HNY PRICE CRASHING! 🥩 Implement 6% APY conditional Staking!

[sommi]

Implement HNY staking!

Proposal Information

Proposal description: Implement staking for HNY!

We want to implement staking for HNY @ max 6% APY

6% APY STAKING … Not everybody wants to do Yield Farming and we hear you! We want to propose staking on the dashboard.

How this will work: It will take you 7 days to withdraw your HNY from the staking pool. If you want to withdraw it immediately, then you pay a penalty from your rewards. Instead of 6% APY you will only get 3%, and the other 3% slashed will go back to the other HNY hodlers in the pool, distributed evenly

So if people want to take out money immediately without waiting 7 days, they are rewarding everyone still in the system.

NOTE: We will optimise this feature in the future but its a start for now.

Proposal Rationale
This proposal should exist so we get people to hold onto their HNY instead of constantly taking it out and dumping from the faucet.

Expected duration or delivery date (if applicable):
We should be able to code this in within a few days

Team Information (For Funding Proposals)

Find me (sommi) on Telegram & Discord for any questions and discussion

Skills and previous experience in related or similar work:
Day trading over 10yrs and also love honey

Funding Information (For Funding Proposals)

Amount of HNY requested: MAX 300-600 HNY depends how much it is staked. We can manage this on a year-by-year basis. First we need to see how much HNY gets put for staking

More detailed description of how funds will be handled and used:

[Monstrosity]

good suggestion. Celeste will have staking dynamic to it. Probably best to wait for that roll out.

[CurlyBracketEffect]

@sommi

How this will work: It will take you 7 days to withdraw your HNY from the staking pool. If you want to withdraw it immediately, then you pay a penalty from your rewards. Instead of 6% APY you will only get 3%, and the other 3% slashed will go back to the other HNY hodlers in the pool, distributed evenly

So if people want to take out money immediately without waiting 7 days, they are rewarding everyone still in the system.

NOTE: We will optimise this feature in the future but its a start for now.

Proposal Rationale
This proposal should exist so we get people to hold onto their HNY instead of constantly taking it out and dumping from the faucet.

Expected duration or delivery date (if applicable):
We should be able to code this in within a few days

Team Information (For Funding Proposals)

Find me (sommi) on Telegram & Discord for any questions and discussion

Skills and previous experience in related or similar work:
Day trading over 10yrs and also love honey

Funding Information (For Funding Proposals)

Amount of HNY requested: MAX 300-600 HNY depends how much it is staked. We can manage this on a year-by-year basis. First we need to see how much HNY gets put for staking

More detailed description of how funds will be handled and used:

I agree with @Monstrosity. Waiting to see how Celesete rolls out. Also i don’t think this is a viable solution because it is important for some value to be generated in a staking system. Creating stability by locking up coins is good, but unless you are providing some other useful purpose you, the system ends up inflating the value of the coin. At least in farming you are required to provide liquidity, which has compounding effects on locking up the tokens. And in Celeste you will be providing adjudication services which has clear usefulness to the community.