Edgeless staking: 5th round details
In this blog post, Edgeless takes a look back over the new staking conditions and key dates for the 5th round.
1. Min stake deposit per user: 1,000 EDG. Max stake deposit per user: 50,000 EDG
2. No fees for moving funds to and from the staking account
3. Stakers can sign up/log in to the staking platform at https://staking.edgelessgroup.io
4. Stakers will participate in the Staking Loyalty Program. All participants in the 5th round will have VIP status for 2 staking rounds. Each participant will get 40% from the bankroll surplus. Stakers get a part of the reward proportional to their initial number of EDG tokens staked.
4.1 Participants who have staked in the 4th round and will participate in the 5th round will have VIP status for 1 round, plus Edgeless will extend VIP status for 1 round. So in total these participants will have VIP status for 2 rounds (the 5th and 6th.) The reason why Edgeless will extend VIP status for 1 round additionally is that the testing of the Staking Loyalty Program takes more time than expected.
4.2 Participants who did not stake in the 4th round but will participate in the 5th round will have VIP status for 2 staking rounds.
5. The VIP status starts when the participant begins to stake.
6. Round length: 14 days
7. Due to uncertainty in the US in regard to the regulation of tokens, US citizens can not participate in staking
Key dates of the 5th round:
Those who would like to join the Edgeless bankroll staking will need to make a deposit to their personal staking wallet. The deposit can be done anytime. Start now, press here to find your staking wallet address.
From 2019-06-17 to 2019-06-19
Those who would like to participate in the 5th round will need to stake. The possibility to stake will end on Jun 19, 2019 12:00 PM GMT +0. To stake, from Jun 17 to Jun 19 choose an amount of EDG tokens and press the "Stake" button at https://staking.edgelessgroup.io
On this day, all gathered EDG tokens from 2019-06-17 to 2019-06-19 will be sent to the bankroll smart contract.
The smart contract system will automatically check whether Edgeless’ bankroll has a surplus. If there is a surplus, a smart contract will then automatically take 40% of the surplus and distribute it to those who had participated in bankroll staking. Participants will be able to redeem their tokens and participate in the upcoming round.
The bankroll staking model is created to factor in recent legal developments in the crypto sector. Similar staking mechanisms are used by other crypto projects.
The Edgeless team follows all legal developments and, if needed, in the future there will be changes made to the principles of staking so that our activities will be in line with regulations.
The EDG token is a UTILITY token. It has no profit sharing, dividends or any other features associated with securities.