Wanchain Staking Pilot Starts Friday, March 15th— How to Participate and Earn WAN (Infographic)
Details of Wanchain’s Staking Pilot, which begins Friday, March 15th
WARNING: DO NOT SEND FROM AN EXCHANGE WALLET (for example: Binance). We will not be able to return your funds to you.
March 14th Update: Click here to view the Bidding Period Leaderboard!
Overview
Wanchain’s engineering team is hard at work on the full implementation of our Proof of Stake solution, which will go live in Q4. We can’t wait to share our PoS research paper with you later this month. In the meantime, we’re running the staking pilot to engage our community and reward participants to get a taste of staking WAN.
Bottom line: Compete with other community members to gain a spot in the 3-month staking pilot. The highest amount of WAN wins, and ties will be determined by who sent WAN first. Those who make it into the staking pilot will receive 4% rewards on up to 5000 WAN after three months (16% annualized return).
Key Dates: Bidding Period Starts: March 15 at 0:00 UTC (timezones below)— Do not send WAN before this time.
Key questions you’ve had:
- What is the 2-week Bidding Period? During these two weeks (March 15-March 31), people send in WAN to the staking smart contract address to try to win a spot in the 3-month staking period.
- How do I win a spot? Winning addresses will be selected starting from the top leaderboard until the 4 million WAN limit has been reached. The 4M WAN cap includes any amount over 5,000 WAN sent by addresses. Click here to view the Bidding Period Leaderboard!
- Can I send WAN from an exchange wallet? WAN must only be submitted from any wallet for which the user holds the private key (e.g. Wanchain Desktop Wallet, Ledger/Trezor). Do not send WAN from exchanges such as Binance. This will ensure we can properly return your funds. If you send money from an exchange, you WILL lose your funds.
- What is the smart contract address that I send my WAN to?
Staking Pilot Smart Contract: 0x33fc0c6b7fc83691e42855b14832d486c9a09e67
You can verify the smart contract address with the following MD5 Checksum: (MD5: 8EAF6268425212146F10F71301B79E55)
Please verify the smart contract with Jack’s video here. Please note that his video shows everything after “0x”.
Timeline Infographic
See below for a full timeline infographic on how the staking pilot will work using four example users. We are happy to answer questions you submit to this Reddit thread.
Overall Details of the Staking Pilot:
Amount Eligible for Reward: 1000–5000 WAN
Participation Reward: 40 WAN per 1000 WAN Staked (4% of WAN Staked)
Total Staked Amount in Pilot: 4 million WAN
Bidding Period Starts: March 15 at 0:00 UTC
Bidding Period Ends: March 31 at 23:59 UTC
Staking Period: April 3 at 0:00 UTC and ends on July 3 at 23:59 UTC.
Post-Staking Period: The bidding amount will be released automatically and sent back to respective owners along with the staking reward between July 4 0:00 UTC and July 6 23:59 UTC
The Bidding Period
Bidding Timeline: March 15 at 0:00 UTC — March 31 at 23:59 UTC
Live Bidding Board: Click here to view the Bidding Period Leaderboard!
Bidding Checklist
Very Important Notes:
-WAN must only be submitted from any wallet for which the user holds the private key (e.g. Wanchain Desktop Wallet, Ledger/Trezor). Do not send WAN from exchanges such as Binance. This will ensure we can properly return your funds. If you send money from an exchange, you WILL lose your funds.
Supported Wallets you can Send from:
Wanchain Wallet (desktop)
MyWanWallet (web)
WanMask (Chrome Plugin)
Ledger and Trezor
Theia Wallet (Please use “Private Key Wallet” to transfer WAN instead of “Platform Account”)
Trust Wallet
-If you plan set up automated transactions, do not use smart contracts, only use scripts or else you risk losing your funds.
-When submitting your first bid, the first transaction sent to the bidding smart contract must have an amount equal to or larger than 1000 WAN, later transactions sent from same WAN address don’t have this restriction. If the first transaction sent to the bidding smart contract is lower than 1000 WAN, it will be rejected, and the transaction amount will be sent back to original WAN address.
Lottery
For those who are not selected in the bidding process, all unselected WAN addresses will be entered into a lottery to win participation reward. There will be one lottery completely open to all unselected addresses and another lottery for those who participated in the staking pilot interest form previously announced here. Winners of the lottery will see the prize in their account between April 1-April 3.
1. Total Open Lottery Prize = 3200 WAN
1st prize : 1 winner, 200 WAN
2nd prize : 10 winners, 100 WAN per winner
3rd prize : 100 winners, 20 WAN per winner
In total, there will be 111 winners and 3200 WAN for lottery prize (bidding users).
2. Lottery program for Interest Form Submissions: 10% of valid answers (56 winners)
1st prize : 1 winner, 200 WAN
2nd prize : 5 winners, 100 WAN per winner
3rd prize : 50 winners, 20 WAN per winner
In total 56 winners and 1700 WAN for lottery prize
The Locked Staking Period
Staking Period: April 3 at 0:00 UTC and ends on July 3 at 23:59 UTC.
The addresses that win the bidding period will have their WAN locked for 3 months. Please note that funds will be automatically sent back to the original address from which the user sent the original funds.
After the Staking Period:
Between July 4 0:00 UTC and July 6 23:59 UTC, the bidding amount will be released automatically and sent back to respective owners along with the staking reward.
Calculation of staking reward:
a. If total bidding amount equals or surpasses 5000 WAN, then staking reward is 200 WAN.
b. If total bidding amount equals or surpasses 1000 WAN and is smaller than 5000 WAN, then staking reward is 4% of total bidding amount.
Technical Support: techsupport@wanchain.org or this Reddit thread.
About Wanchain
Wanchain is a blockchain platform that connects isolated blockchain networks to enable decentralized transactions between them. Wanchain’s economic infrastructure enables cross-chain financial capability for distributed applications. Wanchain currently enables cross-chain transactions with Ethereum, Bitcoin, and ERC20 tokens. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with teams in Beijing (China), Austin (USA), London (UK), Paris (France), and Madrid (Spain).
You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.
