Edgeless beta staking: 2nd cycle update
From the very beginning Edgeless has been an innovative leader, which brought new ideas and concepts to the blockchain gambling industry. Staking is one of the key features that makes the Edgeless project, and the entire EDG ecosystem, a really unique place to be. With the second cycle already in progress, the team is bringing you a short review of how this concept has been already growing.
The second cycle in numbers:
- The cycle commenced on the 10th of February;
- Over 19 days 10,460,369 EDG tokens were staked ( 2,166,083 EDG tokens were staked in the first cycle);
- 150 unique participants involved in staking (119 participants in the first cycle)
As seen from the statistics, interest in staking is growing. In the second cycle, surprisingly the staked number increased almost 5 times, with a strong increase in staking participants as well sent to the bankroll smart contract and locked till the next step.
Staking not only creates more utility for the EDG token but it also helps to get people involved who are not necessarily active online-casino players.
On 2019-03-01 all gathered EDG tokens from 2019-02-10 to 2019-03-01 are sent to the bankroll smart contract. On the 29th of March, 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 5% of the surplus and distribute it to the people who had participated in bankroll staking. Participants will be able to redeem their tokens and participate in the upcoming cycle if they wish to.
More about Staking
- Why does a decentralized casino need staking?
There is a limited amount of Edgeless tokens (a total of 132,046,997). It is not possible to create new tokens or delete existing ones . In the near future Edgeless’ players base and betting limits will increase, calling for a larger total bankroll to sustain the growth of the entire system. To make sure the bankroll is always sufficient, Edgeless needs a mechanism that enables the community to support the growth of the bankroll.
- What is the legal status of an EDG token?
The EDG token is a utility token used by players to avail of Edgeless’ services. The secondary use of the token is to allow the community to participate in bankroll staking. Due to the limited nature of the token, the community can use EDG tokens to sustain bankroll growth.
The bankroll staking model is created to factor in the latest 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.