Important Update: Transitioning From Our Current Staking Model

PAID NETWORK
10 min readJan 8, 2024
Click to view interactive banner: https://bit.ly/47ueFJo

Dear $PAID Community,

Exciting times are ahead! As we strive for innovation and improvement, we’re making significant changes to our staking mechanics. This article is your go-to guide for understanding these changes, why they’re happening and how they’ll benefit you. Get ready for a new era in the $PAID ecosystem!

TL;DR:

The $PAID ecosystem is undergoing a major transformation! We’re preparing to transition from our current staking model to a new, innovative system.

Key points include:

Planned obsoletion of the existing staking contract and airdropping of 100 percent of all staked tokens including all accumulated rewards up until the snapshot to holders without any penalties, in preparation for our planned upgrades of Ignition.

Introduction of a new, dynamic staking model at a predetermined later date, designed to be more adaptable and rewarding.

Clear timelines and steps for the transition, ensuring a smooth shift for our community members.

Continuous engagement and feedback from the community to shape the future of staking in the $PAID ecosystem.

Understanding Staking

1. Staking in a Nutshell:

When you stake your digital assets, you’re essentially locking them up for a certain period to support the network’s operations. In return, the network rewards you, usually in the form of additional tokens. It’s a win-win: the network gains more stability and security, and you earn rewards just for holding onto your tokens.

2. Advantages of Staking:

The benefits of staking extend beyond just earning rewards. It’s a way to contribute to the network’s health and security. Unlike mining, which requires extensive hardware and energy, staking is more environmentally friendly and accessible to a broader range of people. For token holders, it’s a straightforward way to grow their holdings and become a more integral part of the ecosystem. Additionally, staking often gives you additional utility, for example, access to certain functionality and benefits reserved exclusively for our community.

3. Our Traditional Staking Approach:

Since its inception, the $PAID ecosystem has embraced staking as a key feature. Our traditional model was designed to be both rewarding and user-friendly, offering a steady, fixed percentage yield over various time frames. This system was crafted to balance simplicity with effectiveness, allowing even newcomers to crypto to participate with ease. Over the years, this approach has not only helped stabilise our network but also fostered a strong sense of community among our stakeholders. Through staking, our users have enjoyed consistent rewards while playing a pivotal role in maintaining the network’s robustness and efficiency.

Our Previous Staking Model

1. The Initial Design:

Our original staking model was built with simplicity and user engagement at its core. It allowed token holders to lock their $PAID tokens for various durations, ranging from short-term to long-term commitments. The longer the staking period, the higher the reward rate. In addition, you received a moon ticket multiplier to increase your chances of winning a coveted golden ticket to access exclusive project launches. This model was designed to reward our most loyal community members. The tiered reward system ensured that stakeholders who were more invested in the ecosystem’s future received greater benefits, aligning their interests with the long-term success of the $PAID ecosystem.

2. Performance and Feedback:

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https://bscscan.com/token/0xad86d0e9764ba90ddd68747d64bffbd79879a238?a=0xd9da44c4131986f64951ab0ddcdb36a0c73160d5

The initial staking model has been a significant success. It played a crucial role in the steady growth and stabilisation of the $PAID ecosystem. Our community’s response was overwhelmingly positive, with a high level of participation and engagement in the staking program. We have 23,732,010.340753891082681755 PAID staked in the Ethereum staking contract and 79,745,424.214998691102950708 PAID in the BNB staking contract at the time of writing.

However, as with any system, there were areas for improvement. Based on community feedback and our internal assessments, we identified challenges related to scalability, sustainability, and market adaptability. The static Annual Percentage Rate (APR) system, while straightforward, needed refinement to better reflect the dynamic nature of the market and the evolving needs of our community.

3. Reflecting and Evolving:

In response, we embarked on a journey to revamp our staking model. This decision wasn’t taken lightly; it involved extensive research, consultations with industry experts, and, most importantly, listening to our community. The goal was clear: Create a staking model that is not only more responsive to market changes but also more rewarding and engaging for our stakeholders.

The New Staking Model

Click to view interactive banner:https://bit.ly/3HuPbBr

1. Important Changes:

As we embrace a new phase in our journey, significant changes are coming to the $PAID ecosystem’s staking model. The most pivotal of these is the shutdown of our current staking contract. This strategic move paves the way for a fresh and more dynamic approach to staking. In line with this transition, all staked tokens and their corresponding unclaimed rewards collected till the date of the snapshot on contract will be airdropped directly to their holders. This process is meticulously planned to ensure a smooth transition, taking place over a 2 day period, with a snapshot of holdings to be taken on Monday 8 Jan 2024 at 1 PM UTC.

2. Future Prospects:

While we bid farewell to our old staking model, we’re thrilled about the possibilities that lie ahead. A new staking mechanism is in the works, set to be introduced at a later date. This new model has been designed with the lessons learned from our previous system and the valuable input from our community. It will focus on enhanced user interaction, diversified rewards, and greater overall engagement within the $PAID ecosystem. Although we’re not revealing all the details just yet, we can assure you that the new model will be a significant upgrade, offering more flexibility and opportunities for our stakeholders. We’re committed to making this transition as seamless as possible and will keep you informed every step of the way. Stay tuned for more updates as we continue to shape the future of staking in the $PAID ecosystem together.

Impact and Implementation

1. Impact on Current Stakers:

As we transition to Ignition V2, it’s crucial to understand the impact this will have on our current stakers. The airdrop of staked tokens and rewards means that 100 percent of all existing stakes will be returned to their respective holders, without any penalties, irrespective of the length of your stakes, along with the rewards earned up to the snapshot date and time. This process ensures that no member of our community is left at a disadvantage due to the changes. For those who have been staking with us, this transition is an opportunity to prepare for your participation in the new system.

