Edgeless staking: 7th round details
In this blog post, Edgeless takes a look back over the new staking conditions and key dates for the 7th 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 7th round will have VIP status. 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.
The participants will have VIP status until the launch of the updated staking platform. The plan to launch the new staking platform is in July. After the launch for all participants, the VIP status will be extended for 2 rounds. More information about the new platform can be found here.
5. Round length: 5 days
6. Due to uncertainty in the US and UK in regard to the regulation of tokens, US and UK citizens cannot participate in staking.
Key dates of the 7th 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 2019-07-08 to 2019-07-10
Those who would like to participate in the 7th round will need to stake. The possibility to stake will end on Jul 10, 2019. To stake, from Jul 8 to Jul 10 choose an amount of EDG tokens and press the "Stake" button at https://staking.edgelessgroup.io
On this day, all gathered EDG tokens from 2019-07-08 to 2019-07-10 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 8th round will start on Jul 17.
How to stake
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.