UPDATE: Energy Web Community Staking
The Energy Web Consortia Relay Pool ended on Dec 18, 2022. Here’s an update on the upcoming silver and gold reward mechanism.
TLDR Version:
- The Energy Web community has rightly pointed out two issues with the upcoming silver and gold Energy Web Token (EWT) award pools: 1) the new pools do not appropriately award individuals and/or businesses who consistently staked the maximum number of EWT throughout the duration of the Consortia Relay Pool and 2) the 7 day period of the staking pools makes it difficult for users to earn maximum awards
- To fix this, a new reward structure and user interface that fairly awards individuals and businesses who consistently staked the maximum amount of EWT during the Consortia Relay Pool is under development
- This new award structure will use a streamlined user interface to make it simple, secure, and easy for silver and gold verifiable credential holders to claim silver and gold awards
- The new structure requires revision and audit of a new smart contract delaying launch of silver and gold awards to Q1 2023
- To compensate EWT stakers for delayed launch, all silver and gold snapshot holders will receive an additional 10% award on top of their individual silver and/or gold awards
Silver and Gold Pool Rewards
This recent post describes how Energy Web Community staking snapshot rewards were originally intended to be distributed via the upcoming silver and gold reward pools. These pools were designed to reward Energy Web Token holders who consistently staked Energy Web Tokens to bolster the cybersecurity of solutions connected to the Energy Web Chain.
Energy Web community members have identified a potential issue with the reward structure of the silver and gold reward pools: stakers who, for example, locked only 1 EWT for the duration of the Consortia Relay Pool and received a gold verifiable credential for doing so would be able to receive maximum awards from the upcoming gold pool.
As community members have discussed at length, this design is not the right way to incentivize consistent, significant EWT staking. Instead, rewards from the silver and gold pools should be based on how many EWT were consistently staked during the Consortia Relay Pool, not only how long. Put simply, an individual or business staking 3000 EWT for the duration of the Consortia Relay Pool should receive more awards from the gold pool than the individual staking 1 EWT in the example above.
Another issue with the original pool design was timing. Unless stakers immediately entered the 7 day silver or gold pools, they would miss out on potential rewards.
Together with the Energy Web Community we have developed a new reward mechanism for the silver and gold award pools that addresses these issues and will result in more awards for EWT holders who consistently staked the maximum amount of tokens in the Consortia Relay Pool.
Under the new model, EWT Patrons who have claimed silver or gold verifiable credentials will be able to log in to a new website where they can connect their decentralized identifier, have their verifiable credentials checked, and be eligible to claim a one-time silver or gold award. In addition to fixing the reward schedule as described above, this mechanism offers a much simpler user experience than the originally proposed silver and gold staking pools.
The funds earmarked for the Silver and Gold reward pools can be found here and a list of expected awards by DID can be found here (please create a ticket in Discord for questions). This new approach will require development and audit of a revised smart contract on the Energy Web Chain. Accordingly, silver and gold snapshot awards will be available during Q1 2023 subject to availability of professional auditors. To compensate for this delayed timeline, all verified silver and gold verifiable credential holders will be able to claim an across-the-board 10% bonus award on top of their existing silver or gold awards.
Staking For Green Proofs
The Staking for Green Proofs pool will be open to everyone, subject to email verification (just like the previous pools). The daily rewards will be set at 0.0168%, which is equivalent to an APY of 6.32%.
The Green pool will also have a snapshot functionality that will randomly check staked EWT balances. Users who stake consistently will earn new “Green Proof” VCs. These VCs will enable stakers to run a new family of nodes under development by Energy Web, Green Proof nodes, in 2023.
In depth AMA events about future steps in Q1!
* Update Q1: As the team is working all hands on EWX we are not applying additional snapshots to the Green Worker Pool.
Next Steps
Please follow official Energy Web communication channels for the latest on the URL for the gold and silver award pools and other updates. We look forward to launching gold and silver awards and, looking further into 2023, entirely new approaches to EWT staking that are tied directly to enterprise-grade decarbonization solutions running in the field.
