was being mined will be unmined or cancelled.
3. EXN Gold will be initially valued at around $75 and will have less than 50 Pieces circulation next week. The next batch will be the ones mined by EXNTs.
4. The Mining rate will be as follows:
   A. Flexi (no lock, you can unstake anytime) : 0.05 EXN Gold per 5,000 EXNTs per cycle.
   B. EXNT5k3 (can only unstake after 3 months) : 0.075 EXN Gold per 5,000 EXNTs per cycle.
   C. EXNT5k6 (can only unstake after 6 months) : 0.1 EXN Gold per 5,000 EXNTs per cycle.
5. When a piece of EXNG Gold is mined, it will be sent to your linked wallets with no vesting or lock.

Rationale:

The rate is optimized to hand over control to the most deserving members which is a tenet of our Social Finance spec or protocol. This should not be compared to yield farming or proof of work mining. This rate would transfer majority of control to the members at year 2 or 3 depending on the mining rate.

Timeline:

1. Deployment of Beta EXNT Staking — Sept 12, 2020–10pm to 11pm HK : NOTICE: No withdrawal button yet even for Flexi staking until Sept. 14, 2020
2. Switch Tier access logic from Hodling to Staking. Anyone not staking will be kicked out — Sept. 15, 5pm HK.
3. Withdrawal functions for Flexible Staking — Sep 15, 2020
4. Mining of EXN Gold ($EXNG) — Sept. 15, 2020
5. Final dashboard design — Sept. 23, 2020

Note: this is BETA staking and is optimized for flexibility for parameters adjustments. The final version of staking will be shipped after the first epoch (6 months).

P.S. Dates are subject to change if there are enough justification to.