another impact might be that when zil under pressure with general market, gZil could be looked at possibly as place to hide for investors due to the likely increase in penalty rewards at this time. This could provide a cushion to returns during these down periods for zil
To set the expectation right, I would like to add that implementing this proposal, will require a brand new phase of staking and will not be something that can be done immediately. Duration can range at least from 3 -6 months as a complete contract rewrite, retest, reaudit, wallet partners coordination, testnet, mainnet etc are needed
Let’s do it! Gzil been gathering dust for far too long. I think the 3-6 months implementation is fair.
While I like the idea, it will require quite a bit of development work which may take several months.
let’s do it. a few months go by fast when your down 80%
A product is being developed that will have a feature very similar to what you propose here. Also in relationship to gZIL. You should be hearing an update on this in the next weeks. I suggest waiting for this.
And will make Zilliqa team work on something that at this time is not so important as developing our defi products
That would be good with more options. However, providing a solution for potential investors an option to instantly withdraw with a penalty could also draw some new investors. This also potentially allow gzil holders to decide later on.
The more options, the better the ecosystem?
Sounds like this proposal wants Zilliqa Staking to be the same as what CARBON Staking offers. So if that is something that people want, maybe they want to consider moving over to CARBON staking until it is an option for ZIlliqa…
- Carbon staking offers between 55-65% APY
- 10 day (aprox) bonding time
- Automatic restaking (compounding)
- 1% bonus at end of each epoch (aprox 10 days)
- Earn while unbonding
- Instant withdrawal with penalty fee paid to remaining stakers
This has worked really well for us and for our stakers
Yes, but providing a solution for potential investors an option to instantly withdraw with a penalty could also draw some new investors this will be possible rather soon (1-2 months I think). I agree more options the better but from Zilliqa Research’s side this will at least take 3 - 6 months and cost resources. Also, gZIL holders will be able to change parameters if necessary. Still working on the tokenomics for now but I think many community members will like this feature, plus the governance they will have over these types of things. To be continued…
It’s a good idea. But 3 - 6 months is very long time to develop and implementing it. I prefer to put the priority at this moment on something else instead.
what are those specific priorities and what is their timeline so a fair measurement can be made?
this beats digital trading cards of “stars” if you ask me
I think there is no option to vote For or Against.
I’ll put this proposal at very low priority. Top priority would be to enhance the robustness and latency of Zilliqa so that dapps could be implemented with good UX.
If you want to chase yield, go buy and stake CARB which is within the ZIlliqa ecosystem.
Is there a plan for this to be worked on instead?
Carbon has alot of great ideas – not alot of products
gzil provides governance to operating network - much more comfortable here
not yield chasing – solving staking issue and providing some much needed utility in gzil that should drive more community engagement
I like the idea.
Maybe drop the normal unstaking down to seven to ten days and have instant unstake with the penalty.
Do not like this at all - bad for long term HODL’s IMO. 10% not near enough of a penalty for immediate unstaking. Additionally, this would require work by the team - let them focus on growing the DEFI and ecosystem first.
I don’t know, a 10% loss means it will wipe out 9-10 months of staking rewards. That’s pretty substantial.
Absolutely against a 10% penalty. Just imagine if your local bank did that !!!
Similar strategy that pure shit coins employ on their pyramid schemes that have around a quadrillion coins
1% penalty is adequate.