Liquidity Staking — Open Beta
Further enhancing global open access to AI algorithms.
In the last couple of months, we’ve discussed the reasoning, motivations and concepts surrounding liquidity staking, as well as detailing the mechanics behind this important component of the platform. Today we are excited to announce that following a period of closed beta testing we are launching the Staking DApp into open beta. You can sign-up / sign-in now on the staking DApp with your SingularityNet credentials to begin your participation in the staking process.
The initial call for staking will open at 9 AM GMT on Tuesday, April the 7th 2020 for a period of 7 days, following this period the staking window of 30 days then begins. At the end of the staking window and 37 days after the initial call for staking the next window will open. By default, users’ original stake and the reward earned from the previous staking period will roll into the second window. Users can opt-out if they wish to receive their reward at the end of the staking period. The reward pool is 100,000 AGI tokens for each stake period.
You can sign-up / sign-in now on the staking DApp with your SingularityNet credentials to begin your participation in the staking process.
Let’s review the reasoning behind delivering liquidity staking and the mechanics of this important part of the SingularityNET ecosystem.
Motivations and Concepts
The role of staking in the SingularityNET platform ecosystem is closely tied to the fiat-crypto gateway.
The first half of the fiat-crypto gateway is already in place, at least in initial form. A PayPal interface to the platform has been constructed, which allows users to purchase AI services from our platform using fiat, opening the platform to PayPal’s huge user base and further
The second half of the fiat-crypto gateway is planned for release later in 2020 and will enable AI service providers to automatically convert the AGI tokens they earn on the platform into fiat.
By implementing this solution, SingularityNET will be able to fully participate as an end-to-end system in the conventional fiat and crypto economy.
Liquidity Pool
Doing all these exchanges, in practice, requires a “liquidity pool” of AGI tokens that can be provided in exchange for fiat as needed. The operator of the fiat-to-AGI and AGI-to-fiat exchanges need to have some AGI tokens and some fiat currency on hand so that when someone needs to change AGI for fiat, it has the fiat; and vice-versa when someone needs to change fiat for AGI, it has the AGI.
Staking is an elegant way of securing an additional pool of AGI tokens usable for mediating the exchanges this gateway requires.
How will Liquidity Staking work?
AGI token staking will happen in 30-day windows — if you stake your tokens, they’ll be locked in the staking smart contract for at least one window of 30 days. Before that window of time begins, there is a call for a staking period, which lasts one week.
During that call for staking period, any AGI token holder can submit a request for staking through our AGI Staking DApp. We currently don’t have maximum amounts allowed per user, nor a cap on the amount we will accept for staking though there is a minimum staking amount of 500 AGI. We’re unlikely to implement overall staking caps but can’t rule out the possibility in some distant future.
At the end of the call for staking period (7 Days), staking requests are officially accepted. Once the call for staking period is over and requests are accepted, a staking window of 30 days begins.
Towards the end of the window, two things happen:
- A new call for staking period begins, as described above
- There is a time window during which users can request their tokens back at the end of the current window.
If users don’t request their tokens back, they default to be automatically re-staked in the next window, along with the reward tokens. Users can turn off auto-renewal, in which case their tokens will not be re-staked; instead, they will sit in the smart contract, available for withdrawal. Users can then withdraw their tokens at their convenience. All these operations can be done through the easy to use AGI Staking Dapp.
Right after the staking window is over, the staking rewards are delivered to users, proportionally to their share of the overall staked pool in that window. Initially, we will have a fixed reward pool of 100,000 AGI tokens for each 30-day window.
The diagram below shows the timeline of the key events (calls for staking, withdrawal windows, rewards delivery and the chaining of consecutive staking windows)
We’d like to thank all who decide to take part in ‘Liquidity’ Staking’ you will be actively involved in the operations of the platform, and through your activity in utilising AGI in this way will further increase democratise access to AI services globally, in turn further enhancing the adoption rate of the SingularityNET platform.
We’d also like to take this opportunity to thank all those that took part in the closed beta test and helped to ensure the quality of the Staking DApp and overall process, we were humbled by the overall response from our community by the number of people who expressed a wish to take part.
For further information on ‘Liquidity Staking’ we have also added further details on our dev portal.
Join Us
SingularityNET plans to reinforce and expand its collaborations to shape the coming AI Singularity into a positive one, for all. To read more about our recent news click here.
And if you have an idea for AI tools or services you’d like to see appear on the platform, you can request them on the Request for AI Portal.
