Staking
Who doesn't like paydays?
Last updated
Who doesn't like paydays?
Last updated
Below section explains how Staking system works inside of Legacy Protocol.
You are rewarded in ETH whenever a "payday cycle" is triggered. The amount of the reward (paycheck) is based on the % you own in relation to the total share pool.
When you stake your Legacy, you receive shares based on the current Share Rate.
This share rate goes up every day. It's a difficulty mechanism to reward early adopters who decide to stake their Legacy. More about the share rate increase can be found in the
Minimum stake length is 28 days.
Maximum stake length is 3500 days. Staking bonuses cap at day 2888, see "Shares" section below.
Every 28 Days
so day 28, 56, 84, etc..., forever.
Every 90 Days
so day 90, 180, 270, etc..., forever.
Every 369 Days
so day 369, 738, 1107, etc..., forever.
Every 888 Days
so day 888, 1776, 2664, etc..., forever.
To each payday cycle a different amount of ETH is distributed. Those distributions look like this:
24% gets added to the 28-day payday
34% gets added to the 90-day payday
30% gets added to the 369-day payday
12% gets added to the 888-day payday
The reasoning behind those numbers is to reward long-term staking. Those who decide to stake their Legacy tokens will receive a portion of the 65% of total ETH flowing into the Legacy protocol from builders.
It can happen that sometimes, 2 paydays can get triggered on the same day.
When you stake your Legacy, you get shares in return; the number of shares you get depends on the current share rate at the time of your stake + the bonuses below:
Longer Pays Better Bonus - the longer you stake for, the more shares you get, up to a +350% bonus at day 2888, after 2888 day stake length, the bonus stays capped at +350% but you can stake up to 3500 days to earn as much yield as possible for as long as possible as shares only get more expensive & much harder to get over time.
The number of shares you have compared to everyone else determines your % of the ETH paychecks.
For example: if you have 1% of all shares, you get 1% of all the payday cycles triggered during your staking period. That is why it makes sense to top-up your Legacy stake to maximise the total size of ETH paychecks.
When setting up your stake length, try to pay attention to the end day for your stake. Put that date in your calendar not to forget.
If for some reason you're unable to end on that day, you will have a 7-day grace period to end your stake in which no penalties will get applied.
Stakes are not allowed to be ended before 50% maturity.
If stake ended after 50% maturity:
Lose -50% of Legacy in staked, gets sent to the dead address (burned).
You get 50% of Legacy staked back.
If stake did not end for 1 week (grace period) after end date (stake maturity), lose 1% of Legacy per day until 99% is lost after 100 days. (calculated when end stake function is triggered).
Bigger Pays Better Bonus - the more Legacy you stake in a single stake, the more bonus you get. You can get up to 8% extra bonus on your shares, capped at 640,000 Legacy. This is linear so for 80.000 Legacy you get 1%. If you want to get those bonuses early on it is worth to explore the functionality where you can hire up to 100 Builders in one transaction.