We are rapidly moving towards the end of Safe Haven’s first 90-day staking period. Overall, the development of the model itself — along with significant advances made to our SafeNode application to support staking — have been a resounding success. As a result of the introduction of our SHA-Token staking, we have seen increased growth and interest in Safe Haven and our solutions. However, there is always room for improvement.
The Move to a Monthly Staking Model
As mentioned within our ’10 Things You Might Not Know About Safe Haven’ video, we hinted at the transition from a 90-day period to a monthly staking period. As an executive team, we believed that whilst a 90-day staking period met our original goal of providing loyalty rewards to our community, we felt that the 90-day period was too long a wait for new members of the community to enter our staking pools. We believe that moving to a 30-day, monthly staking cycle will generate more excitement across the community, whilst providing the same level of rewards to our loyal community members.
The Power of the Community Governance Model (CGM) In Action
Our staking program is a community-facing element. In keeping with our intent to involve the community in such matters, discussions were held with the CGM to review and ratify our new monthly staking model proposal. The CGM quickly saw an opportunity to refine and build upon our model even further. With input from a range of CGM members, they proposed several alternative improvements, which the core team subsequently reviewed.
We are extremely pleased to confirm that, as a result of our collaboration with the CGM, we have now jointly agreed on a brand new — and we believe, a significantly improved and more robust — staking model.
Beginning in May 2021, each month will now commence with a five (5) day loading period, with the remainder of each calendar month set as the main staking period itself. In addition, members of the community will be provided with rewards for the entirety of the monthly cycle, regardless of when they enter the pool within the 5-day loading period. This means that a community member who stakes their SHA on day five will be provided the same return as those members who stake their SHA on day one.
APRs will also be based on a full monthly staking. Hence, any community member who stakes SHA will be provided with staking returns based on the full calendar month, regardless of how many days remain to the end of the month following the initial 5-day loading period.
Below you will find the updated base staking chart from which all other computations will be based:
Additional Pool Subscription APR Bonuses
The new staking model will leverage the existing APR numbers from the base staking model outlined above, but will now also account for subscription rates within each pool. The result is a tiered APR increase that is applied by hitting certain community subscription milestones. Our goal is that this new system will increase engagement even further among the community, as they work together to unlock higher APR tiers for all involved. This provides a mechanism to ensure that our staking model can be scaled in accordance with our community growth.
APR rates will be increased above initial APR rates at each tier as follows:
- If a single pool hits 50% subscription, that pool unlocks an additional 0.5% APR boost
- If a single pool hits 75% subscription, that pool unlocks an additional 0.5% APR boost
- If any two pools hit 90% subscription, all pools unlock an additional 1% APR boost
Below you will find the maximum stake computation, if all subscription bonuses were met:
Pool Size Increases
We have also agreed to add a further community benefit to ensure that pool sizes can be increased further once pool wallet caps are consistently hit as follows:
- If any pool has 95% subscription for two consecutive months, the pool size will permanently increase by 10% (maximum of 20% pool size increase/yr)
Note: Any increase in pool size, will not cause a reduction in APR base rates or APR pool bonuses.
The community will also see the following change, as proposed by the CGM and accepted by the Safe Haven Foundation.
To replace the existing burn mechanism, which is set for the end of the staking program, SHA-Tokens will be burned at the end of each month [cycle]. The amount burned by the Safe Haven Foundation will be limited to 1% of the entire monthly rewards totaled.
It was found through discussion that burning a significant portion of SHA-Tokens (at the end) was better capped at a lower rate and done so monthly. This allows for the Foundation to better utilize SHA-Tokens for marketing outreach and future community-building events.
We are extremely pleased to outline our staking model improvements, and we hope that you are equally excited to see this new staking model unfold and help us gain new members. We are especially delighted to see the CGM and the core team working so well together at this early stage of the CGM’s development.
Together we are stronger.
How to stake?
In order to gain access to our staking platform, please download SafeNode and link keystore of wallet.
#SafeNode iOS version:
#SafeNode Android version:
Walkthrough that displays how to link keystore of wallet to SafeNode: https://safehavenio.medium.com/safenode-tutorial-how-link-your-wallet-and-bind-your-node-ccd30ded8e1a
As always, all of us at Safe Haven want to thank our community for your continued support. Be sure to keep up with our official channels!
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