Update on new OM Staking Rewards:
We would like to thank all Sherpas who voted in the most recent proposal (LINK) and have shown their support of our efforts to make OM the L1 coin of MANTRA Chain. The proposal introduces a significant change in the OM staking model on which this article aims to provide more detail. If you have not done so, we recommend to read over our recent article on the new staking process first: LINK
Summary of the Changes:
Instead of accruing compounding OM rewards, the OM single asset staking pools on ETH, BSC and Polygon will earn up to a 1.35x multiplier on staked OM until Mainnet launch. With the recent proposal taking effect on February 28th 2024, the current OM rewards have been deprecated and will be replaced with a new snapshot system starting March 6th 2024.
Eligible Pools:
The following pools are eligible for the new staking mechanism:
Please note that staking on app.mantradao.com will be discontinued by March 31st 2024. This follows the recent MANTRA CORE Proposal which voted to deprecate the app.mantradao.com staking pools and to move the focus of OM staking onto MANTRA Finance.
For the purpose of the 1.35x multiple, snapshots will be taken of the app.mantradao.com pools until March 31st, at which point we will only track OM staked on the three main mantra.finance pools. We recommend that you move your stake over to the MANTRA Finance platform sooner rather than later, to make sure you do not miss out on any snapshots.
What happens to the LP Pools?
The three staking pools on app.mantradao.com for liquidity providers of OM on BSC (Pancakeswap), Polygon (Quickswap) and Ethereum (Uniswap), will be deprecated together with the app.mantradao.com staking platform. Stakers in these pools are advised to unstake as soon as possible and to restake their OM portion in one of the eligible pools on MANTRA Finance.
Snapshot process:
In order to fairly allocate the 1.35x multiple to OM stakers, a system of random snapshots is being used. The snapshots are unannounced and happen every 24–48 hours at random intervals. Each snapshot will be used to determine the average amount of OM you have staked from March 6th until two weeks before mainnet. The amount of snapshots is not disclosed. We are taking these measures to avoid any potential manipulation of the snapshotting process and to create a simple yet fair allocation process.
The 1.35x multiple will be applied to the average staked OM amount of each wallet as it is recorded through each snapshot.
Timeframe:
The snapshotting process is set to start around March 6th 2024 and last until two weeks before MANTRA Chain’s mainnet launch. Please stay informed through our social channels, as we will announce the timelines soon.
Examples:
In order to make it easier for you to understand the snapshotting process, we are presenting 4 different participations below. Each participant earns different rewards depending on which snapshots were included and at what amount of staked OM.
A: Stake remained the same across all pools, which earned the 1.35x multiple on existing allocation.
B: User unstaked in the middle, which decreased the average stake significantly and hence reduced the staking rewards.
C: User increased staked OM over time, leading to a higher average allocation than during initial snapshot also earning higher staking rewards than A.
D: User procrastinated until a few months into the snapshots and then started staking. Even though they joined late, there is still an allocation reserved, though smaller.
Disclaimer: These examples are for illustrative purposes only.
Closing Remarks:
Thank you once again to all OM stakers and the sherpa community supporting our evolution into new heights. This new rewards process is a thank you from the team to you and your support.
As always, we aim to work with utmost transparency and try to answer all concerns. If you have any questions that are not answered within this article or our other staking article (LINK) then please reach out to our team in the official discord and telegram channels.
