Panther Protocol ZKP Staking Program Will Be Live On February 2
Introducing $ZKP Staking
Panther Protocol TGE happen January 31st, 2022. This means that starting on this date, a number of $ZKP tokens will hit the market: The tokens sold at Public and Private Sales will start their vesting process, and rewards from LaunchDAO will be allocated to their owners.
From Wednesday 2nd February 00:00:00 UTC, holders of unlocked $ZKP will be able to stake $ZKP to:
- Earn rewards in $ZKP. The protocol will award 6.65 million $ZKP (the original planned 5 million $ZKP pool + the extra 33% selected by protocol voters) to stakers during the first three months after its release.
- Govern the project. Through staking, users will gain the right to vote on governance proposals within the Panther DAO.
As the protocol progresses and Panther Protocol develop more functions, staking will also serve to strengthen the protocol’s privacy. Since this will only happen at a later phase, let us look at the three phases of Staking Plan: Traditional Staking, Experimental Staking, and Private Staking.
Traditional Staking
Panther Protocol will be launching a $ZKP Governance Staking program right after TGE. This will allow holders of $ZKP to stake and earn high returns on their holdings. Rewards will come from the 6.65 million $ZKP pool mentioned above and will be distributed at a varying rate depending on the number of users staking and their staked amount. Each user will earn a proportion of the new rewards added to the Rewards Pool ongoingly, divided based on their pool share.
Staking $ZKP also enables stakers to participate in Panther’s Governance and Voting on proposals from Wednesday 2nd February 00:00:00 UTC. This will be available to all holders of unlocked tokens, i.e. investors who have a percentage or all of their tokens unlocked at TGE. This realizes our purpose of having a fully decentralized project after the hard work that went into making LaunchDAO a success.
Experimental Staking
After TGE and, pending the voting and approval of the Panther DAO, Experimental Staking will be deployed, opening a transition phase. The idea behind Experimental Staking is to start utilizing key technical components of the main protocol incrementally.
Therefore, during the transition phase, users can choose whether to switch to Experimental Staking (albeit, this will trigger transaction costs). They will receive higher $ZKP rewards in return for helping test these parts of the main protocol in advance of their full launch.
During this phase, creation of new stakes will require a choice between this mode or Classic. Experimental Staking will be a temporary precursor to Private Staking.
At the end of the Experimental Staking, all the $ZKP rewarded for staking will be moved to and staked on a Multi-Asset Shielded Pool on Polygon, where it will become $zZKP (private $ZKP). In addition to $zZKP, users will also receive Panther Reward Points, PRP, which are non-transferable points associated with their private wallet address. Panther Reward Points will eventually allow users to privately redeem PRPs for $zZKP. PRPs are expected to act as a privacy price discovery mechanism, a topic we’ll dive into in a separate piece.
Private Staking
Private Staking is the final phase of staking, at least for the time being. By the time Panther transitions to Private Staking capabilities, the technology behind Experimental Staking should have had enough time to be proven in a real-world environment. Therefore, the DAO may decide to turn off the option to utilize Traditional Staking permanently. Should this happen, users will only be allowed to stake using Private Staking, which will then inherit Traditional Staking’s place. Note, however, that users will continue to use Traditional Staking, with its own set of rewards, for governance purposes.
Staking $ZKP will be, from Wednesday 2nd February 00:00:00 UTC, the gateway for users to access direct rewards for holding their tokens. This, in turn, will allow them to participate in governing the core infrastructure infusing DeFi with privacy.
ABOUT Panther Protocol
Panther is an end-to-end privacy protocol for digital assets, which can be deployed in a compliant way on any public blockchain.
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