Following a period of development, the feature most desired by members of the Red Kite community, staking, is in the final stages of completion to launch the community. Recently, the smart contract of this feature has been audited by Hacken. You can read the report here.
UPDATE: ANNOUNCEMENT ON TERMINATION OF LP-PKF STAKING ‼️
Dear Red Kite community,
We would like to announce that the UNI-V2 LP-PKF pool will stop receiving LP-PKF staking. This policy is applied from 11:00 AM UTC, October 4, 2021 until there is a new announcement.
For users staking LP-PKF before, your benefits keep the same. You can continue to lock up LP-PKF for more rewards or unstake after a 30-day withdrawal delay time. When you unstake, you cannot stake more LP-PKF.
If users want to increase Red Kite points or earn staking rewards, please stake in Linear-rate pool.
Overview of PKF/LP-PKF staking pools
As for PKF staking, in this Q3, Red Kite will launch the following main pools:
Based on the reward calculation method:
- Allocation pool: Users will earn staking rewards each time a new block is created. The sooner and the higher your staking, the more rewards you earn.
- Linear-rate pool: Users will earn staking rewards based on the length of time the tokens remain locked.
Based on the benefits of participating in IDO:
- With IDO pool: The amount of PKF or LP-PKF staked in these pools will be used to calculate your Red Kite tier and the number of Red Kite points you will own. Along with earning interest, staking into these pools entitles you to participate in IDOs on Red Kite.
- Without IDO pool: The PKF or LP-PKF staked in these pools will be used solely to calculate the interest you will receive from Red Kite following a staking period. They will not be used to determine your Red Kite tier or Red Kite points, implying that they will have no effect on your tier or eligibility to participate in IDO.
What you should know about PKF/LP-PKF staking
New smart contract and the Transfer period
- To begin staking and earning interest, you must transfer your PKF and LP-PKF from the current Red Kite smart contract to the new one within the specified time called Transfer period.
- The Red Kite team will announce the exact date and time of the Transfer period publicly in the coming days via Red Kite’s official communication channels.
- Since the beginning of the Transfer period, the current smart contract will prohibit staking additional PKF/LP-PKF, but only allow unstaking.
- Since the Transfer period begins, the new smart contract will be released on the Red Kite platform. It will enable both staking and unstaking functions.
- All Red Kite points that are accrued up to the start of Transfer period will be retained during the Transfer period.
- After the Transfer period, the remaining PKF and LP-PKF on the current smart contract are not lost, and you can unstake them at any time to your wallet. They will not, however, be used to determine tiers, converted to Red Kite points, or used to calculate interest.
Reputation & Interest
- When transferring between smart contracts, your Reputation will be preserved only if the amount of PKF / LP-PKF staked on the new smart contract is higher than or equal to the entire amount of PKF / LP-PKF staked on the current contract.
- The time period in which you preserve your Reputation on the old smart contract is 45 days after the end of the Transfer period.
- Within the above 45 days, your Reputation on the existing smart contract will be maintained and added to your total Red Kite points on the new smart contract. After 45 days, the system will stop counting the Reputation based on the old smart contract.
- On the new smart contract, both interests and Reputation are calculated across all pools starting from the date and time you start staking PKF/LP-PKF on these pools.
- Only when the Transfer period ends, the interests and Reputation on the new smart contract will be shown on the Red Kite platform.
The information provided above is critical for understanding PKF/LP-PKF staking pools. In the following article, we will discuss the specific characteristics of each pool and provide step-by-step instructions on how to stake PKF/LP-PKF on the new smart contract to earn rewards.
Please stay tuned to our official channels to be the first to get news!
About Red Kite
Red Kite is a cutting-edge launchpad powered by PolkaFoundry as a part of the growing $PKF ecosystem. Red Kite projects are carefully chosen through vetting, which takes everything from the origins of the project teams to legitimacy and implementation capacities into account. These projects are also supported by a network of our high-class marketing partners, leading influencers, and interactive communities.
Need more information about Red Kite? Follow us on PolkaFoundry’s official groups and channels so you won’t miss anything!
