The first #StakeDrop for Harmony Stakers under way

Nikolaos Kostopoulos
Aug 11 · 8 min read
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On 30th July, 2020, Stafi and Harmony, a public blockchain, reached strategic cooperation.

In the first phase, Stafi will launch ONE’s StakingDrop at 19:00 (UTC+8) 12 Aug, 2020 and is expected to airdrop 200,000 FIS to ONE Stakers. ONE is the native token of Harmony. In the second phase, Stafi will develop and deploy ONE’s Staking Contract (SC) to increase the liquidity of ONE. In this strategic cooperation, Stafi will provide high-quality DeFi products and services to the Harmony community, and the two parties will also share with each other technologies and resources for mutual benefits.

How to participate:

  • Date: 19:00 (UTC+8) 12 Aug , 2020–23:59 (UTC+8) 31 Aug, 2020
  • Reward: 200,000 FIS
  • Approach: First time first get
  • Drop Ratio
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The airdrop ratio is directly proportional to the value of StakedAsset. For example, when the value of the staked asset is less than $500, the airdrop ratio is 1:0.05, which means that $1 of staked assets can get 0.05 FIS.

On this basis, when the staked asset is delegated to Wetez ( a validator), all ratios are increased by 20%. For example, when you delegate $100 stake to Wetez, the airdrop ratio is 1:0.06.

If your staking is completed before campaigns, the ratio will be reduced by 20%. For example, you have already staking $100 stake before the campaign, your airdrop ratio will be 1:0.04.This is done to offset the risk for new users who first acquire the assets and then start staking. There is no sybil attack possible here as the chain has an unbonding period, making possible attackers lose out on rewards if they perform it.

Distribution Scheme

During the campaign period, the distribution of all rewards follows a linear curve, as shown in the figure below.:

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Reward will gradually increase from day 1 as time goes by. If you participate in staking at day1 of the campaign and do not unstake during the whole period, then you will get all the FIS corresponding to your proportion, but if you participate at day 2, you will not be able to get your reward at day 1, if you participate at day 3, you will not be able to get your reward at day 1 and day 2, and so on.

This means that the earlier you participate in the campaigns, the more rewards you will get, and the closer the campaigns ends, the more rewards you will get in a single day.

You cannot unstake your tokens during campaign, and if you do so, you cannot obtain all airdrop. For example, If you participate at day 1 and unstake at day 3, you can only get reward from day 1 to day 3, but you will not be able to get reward from day 4 to the rest.

Please note that all rewards will be allowed to be claimed on the 31th day after the Mainnet launch.

Rules

  1. You have to submit full staking proof in order to get the drop. Once submitted, the number of the airdrop token cannot be modified.
  2. There is only 1 airdrop for each Staking account during this campaign.
  3. There is a personal limit for a single account to obtain airdrop, which cannot exceed 6000 FIS.
  4. The number of Staking Tokens must be larger than 1.
  5. As for the Wetez privileged rewards, you have to stake more than 100000 tokens to get it and it should be staked after the campaigns.

Guide

1. Create a FIS account

If you haven’t created a FIS account yet, you can follow this tutorial. If you have already created one, please go directly to step2.

Make sure you have backup the mnemonic of this address, it will be used to claim FIS in the Mainnet, please keep it safe.

2. Fill in addresses

Before this step, make sure you have staked in the original chains, If you haven’t , please follow up staking tutorial. Note that, you can delegate your token to any validators you like

Open StakingDrop page, click “Get Drop” of One drop campaign, and fill in the FIS address and ONE staking address, then click “Generate” to generate a specified address. The specified address is different , an example is shown as below.

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3.Bond addresses

To make sure you are a human, you should slide to validate, and then click “Bond” to complete bond operation.

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4. Send 0.01 One to the specified address

After completed, the system will prompt you to send a small amount transaction from staking address to the specified address, please send it within 24 hours, otherwise your StakingDrop will fail. And note that tx should be executed after the bonding.

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Note: There is no special requirements for the wallet you use. It is recommended that you could use a familiar one.

How to check my drop?

After completing all operations, you need to wait for 20 minutes, system will calculate your estimate drop of the day, only if you staking proof get validated and you are keeping staking of the day, your estimate drop will be confirmed.