2. Implementation Timeline:

The transition to the new staking model will be methodical and transparent. Here’s the timeline for the key events:

Snapshot Date: On Monday Jan 8 at 1PM UTC, we will take a snapshot of all staked tokens. This will determine the exact amount of tokens and rewards each holder is entitled to. Remember, irrespective of staking period remaining, there will be no unstaking penalties applied whatsoever while 100% of all the rewards that have accrued at the moment the snapshot is taken will be included in the airdrop.

Airdrop Process: Starting from Wednesday Jan 10, the airdrop process will begin and will take approximately 2 days to complete. During this period, all staked tokens and accumulated rewards until the snapshot will be systematically distributed to the holders’ wallets.

*Please note that for security purposes, we will not allow any user to change designated wallet addresses during this process and the airdrop will be sent to the same wallet that has been used to stake on our platform originally.

Old Model Shutdown: Concurrently, the old staking contract will be officially deactivated and the staking page removed from our website.

10 day unstaking period: If you have unstaked tokens within the past 10 days, your staked tokens and associated rewards will be airdropped to you on the day of the airdrop. However, unstaking penalties will have already been applied.

3. Preparing for the Transition:

The transition to our new staking model is effortless for our community members. If you have tokens currently staked, no action is needed from your side. The airdrop will handle everything, automatically returning 100% of your tokens and accrued rewards without any penalties whatsoever.

To stay updated, simply follow our official social media channels for all announcements and information. This way, you’ll be fully in the loop as we smoothly shift to the new model.

By staying informed and prepared, you can seamlessly transition to our new staking model and continue to reap the benefits of being a valued member of the $PAID community.

The Future of Staking in the $PAID Ecosystem

1. Sneak Peek at the New Model:

While we are closing a chapter with our existing staking model, the next page is already being written. The new staking mechanism, set to be introduced at a predetermined future date, is being crafted with innovative features and a forward-thinking approach. Without giving away too much, we can hint that this model will focus on more dynamic reward systems, enhanced user participation, and deeper community engagement. We are designing it to be more adaptable to market trends and more aligned with the long-term vision of the $PAID ecosystem.

2. Commitment to Innovation:

Revamping the staking model underscores our unwavering commitment to innovation. We believe that to stay relevant and provide value to our users, constant evolution is key. This new phase in our staking strategy is not just about adapting to the present; it’s about setting the stage for future growth and possibilities. We are dedicated to exploring new ideas, harnessing technological advancements, and listening to our community to ensure that our ecosystem remains robust and rewarding.

3. Continuous Community Engagement:

The heart of the $PAID ecosystem has always been its community. As we move forward, your input and engagement will be more important than ever. The development of the new staking model is a collaborative effort, and we want to ensure it resonates with our users’ needs and expectations. We encourage you to participate in discussions, provide feedback, and share your ideas through our community forums and social media channels. Your insights are invaluable in shaping a staking model that truly reflects the ethos of our community.

Embracing Change for Sustainable Growth

As we navigate through these significant changes in our staking model, it’s important to embrace this evolution as a positive step towards sustainable growth and innovation. Change, while sometimes challenging, is essential for progress, especially in our industry.

Our new and improved staking strategy is a testament to our dedication to adapting and meeting challenges head-on. We are not only adapting to the current landscape but also shaping it, ensuring that the $PAID ecosystem remains a leader in innovation and community engagement.

As we embark on this new chapter, we are more excited than ever about the future. This transition is a stepping stone to a new era in crowdfunding, where each member of our community can benefit from a more robust and rewarding ecosystem. We invite you to join us in this journey, to be part of the change, and to contribute to the continued success of the $PAID ecosystem.

In the coming days and weeks, we’ll be sharing more details about the new staking model, including features, benefits, and how you can make the most of them. We encourage you to stay connected, provide your valuable feedback, and be an active participant in this exciting new phase.

Thank you for your continued support and trust in the $PAID ecosystem. Together, let’s embrace these changes and grow towards a future that’s not only profitable but also sustainable and inclusive for all.

Call to Action: Engage, Feedback, and Stay Informed

Your active involvement and feedback are more crucial than ever. Here’s how you can be a part of this transformative phase in the $PAID ecosystem:

Provide Your Feedback: We value your opinions and suggestions. Share your thoughts on the changes, what you’re excited about, and any concerns you might have. Your input is vital in refining our processes and ensuring that our new model aligns perfectly with your needs and expectations. Reach out to us through our official communication channels — every voice matters!

Stay Informed and Updated: The cryptocurrency industry moves fast, and so must we. Stay up-to-date with all the latest developments regarding the new staking model by regularly checking our official website, subscribing to our newsletters, and following us on social media. We promise to keep you informed every step of the way with transparent and timely updates.

Join the Conversation: Engage with our community on various platforms. Participate in discussions on forums, attend our AMA’s, and connect with fellow community members on social media. These platforms are not just for receiving information; they are spaces for lively discussions, sharing ideas, and building a stronger community bond.

Spread the Word: Share the news about the upcoming changes with your network. The more people are informed and involved, the stronger and more vibrant our community becomes. Your support in spreading the word plays a crucial role in expanding our reach and impact.

This is a collective leap towards a future where everyone in the $PAID community can thrive. We’re excited to have you with us on this journey, and we can’t wait to see where it takes us all. Together, let’s redefine what’s possible and usher in a new era in crowdfunding.

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