[G.E.F #4] Staking on top of staking, ‘Restake’
Hello. This is FIRMACHAIN.
It has been a while. Today we will take a look at the newly added ‘Restake’ feature which allows our users to automatically restake accrued rewards.
Restake automatically stakes accrued rewards on the Frima Station application and was added to enhance the convenience of users.
Commonly referred to as ‘Compounding’ or ‘Auto Compounding’ in the blockchain industry, those who have prior experience of staking will have no trouble understanding the concept.
Now, let’s take a look at Restake.
The maximization of profit through staking is realized according to the theory of ‘compound interest’. Conventional method of ‘compound staking’ is done by manually going through the loop of [stake -> accrue rewards -> stake the rewards].
Cosmos ecosystem does have a Restake App service but the service itself is difficult to use and even after there are a lot of strings attached to use the service.
As result, in order to guarantee a convenient user experience, FIRMACHAIN came up with its own ‘Restake’ feature. Following are some key traits of the Restake feature.
▶ Get to know Restake
- Enable Restake to the Validator of your choice
- Aside from the initial transaction fee to enable Restake, no additional fees are charged
- Up to 8 restakes possible per day
- No upper bound on the amount that can be restaked
- Retain restake for up to 1 year after initially enabling the feature
- Deactivate or renew restake anytime
- Check your restake status on the FIRMACHAIN’s Restake website
Existing restake services leave it up to the Validator to detail the conditions of restake and pay for the transaction fee to enable restake. Additionally, the conditions to enable a restake transaction varies while some Validators set an inordinately high commission rate for enabling restake.
The Restake feature of Firma Station is developed and provided by the FIRMACHAIN foundation. Restake can be enabled for all Validators participating in the FIRMACHAIN network while the conditions of restake are all identically applied.
▶ Conditions of Restake
The conditions of restake can be divided largely into three categories: Restake period, minimum accrued reward and the term through which a restake transaction remains valid.
- Restake period : Every 4 hours
Restake happens every 4 hours. - Minimum reward necessary for restake : 10 FCT(FCT2)
Users must be in possession of at least 10 FCT(FCT2) in order for the restake to happen. - Term of Restake: 1 year
Once you enable restake, the restake lasts up to a maximum of 1 year period.
Once you enable restake, the restake happens to the Validator to whom a user is delegating their tokens. The transaction requires a fee of 0.02 FCT(FCT2). All transaction fees after the initial one is paid out from a disclosed wallet set up for the purpose of paying the transaction fees. Therefore no additional fees are charged aside from the initial transaction fee.
The results of all restake transactions can be found on the FirmaStation Restake website, specifically designed to transparently display all restake related transactions. In this page, users can see information on restake rounds, total amount restaked, cumulative transaction fees generated from restake transactions etc.
Currently we are beta testing the restake feature and any transaction fees charged during this period will be paid by the FIRMACHAIN foundation. Once we launch the restake feature, we will officially register a governance proposal to ‘transfer tokens to the Community Pool’ for the purpose of paying for the transaction fees of restake.
▶ Notes of Caution using Restake
- Restake is supported starting with v1.0.10 of the Firma Station mobile application.
- Once you enable restake, the transaction will apply to all Validators to whom you are currently staking your tokens.
- Restake delegates the respective reward accrued for each Validator.
- Restake happens every 4 hours.
- Restake is valid for up to 1 year from the time you enable restake.
- You must be in possession of at least 10 FCT(FCT2) or more per Validator in order for a restake transaction to happen.
- You must renew/update your restake transaction once the term of restake expires or if you are looking to make a new delegation.
- During the beta testing period, all transaction fees happening as a result of restake, with the exclusion of the initial restake transaction will be paid by the foundation. However, in the future the foundation will register a governance proposal that will allow the ecosystem to pay the restake transaction fees from the community pool.
Today, we took a look at the ‘Restake’ feature which automatically stakes the accrued reward of users.
Please visit the link below to take a look at the step by step guide on how to use the restake feature.
Thank you.
For more information about FIRMACHAIN, or partnership inquiries, please contact us at contact@firmachain.org. Those who wish to join the FIRMACHAIN team, please contact us at info@firmachain.org.
About FIRMACHAIN
FIRMACHAIN originally aimed to transfer all paper based social and legal activities onto the blockchain to introduce transparency and prevent document tampering and forgery. Maintaining the fundamental value of trust, the FIRMACHAIN team is now turning its gaze to becoming a comprehensive blockchain platform. Our goal is to provide business entities and FIRMACHAIN holders with useful blockchain based services that are useful yet fun to engage with thereby satisfying the team’s goal to become a ‘Utilitainment’ (Utility + Entertainment) platform.
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