Relay Chain Single Sided Staking is Live!
The community spoke, and the Relay team listened. Target is to reward $RELAY holders not wanting to enter liquidity pools, and without compromising our pledge to avoid RELAY emissions. Sharing a LARGE portion of bridge revenues in valuable gas tokens with loyal RELAY holders is a GAME CHANGER!!!
The funding
Our revenue architecture has now evolved to:
Until single sided staking, the collected bridge fees were essentially allocated to feed the Relay liquidity pools hosted at our various partners, and to buybacks and burn.
Since the launch on August 2nd, our bridge transaction volume trend has only been going one way: Up, month after month (more partners, more chains, more tokens to bridge, more bridge users). We recently adjusted the bridge fee per transaction to 10$ + 0.02% of the amount being bridged. Our monthly bridge revenue has already reached such a level that it gave us more elbow room to engage our next incentive action to reward RELAY holders not wanting to enter liquidity pools. While still being able to service the funding of the liquidity pools, and do sizable buybacks and burn.
If drawing a parallel with traditional finance: A RELAY token holder will be like a bridge shareholder and receiving dividends from its revenue. By holding the RELAY token, you essentially own real estate on the bridge, which generates passive income!
We want to offer decent yield rates to the single sided stakers. The allocation amount of the bridge revenues to each activated pillar of our revenue architecture will be a balancing act that we will tune depending on the collected bridge fees amount.
For the first 14 days after launch, $60K in total has been allocated for single sided staking rewards.
The where, the how, the when
Where
Regarding the supported chains for single sided staking, we won’t open it on all the chains supported by the bridges.
Single sided staking will be launched in several phases. For the first phase, you will stake on:
- Avalanche if you want to earn AVAX
- Moonriver if you want to earn MOVR
- Polygon if you want to earn MATIC
Each chain gets $20K of rewards.
How
Version v1 of single sided staking will be rolling lockup periods of 14 days each time you stake RELAY.
When you deposit RELAY tokens into single sided staking:
- They are locked for 14 days, with no option to withdraw earlier. You will be able to claim them back after the 14 days expire
- If Relay tokens are deposited again before the end of the 14 days expiration, the 14 days period is reinitialized and you will have to wait again for 14 days before being able to claim them back. In other words, the 14 days reset happens at each deposit event.
Rewards are emitted continuously, you will be able to harvest them at any time.
Whenelay_chain Single Sided Staking Iis Live!
Single sided staking is live!
About RelayChain
The race to bridge DeFi is over with RelayChain. Almost instantly add cross-chain swaps to any DEX or dApp. Earn bridge fees in ETH, MATIC, DOT, BSC, AVAX, HECO and more. Become a partner with the most interconnected name in DeFi and secure your bridge benefits early.
Source:
https://medium.com/@Relay_Chain/relay-single-sided-staking-goes-live-4b33cb73285f
