BEP-20 Staking proposition

Hakka Improvement Proposals (HIP)
#1

Greetings hakka holders!

It would be awesome to have opportunity to stake hakka in bep-20 blockchain also. What you all think about it? I suppose it will bring more holders and we all will benefit.

3 Likes
#2

Let me provide some context here.

https://medium.com/hakkafinance/lets-welcome-hakka-staking-76d94560760c

The main focus of building a staking system is to align the interests of holders and the protocolā€™s long-term success. It provides a time-weighted voting power to the governance process. And staking reward is the compensation of stakersā€™ liquidity/opportunity cost.

As a result, the staking system was only deployed on mainnet since we believe Ethereum is our homestead and BSC is merely a short-term solution. We donā€™t want a staking contract that will be abandoned in the foreseeable future.

Meanwhile, we understand that the lack of yield for HAKKA holders on BSC is unfair/unfavorable, and Hakka Intelligence is the supplement of yield on BSC. Not exactly the same, but quite similar.

Anyway, staking HAKKA on BSC is doable. By doing so, we allow holders to obtain voting power like holders on mainnet. However the drawback would be that once we decide to leave BSC (probably because Ethereum scales 10000X), existing stakers will be a problem. Please consider the pros and cons carefully.

1 Like
#3

Itā€™s a pity to read your post. Eth network isnā€™t countable for me even if it scales like you imagine. Well wish you a good luck with your project :fist:t2:

#4

I also pain for the high gas of eth, but the problem is that our staking system is designed for rewarding long term commitments, which shows in our vesting mechanism. Supporters not only have to lock their Hakka in the seal contract, but also have to be patient to wait vesting reward.

The problem is that if one day we need to move bsc out (maybe weā€™ll go to other side chain or L2.), these locked token is not able to take out immediately. How should we do for these supportersā€™ commitment?

Think about it. You have lots Hakka in seal contract and have bunch reward in vesting contract and one day because bsc itā€™s not suitable for us, so we decide move on to other chain. Then, we said that ā€œSorry, the reward on BSC is not countable, but you canā€™t move your tokens out until the lock period endsā€

Could the community accept that? I donā€™t think so.

If someone has good migration plan, we could open stacking beyond ETH.
We could figure it out together. Please leave your thoughts

2 Likes
#5

In my personal view, ETH will not be able to scale 10000x, at least not in the coming year. Even if ETH scales up, the gas fee will still be high due to the ETH price. If we are going to abandon BSC, I would suggest we migrate the tokens to ETH now since users who received the token on BSC will find it hard to move the token to ETH for staking. Thus I propose the following two options.

  1. Deploy staking contract on BSC

  2. Migrate from BSC to ETH and user get their Hakka token in ETH

Both the above ways should be done in a timely manner, since we all need the VP for governance.

Thank you for your time.