XAI On-Chain Staking: In Progress
SideShift Staking will be migrating on-chain to the Ethereum network on July 6, 2022.
Following the success of staking, it is a natural step to move this yield generating mechanism on-chain. The migration will lead to greater transparency for stakers and create significant growth opportunities for SideShift Token (XAI) and SideShift.ai.
As a result, users will gain total control of their staking balance. Users will also be able to participate in SideShift.ai governance, where the community will vote on treasury management, future listings, SideShift.ai features and more.
The On-Chain Staking Mechanism
On-chain staking will adopt exactly the same reward mechanism as outlined in the SideShift Token (XAI) White paper. To facilitate the migration, SideShift.ai will launch svXAI, the staking token that represents a stakers share of the daily reward, which will continue to be distributed daily at 00:00 UTC.
Once all phases of the on-chain staking launch are complete users who wish to stake will simply deposit XAI on the staking dashboard. The staking contract will mint and issue svXAI to the associated Ethereum address. Rewards will be held in the staking vault and can be collected by users at any time.
The Roadmap
Phase 1: Launch
- Staking vault created
- Existing staking mechanism on SideShift.ai disabled
- On-chain staking contract on Ethereum activated
- Staked balances of users who have paired MetaMask migrated on-chain
- Staking rewards begin on-chain
Phase 2: Post-launch
- Staking dashboard launched
- On-chain governance begins
Next Steps For HUMANS
Users who have already paired MetaMask with their SideShift.ai account will have their staking balance automatically moved on-chain and continue to receive rewards without taking any action.
Those who do not pair before the migration will have their staking balance automatically moved to their account balance. This may result in users missing out on daily staking rewards until action is taken. Those who do not pair their MetaMask can choose to:
- Wait until the launch of the new staking dashboard and begin staking on-chain.
- Move their XAI balance to an Ethereum wallet and interact with the staking contract directly to initiate staking.
To avoid confusion AI recommends that HUMANS head to their SideShift.ai account and pair MetaMask.
Stay Updated
AI will be releasing more information on the migration in the near future. To stay up to date with developments around on-chain staking AI advises HUMANS to join the SideShift.ai Telegram Chat and follow @sideshiftai on Twitter.
STATUS: COMING SOON 🎈