Your share of our PRIME: Staking rewards are nearly here!
Since we launched PDT staking in late September last year, you’ve been patiently waiting, building your multipliers in anticipation for those sweet, sweet PRIME rewards.
PRIME has now successfully unlocked, meaning we can now fund our staking contract to start paying out PRIME rewards after Epoch 1.
Our plan of action:
- We’re now transferring Epoch 1’s staking reward allocation (outlined below) into the staking contract.
- On March 2, Epoch 1 will begin. It’ll last for 30 days, until April 1.
- Within the next 10 days, we’ll also send out a small airdrop to the overlap of wallets who were holding PDT on February 11, 2022 and staking it on February 14, 2023. Read more below.
- Once Epoch 2 begins (on April 1), anybody who was staking at the end of Epoch 1 will be able to claim the PRIME they earned.
PRIME staking rewards for Epochs 1 — 12
Our Treasury Council spent much of the last six weeks designing and consulting with the community on how to direct our Initial PRIME Allocation (i.e., what we’ll have earned from PRIME events and caching until mid-July 2023) towards our staking rewards over the next year. After incorporating community feedback, we feel the end result finds a balance that provides attractive rewards for early stakers and those who are yet to discover PDT.
We’ll direct 347,820 PRIME towards the Year 1 staking rewards pool. This is based on 30% of our estimated Initial PRIME Allocation of 1,185,000, minus 7,680 that will be directed towards the airdrop.
Year 1 PRIME funding has been allocated across Epochs 1–12 as follows:
This approach should provide very attractive funding earlier in Year 1 (recognizing those who’ve held and staked PDT patiently for months now), and offer an attractive baseline of rewards later in the year (even if future PRIME revenues are delayed).
Through PRIME sink throughput (from holding and caching Prime Sets and Prime Drives) and rewards we’ll collect through our player management system, we’ll aim to top up the planned rewards in later epochs (if that’s required to maintain attractive rewards). The Treasury Council will consult the community on plans.
Of course, the staking multiplier continues to apply, rewarding those who’ve staked PDT longer with a greater share of rewards.
PRIME airdrop for long-term holders
Within the next 10 days, we’ll be distributing a small airdrop from a pool of 7,680 PRIME to 202 eligible wallets that both (i) held $PDT on February 11, 2022 and (ii) staked $PDT on February 14, 2023.
The pool has been proportionally weighted across the eligible wallets, based on each wallet’s average PRIME on these two dates. Most wallets’ rewards will be quite small (the pool for this airdrop was defined over a year ago, based on a fraction of our revenue from Prime Event 1)
Check your wallet’s eligibility and expected PRIME airdrop here.
No claim will be required—we'll directly send the PRIME to eligible wallets.
You can read more about the history of this airdrop on this discussion page, or in this summary:
Last year, a community vote formalized a PRIME reward for early holders, based on a percentage of the small amount we earned through Prime Event 1.
Recently, a proposal was raised to repurpose these rewards back in to the staking pool (as PRIME took much longer than anticipated to unlock, the original plan no longer seemed sensible).
Through community consultation, a member suggested that we just revise eligibility for the initially proposed reward, which was met with some community support. This suggestion was formally voted in favor by both the Paragons Council and Treasury Council through PCCP 3: Repurposing Retroactive Rewards to Active Stakers (inaccurately titled as PCCP 2).
The PRIME unlock is an important milestone for Echelon and Parallel, as well as our own staking model — and we’re thrilled to be able to share our rewards back with you.
If you’re not staking your PDT yet — you’re missing out on PRIME! Review the FAQs and stake your PDT here!
Review the voting history of the Paragons and Treasury Councils on our governance page in our Docs.
Follow and participate in our communities — ParagonsDAO (Twitter and Discord) and The Priming (Twitter and Discord).
Get PDT, ParagonsDAO’s token, through Uniswap (or use Cowswap to prevent frontrunning). PDT’s contract address is 0x375abb85c329753b1ba849a601438ae77eec9893.
Check out PDT on CoinGecko.
