Yes… I can see the benefits to switch from eth to BSC if you are currently staking in eth… Is there any benefit if you are a long holder?
I would say 10% is fair based on total circ supply but the pool definitely will require monitoring as it could fill fast as the main reason i kept out of staking was the erc20 fees and im sure many others feel the same, im not sure on the figures with regards to eth pool.
The launch of bsc staking has been excitedly received on twitter from what ive seen so has huge potential to be very popular. Look forward to working together on this project
I believe many people including me will consider to bridge my erc20 $UMB tokens to bep20 (bsc), and stake on BSC network.
Because of gas fee, we have lack of mobility to do anything with our erc-20 $UMB token.
If this happens, ETH rewards will be too much, and BSC rewards will be not enough.
So my suggestion is make the rewards 50% : 50%
People who stake on ethereum network maybe become less but they still gain more rewards but not too much, I think 50% rewards with less people to join (and to deal with eth gas fees) is fair.
And people who stake on BSC still get a reasonable rewards with 50% instead of 10%, considering there will be so many people to join.
For me, if you already have tokens staked in erc20, it makes no sense to change them to the BSC network (less rewards a priori, and while they are staked, you have no cost of fees).
On the contrary, increasing the rewards in BSC would attract new users, but it would not increase them too much because people who are in erc20 can exit the project without looking back because they no longer get the rewards they would get …
10-15% in BSC would be a good start.
It is only fair to increase the pool relative to the demand on BSC. IMO people will choose BSC because ETH fees are a joke.
I am all for increasing the BSC Rewards.
My proposal is to change daily the percentage that is destined to the Bsc network so that the apys of the two networks always coincide.
Simple enough, I think 10% is a fair starting amount based on circulating supply.
What’s more important is implementing a system for updating this over time. I propose either an automated system that checks circulating supply on each chain and adjusts rewards accordingly when there are large shifts, or we set up reoccurring proposals to revisit this manually every few months.
That 10% is far too high at the moment. I did a calculation and if I switched to BSC I would gain nearly an extra 1000 rUMB on the BSC Hadley stream. We definitely need an automated self adjusting system that considers both chains. So simple to implement so you end up with the same amount in rewards for your staked UMB.
A weighted algorithm to monitor pools would be the most sensible route, would ensure an even and fair distribution for both pools based on circulating supply and staked percentage of circ supply.
Currently the BSC side has 1,987,433 staked. To get the same amount of rewards that the Eth side gives, the amount that is staked needs to be around 6,000,000. Just by picking a loose % is not a fair system. We need an automated self adjusting system.
Say someone has 10,000 UMB to stake and using the current amounts already staked in both chains.
(75696 / 54,576,850) x 10,000 = 13.86
(8410 / 1,987,433) x 10,000 = 42.31
That 10% is way off… This just goes to show the only fair way is to have an automated self adjusting system that will calculate the right amount of rUMB to be available in both chains to give the same amount of rUMB for the amount someone stakes. The question is not whether the % is fair or not but to get the team to implement an automated self adjusting system.
Great to be here guys! After almost a year with this project it’s great to finally see this forum going live! Lovely to see BSC staking introduced, but I still believe it should not be at the same level as on the ETH network. As stakers on ETH face more fees due to the high gas and the rewards they receive should reflect the extra cost they incur compared to BSC.
It has nothing to do with circulating supply in both chains. The calculation is based on the amount of rUMB that gets released daily that both chains have allocated for them and the amount that is staked in both chain pools.
rUMB / total staked
That is used to work out the daily APY that you multiply by the amount a person stakes.
This is actually disinformation. The daily release of rUMB has nothing to do with circulating supply. It’s based on the amount of daily allocation and the amount staked in the pool.
rUMB / total staked
It’s quite clear that we need an automated self adjusting system that will adjust the amount of daily rUMB for both chains based on the total staked that each chain has. Someone needs to write some code to dynamically allocate the amount of rUMB for each chain. Just saying this vote is a pointless exercise that will achieve an unfair system.
Edit: This is replying to the initial post by jc225
Haha trust me I know how it works. I’m saying the fairest way to decide the rUMB split is by looking at circulating supply on each chain.
Ex: if BSC has 10,000,000 UMB and ETH has 90,000,000 UMB, then I think BSC getting 10% of the rUMB pool seems fair, regardless of however much is currently staked on each side. That’s the fairest way to do it and the APY will work out to be near equal over time.
++ to increase BSC rewards
Thats the purpose of this governance forum. Makes sense slowly transition to a truly community orientated project. Love the suggestions and the community involvement by the way.
This proposal is now live on Snapshot via the following link:
This topic will now be closed.