Apr 6, 2021
AnyStake Protocol Upgrade
The First 24 Hours
It has been a long day, for everyone. We successfully launched AnyStake yesterday, but things didn’t quite go as expected (they rarely do…). We understand that, have listened to the community, and have discussed amongst the team a proposal for a series of protocol improvements.
Insights and Analysis
Following conversations with users, exchanges on Telegram/Discord, and internal team discussion, we came up with a list of points we would like to address. The points are as follows:
a- VIP Balances for VIP Pools. Many of you want a higher VIP Balance, especially since the token price is lower than what it was a few days ago. We must find an amount that is neither too restrictive nor too lax to adequately support the protocol.
b- Free Pools, AKA Pools without a VIP Balance. These pools are considered to be creating/will create too much sell pressure by many. Once a staker has earned more than 5% of their share, there is no incentive but to sell.
c- Finally, we have noticed that AnyStake is rewarding users with less tokens than intended. This is highlighted by the difference between the estimated APR (correct) and the actual rewards (incorrect).
These evolutions will require a protocol upgrade.
Protocol Upgradeability
Long are the days where smart contracts were “fire-and-forget”. Some contracts do not need to be ever upgraded (i.e. tokens), but more complex contracts require upgradability as an option in order to best fit their user needs.
EDIT:
We experienced issues with the migrate function during tests.
The migrate() function had a critical security flaw in AnyStakeV1 that I discovered during testing. It made it impossible to use this function safely. It has been fixed in AnyStakeV2 in case this needs to be done again.
As the safety of your tokens matters the most for us, we decided to do a migration with a classic “unstake/stake” method.
We understand the gas costs related to this methods and will monitor unStaking to make sure that we can compensate as much as we can for the gas costs. (note: To be eligible to compensation, you will need to stake DFT in the new Anystake V2).
Currently, unstaking should be sub-$100 in price (120 Gwei, 300k cost).
Note: Metamask estimation is over-evaluated. Real cost is around 300k gas.
Please refer to the tg announcements for further details.
We apologize for the inconvenience and will make all or possible to make it right for you guys.
Proposed Evolutions
We propose the following evolutions of the protocol :
a- Increase the VIP Balance, amount of DFT required to enter/exit VIP Pools, to 50 DFT. As a consequence, users who migrate will have to stake this DFT amount in order to exit the new pools (migration will not require a VIP Balance to succeed)
b- All pools (except DFT, DFT-ETH and DFTPv2-ETH) will now require the aforementioned 50 DFT VIP Balance to enter/exit. Free pools will be deprecated. Additionally, Pool Reward Multipliers will be normalized to 1x (with some exceptions, detailed below)
c- Upgrade the AnyStake pending rewards function to release the correct amount of DFT rewards. Users who choose to migrate will retroactively receive the DFT rewards via airdrop which equate to APRs listed on website. Users who choose to exit instead will forfeit these rewards.
On top of these protocol improvements, we will also adapt some of the tokenomics metrics to take into account the subscription level:
DFT Pool Reward Multiplier will move from 2x to 5x.
DFT/ETH and DFTPv2/ETH Pool Reward Multipliers will move from 15x to 10x.
ZERO Pool Reward Multiplier will move from 1x to 4x.
We will continue to monitor pool subscription and APRs to best incentivize and support the protocol’s users.
Migration How To and Next Steps
First of all: All funds are all safe! AnyStake will continue to function now and after the migration. For now, AnyStake will continue to yield reduced DFT rewards until we release the updated AnyStakeV2 contract.
All DFT tokens that you should have received, but were not calculated into your pending rewards, will be retroactively distributed to you via airdrop. This means that you will receive DFT rewards that equate to the stated APRs on the website up until we activate the migration.
To give our users a choice in this matter, we cancelled AnyStake exit fees to 0%.
IMPORTANT NOTES:
By exiting and not re-staking into AnyStake V2, you will FORFEIT your retroactive staking rewards.
Airdrop “gas compensation” is being calculated. We DO NOT commit on reimbursing 100% of the gas at this stage.
Airdrop eligibility per pool is under 2 conditions: unstake from the previous V1 within the 48 hours following the announcement, AND stake 50 DFT in the new AnyStake v2 pool to be announced. (this will also grant you access to all the V2 pools ), AND re-Stake in the AnyStake V2 protocol pools.
Example: I had stakes in 3 pools and decide to only re-enter in 2 pools. I unStake from the 3 pools and re-Stake in the 2 pools (+ DFT pool to access them). My eligibility covers 2 pools and I will get airdropped 2x the gas_compensation amount (which may not cover 100% of the gas costs).
We are already testing the new protocol and the migration logic. Once testing is finished (mainnet fork and testnet), the team will make an announcement, deploy the upgraded version of AnyStakeV2, and update the UI.
When AnystakeV2 is deployed, all AnyStake Pool Reward Multipliers will be reduced to 0x and stop accepting deposits. Then, the Vault will begin redirecting rewards to AnyStakeV2.
Please stay tuned for more details. We understand some of the frustration and are taking into account your remarks and proposals.
— The DeFiat Team
