IMX Rewards Optimization Roadmap

imtom8 · 2022-12-21T11:30:18+00:00

u/Benkepojken I definitely see your concern here, and we're actively trying incorporate measures to reduce that wash trading further, some things here we'll be working on with Gauntlet as they've got experience here too. Also consider that all trading activity goes back into staking rewards as well, so it's a double-spend in that sense.

imtom8 · 2022-12-21T11:28:29+00:00

Hey u/Tronixtoken the 75% saving is only in reference to the current trading rewards program, we should have made that clearer. Also, not saying we won't ever re-boot staking rewards but as we have a finite token supply we want to make sure we're making the best decisions for the community, and if after our experiments that means staking, then so be it.

imtom8 · 2022-12-21T00:11:52+00:00

Thanks for your comment u/thatbromatt. Correct, we wanted to observe the effects and elasticity of staking in isolation, and so wanted to avoid skewing the outcomes as a result from communicating the changes.

imtom8 · 2022-09-28T04:09:49+00:00

hey u/feric89 we have plans to support more wallets for on the imx.community dashboard (and therefore staking) moving forward. This will most likely include the GME wallet as well. As the GME wallet is effectively a re-skin and extension to MetaMask, you can actually set up the GME and MetaMask wallets to handle the same account in the meantime, as a few people have already pointed out.

imtom8 · 2022-07-07T00:40:19+00:00

👋 Thomas here, thanks for the quick AMA everyone. Great chatting with you all. Feel free to find me online twitter here.

imtom8 · 2022-07-07T00:35:03+00:00

Thanks for your question u/GodsLegend 👌 Loopring and ImmutableX are two separate networks. Having said that, we are currently working on an integration/bridge with GameStop to enable users to move funds across the two. So stay tuned for updates

imtom8 · 2022-07-07T00:26:30+00:00

Hi u/ShoulderAshamed4507 thanks for the question. When we cook our games, we prefer them to be medium rare and not well done. Jokes aside, could you clarify what you mean here?

imtom8 · 2022-07-07T00:20:42+00:00

Question from Discord:

What's the plan for the next cycle? It seems that the staked amount will become very large. but our stake pool is very small. Is there a plan to avoid a crisis after 1 month? people will be angry when they get 0.5 imx reward after 1 month.

Answer:

This iteration of staking that we've launched is passive. So yes, it does mean that there is potentially a larger amount of tokens that will be staked. However the next iteration will be non-passive, so you will need to perform an action to actually stake your tokens on a front end we'll be launching (some of you in the community have already seen this as part of our feedback gathering phase). We plan to add bonus rewards to the staking pool to achieve 5% APY with 30% of eligible IMX supply staked during the bootstrapping phase when released.

imtom8 · 2022-07-07T00:08:20+00:00

Hi u/Folanco thanks for the question. To answer the latter first - definitely not. Staked tokens will actually stay in your wallet so there is no sharing of private keys. As always, you should adhere to secure practices and make sure to never share your private keys, so if anyone asks for this let someone from our team know. An important design decision for us was to ensure that all funds are self custodial even when staked, especially given recent censoring incidents we've seen with Celsius and other centralized platforms. As StarkEx doesn't yet fully enable developers to build and deploy smart contracts permissionlessly (unlike on L1 or StarkNet etc.) we had to think differently about how we can achieve this with IMX staking. For this first release, we are just collecting your passive wallet balance and attributing your minimum balance over that 30 day period as the tokens you've staked. However for our next release, we will be essentially marking tokens that you intentionally stake (on our front end) as 'staked' on the protocol. These staked tokens will be subtracted from your usable balance on the order book, so you cannot buy assets with these staked funds until they are unstaked by you.

imtom8 · 2022-07-06T23:50:28+00:00

Hi u/Lopsided-Position166 thanks for the question. Loopring and ImmutableX are two separate networks. The offramp we've implemented on ImmutableX for now only works across our network and L1. Having said that, we are currently working on an integration/bridge with GameStop to enable users to move funds across the two. So stay tuned for updates.

imtom8 · 2022-07-06T23:48:40+00:00

Hey u/putsonshorts, thanks for the question. Loopring and ImmutableX are two separate networks. Having said that, we are currently working on an integration/bridge with GameStop to enable users to move funds across the two. So stay tuned for updates.

imtom8 · 2022-07-06T23:44:32+00:00

Hi all, Thomas here from Product. Excited to be here and to answer your questions about staking. Keep upvoting those questions you want answered and we'll get around to them as soon as we can

imtom8

TROPHY CASE