AdEx Staking Update: Migrating the Validator Tom Contract
Posted by AdEx Network on March 16th, 2021NewsADXStaking
As we previously announced in our 2021 roadmap, we are upgrading the Tom staking pool to a new contract.
Today we’re excited to tell you what this upgrade entails, as well as how and when it will happen!
This upgrade only affects the Tom staking pool, not the loyalty pool.
- Lower fees and auto restaking: with the new staking pool, the initial stake gas fee will be up to 3 times lower! But best of all, restaking will be free because it will be automatic, therefore ensuring your profits are compounded.
- ADX Buybacks: the fees collected by validators will be used to buy ADX and distribute it as rewards, ensuring a positive feedback loop for the ecosystem.
- Partial unbonding: rather than unbonding all of your ADX at once, you will be able to only request a certain portion to be unbonded.
- Rage quit: you will be able to unstake immediately without waiting for the unbonding period, by paying a penalty (certain percentage of your ADX), which will get distributed to other stakers.
For more details, check out the full roadmap.
Here are the important migration dates:
- 23 March: unbonding on the old pool disabled
- 31 March: Migration is live: migration contract and new staking pool are launched, old staking pool becomes inactive
After 31st of March, you will be able to finish the migration by going on staking.adex.network and clicking “Migrate” on your bond.
What will I have to do?
You will only have to send one transaction to finish the migration process. When you visit the staking portal after the 31st of March, you will be prompted to migrate, and you’ll just need to follow the instructions.
You will have to pay gas for the migration transaction, but there will be a migration bonus of 1 month worth of staking rewards for completing the process. The bonus does not apply to bonds over 4 million ADX. Make sure you have ETH for the migration!
If you requested an unbond before the March 23 and you’re waiting to unbond, completing the migration will result in receiving your ADX early regardless of how many days until unbonding remain, but you also won’t receive the bonus.
There will be no deadline for migrating, but you will not receive rewards during the time before you complete your migration. For example, if you complete the migration on April 15th, you will not receive any rewards for the period between March 31st and April 15th.
How will it work under the hood?
The old staking pool has a slash functionality that can only be initiated through the AdEx Multisig. Since the pool has no slashing for validator misbehavior, the only purpose of this feature is for doing migrations like this.
This will be used to disable the old pool, therefore burning all ADX in it, followed by re-minting them in the migration process, as guaranteed by the migration contract.