DISTX Adds Staking!
Hey all! A frequent question is when DISTX will allow staking of the DISTX token. It’s something we wanted to add for quite some time, however, the DISTX token itself is not mintable. This means that we would have to find an alternate way to reward stakers, so we found another way!
DISTX Staking Rewards
On the DISTX platform, we currently collect 2% of the ETH raised by a team during a sale. 1% of this is used to buy and burn from Uniswap, that isn’t changing and will never change.
The other 1% is a fee to pay for automated gas. Since that gas comes out of a DISTX contract, we needed a way to be refunded for that gas in a scalable method. Due to some massive improvements in our contract functionality, it’s unlikely we would ever need the full 1%.
So, instead of just adding the remainder into the buy and burn we will be adding it to staking rewards!
Here’s an example that can explain it better than I can;
Token BLAH starts up a sale and raises $1,000,000 successfully. DISTX takes 1% of this ($10,000) and buys DISTX from Uniswap and burns it. The DISTX contract then pulls out whatever it used to pay for gas for this particular sale, right now the estimate is $200 USD. This means we have $9,800 left in that 1% fee.
This $9,800 will get added to a staking contract and will be paid out weekly to all stakers in that contract.
How to stake?
It’s quite simple, there will be a button in the pop-out menu on the DISTX site which will take you to our staking site. You can see what you’ve staked and the rewards you’ve received, letting you send DISTX to the contract or pull out your rewards and DISTX at any time. Remember, it’s paid out weekly so you will want to leave your DISTX in there for the week :)
You receive a % of the total stake reward based on your staking weight. If your stake is 10% of the staking contract you will receive 10% of the ETH rewards every week to be redeemed at your leisure!
Why would DISTX do this?
Staking your balance will remove people from the top 200, as such staking is an incentive for the holders that aren’t in the top 200. Something people consistently challenge us on is our inequality of reward, and it’s something we take to heart.
We hope this will help balance that out.
When will this be live?
The collection of the ETH will happen immediately from the first sale on the DISTX platform. The actual staking and receiving of that reward won’t go live for a little while after platform launch as we need to audit the contract.
Staking is set to be wholly live, November 28th. If we can bring that forward we will. Fret not! That first week will have all the ETH collected from the previous month since launch, so it should be a big one!
Let’s help it out!
As an incentive, DISTX ourselves will add $10,000 ETH to the staking contract once it’s live to kick it off! Consider it thanks for helping our project raise and succeed to where we are today. We honestly couldn’t do it without you guys.
November 28th! Look forward to it!