Note that confirmed reward will be dropped at 00:00 (UTC+8) every day.

You can fill in your FIS address to check your drop status, your confirmed drop will be shown as below.

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Meaning

Total Drop

Your all confirmed drop

Dropped

FIS amount that you can claim in the mainnet

Remaining

FIS amount that you can get without unstaking

Status

It includes Dropping, Finish, Unconfirmed and Dropout. Dropping means you are rewarding.Finish means the drop is finished.Unconfirmed means you staking proof has not been validated, Dropout means there is no reward left.

Start

Time of submission

End

The end time of Drop, if you unstake, it will be your unstake time.

Delegate Amount

The amount of your delegation

If you have more than two types of token drop, then you can select to view the stakingdrop records of different tokens

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Why Harmony?

The original intention of Stafi is to solve the liquidity problem of Staking assets, eliminate the conflicts of interests between Staking and DeFi, and increase the Staking rate. These are essential to make a PoS network more secure. Therefore, we select PoS projects mainly based on the three criteria of security, community scale, and revenue.

First is security. For Stafi, if the original chain fails, the asset mapping relationship in the SC may be broken, causing the decoupling of rToken and the original token. As a result, Stafi’s ecosystem will deteriorate. Therefore, the security of the original chain comes first. Harmony adopts adaptive threshold PoS and random sharding technology, guaranteeing the security of each shard. In addition, thousands of nodes run simultaneously in the system, making the system more decentralized, or in other words, safer.

In terms of community scale, Harmony is a popular project which got listed on Binance through their Launchpad platform. It has been in the spotlight since then, supported by a large community. Through this cooperation, Stafi can have access to users base and attract community members.

As for further issuance, a reasonable design should meet two conditions. The first one is to ensure the revenue and initiative of nodes; the second is a restrained further issuance degree, so that the cost of maintaining the safe operation of the network is at a reasonable level. In the newly revised Tokenomic of Harmony released in March this year, the reward for each block was added to ensure sufficient reward in the initial stage. Even if the Staking rate reaches 70% in the later period, the system’s rate of return can still be maintained at around 5%. In other words, community member’s initiative and the earnings of a node can be guaranteed at the same time. Meanwhile, it will be extremely unlikely that nodes will quit because of unsatisfactory earnings, making the network more stable.

Reciprocal Cooperation

We are very optimistic about the cooperation with Harmony, and encourage community members to participate in the Staking of ONE. By doing so, users will be rewarded with not only ONE but FIS airdrops(StakingDrops) too. Moreover, they can obtain rONE by Staking ONE. That means you can obtain Staking rewards while enjoying the liquidity of ONE in exchanges, so that you don’t have to worry about the price change of ONE. For Harmony, their network security level will be enhanced as more users will be staking in the network. With a higher Staking rate, the blockchain will be safer. For Stafi, a community of targeted users will be established in a short period of time, which will help complete the initial accumulation of community users. Moreover, by generalizing our ideas and communicating with community users, SCs will be more easily adopted by them. For users, they will have access to a more reliable asset liquidity solution.

Prospects

As the “shadow token” of ONE, rONE creates more possibilities for ONE to be further derived without compromising the staking income. In the future, Harmony and Stafi will carry out more forms of cooperation, such as the development of derivatives based on rONE, creating different types of smart contracts, and even designing more complex and nested derivatives. Together we will dive deeper into the DeFi ecosystem.

About Harmony

Harmony is a public blockchain project based in Silicon Valley. It is devoted to cutting the cost of current public chains and significantly improving their performances, thus creating a genuinely decentralized network where each and every node, whatever be their size, can contribute. Harmony aims at providing the most secure and reliable trust infrastructure for future decentralized economy entities, and creating a financial world of mutual trust and win-win relations.

About Stafi Protocol

Stafi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through Stafi and receive rTokens in return, which are available for trading, while still earning staking rewards. FIS is the native token on Stafi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the Stafi chain, and mint & redeem rTokens.

Harmony

To scale trust for billions of people and create a…

Nikolaos Kostopoulos

Written by

Advising governments & interest groups on cryptocurrency & FinTech regulation in the European Union.

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

Nikolaos Kostopoulos

Written by

Advising governments & interest groups on cryptocurrency & FinTech regulation in the European Union.

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

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