Edgeless staking: 4th round details
Last week Edgeless announced that from the 4th round, the staking platform will be updated from beta to official release. After this change, the platform will have new staking conditions.
In this blog post, Edgeless takes a look back over the new conditions and key dates of the 4th round and answers the community’s questions.
- Reward offered in staking round: 40% (an increase from the current 5%) of the bankroll surplus. Stakers get a part of the reward proportional to their initial number of EDG tokens staked.
- Min stake deposit per user: 1,000 EDG. Max stake deposit per user: 50,000 EDG
- No fees for moving funds to and from the staking account
- Stakers can sign up/log in to the staking platform at https://staking.edgelessgroup.io
- Stakers will join the “Staking Loyalty Program”. In the 4th round all participants will have VIP status for 30 days. 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. More information about the Loyalty Program can be found here
- Due to uncertainty in the US in regard to the regulation of tokens, US citizens can not participate in staking
Key dates of the 4th round:
- Until 2019-06-05, 12:00 PM GMT +0
The initiation of staking. Those who would like to participate in Edgeless bankroll staking will need to make a deposit*. Deposit now -> press here
Registration and the possibility to make a deposit will close on Jun 5, 2019 12:00 PM GMT +0. On this day, all staked EDG tokens until Jun 5, 2019 12:00 PM GMT +0 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 until Jun 19, 2019 12:00 PM GMT +0 and participate in the upcoming round.
The team received a lot of questions related to staking on slido.com. Below are the main questions and Edgeless’ answers.
- Why is the limit 50,000?
- Since the launch of beta staking Edgeless has been testing and improving the platform. This is the reason why during a few rounds the deposit limits were changed several times. The goal was to find the best staking conditions for all of the community and to ensure that with these various conditions the entire system runs smoothly. Also, to better understand the community’s approach to staking, a survey was organized by Edgeless. Therefore, 50K was not chosen randomly. Nevertheless, Edgeless reserves the right to change the limits in the future based on a community needs, casino player base, betting limits and other factors.
- Can you explain a little more about how you came up with multiplayer rewards for the loyalty program? Don’t you think a 90% reward difference is pretty extreme?
- The team’s goal is to build a successful, long term decentralized project. This can only be achieved by having a strong community, players, and token holders. This year the number of players has increased more than ever before. This was achieved by introducing a loyalty program and additional features. On the other hand, the number of token holders has not been increasing as fast. By introducing the Edgeless Staking Loyalty Program the team believes that it will be possible to build a stronger community faster.
- By staking we are already giving support to the project. Why do we need to do more? It isn't mentioned in the WP
- Many think that Edgeless is a huge company. However, this is not the case. At the moment Edgeless is a startup. The project is in the growing stage. It is worth mentioning that beta staking and the new casino design (an even more intuitive and user-friendly interface, faster registration and near-instant deposits) were introduced just at the end of 2018.
For Edgeless, support from each member of the community is important. The community supports the project in various ways. For example, writing articles, comments, sharing posts on social media, making videos. Staking is also one of the gateways that makes it possible for the community to support the project. For token holders, participation in staking is not compulsory. Edgeless appreciates those who stake. The staking rewards, conditions and features are determined by how the project is growing. The team believes, Staking Loyalty Program is the best way for Edgeless to increase the growth of the community faster. All of our interested are aligned to a same direction - growth of Edgeless and Edgeless community.
- What do you think will be the revenue this month?
- The team can't predict the numbers for the future. However, as Edgeless updated the casino with new games and features, previous staking figures grow steadily round after round. From this track record, we can see how the new conditions might positively affect the growth of the project.
- So, if I invite friends now, will I get VIP status for the future?
- An important reminder - by joining the 4th and 5th staking rounds each participant will have VIP status and get 40% of the bankroll surplus. VIP status will be for 30 days.
The full version of the Staking Loyalty Program — Gold, Silver status, “Invite Your Friend” and other features — is expected to be deployed in the 5th or 6th staking round. More information related to this topic will be announced in June.
- Are you able to talk about some of the other ways people will be able to achieve VIP status besides inviting friends?
- By joining the 4th and 5th staking rounds each participant will have VIP status and get 40% from the bankroll surplus. Stakers will get a part of the reward proportional to their initial number of EDG tokens staked.
More information on “Invite Your Friend”, how it will work, rules and other features or ways to achieve Gold or VIP status will be announced in June.
- Will the staking limit be 50,000 forever?
- This is a pretty similar question to the previous ones. Please check the answers above.
- Many community members believe a 50,000 limit is very small. I think that it needs to be 100K-300K.
- This comment is pretty similar to the previous ones. Please check the answers above.
- Why has there been no info about personal earnings on the staking interface during the current/previous period?
- Good point. This information will be visible on the staking platform in the near future.
- What if the bankroll decreases in a staking period? Do stakers get back less than they staked? Is this loss split 40% to VIP, 20% Gold, etc, and the rest to Edgeless?
- Edgeless offer some of the games that are 0%. Therefore, the casino winning against the player is not guaranteed, there is a luck factor. This means that a negative bankroll surplus is possible. In a case of bankroll surplus negative, all stakers take a loss based on their staked EDG proportion. Staker status does not have any effect to loss calculation.
- The 4th round dates in the blog are unclear. When can I deposit, when does staking start and end, and when can I withdraw? If I don’t withdraw, do my coins go to the next staking round
- More information about the 4th round can be found above.
- Why is there such a huge disparity between VIP and Silver? Surely all coins bear the same risk and reward?
- As it was mentioned before, the team truly believes, that the Staking Loyalty Program will help the Edgeless community to grow faster. It is an important incentive for Edgeless at this stage. Stakers will have various ways to get VIP, Gold status. More information will be announced in June.
- What were the number of EDG staked and the increase in the bankroll for each of the 3 previous staking periods?
1st round - 2,166,083 EDG tokens were staked, surplus - 263K EDG
2nd round - 10,460,369 EDG tokens were staked, surplus - 355K EDG
3rd round - 10,882,924 EDG tokens were staked, surplus - 74K EDG
- What are the other ways I can gain VIP status? I believe you will have a few people who will achieve this by inviting friends. Silver coins only get 4% which is worse than during the beta!
- In 4th and 5th staking rounds each participant will have VIP status and get 40% from the bankroll surplus. Stakers will get a part of the reward proportional to their initial number of EDG tokens staked. More information on “Invite Your Friend”, how it will work, rules and other features or ways to achieve Gold or VIP status will be announced in June.
Staking is one of the key features that makes the Edgeless project, and the entire EDG ecosystem, a really unique place to be. 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.
* If you are participating in Edgeless staking for the first time you will need to register and complete the KYC process.
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.