Back in march 2021 when Native Tokens launched on Cardano, STAYK Pool had conjured up an idea to make early and loyal delegators a part of our own succes. Logically, this initiative has been long running, but with various intervals of succes. We have been fortunate to be a member of this comminuty, and to be awarded the IOG Delegation during last few months of 2021. Apart from making the pool sustainable and allowing more time invested to it, its gave us the opportunity to make our own Native Token ($STAYK) to distribute among our delegators.
Initially, all the new delegations received these tokens upon request, or as we noticed them flowing into the pool, at 2 different ratios, based on where they came from. Making and maintaining the balance of these transactions has proven to be time consuming, and especially for smaller wallets it has been somewhat cumbersome, as the current value of each $STAYK is low, so you’d need quite a bit to cover transaction fees.
With the recent RISO orchestrated by SundaeSwap, weve seen a new influx of wallets, and a return of some old friends! We are happy to see this, and we hope we can invite people over to enjoy this for an extended period of time.
The idea of the #FairDrop was born after the realisation that ISO’s and centrain extra incetives provide a strong motive for people to reallocate their stake and move to less obvious pools to receive extra rewards, meme tokens or a community built around a pool. $STAYK coins proved a way to reward longterm and loyal delegators for staking with us, even during the inital startup phases of the project. (in te articles below you’ll read the basics around $STAYK coins and their purpose/use)
The beauty of Blockchain is that all is open, public and freely accessible to all, so the entire history of stake migration can be traced and analyzed (up to a certain extent) and this way we can make a projection of who was with us, when, for how long, and with how much ADA (we all saw wallet balances rise and fall with the NFT Boom ;)) Rather then making the active transfer of each wallets yield per Epoch, we have taken a different route. With the used of what is referred to as a DB sync, we can precisely query the ledger for all the info we deem appropriate and neccesary for the accumulation of each wallets $STAYK balance. though some wallets hold $STAYK, other do not (yet) we felt the total score and the overview of that score is more important then sending the assest at regular intervals. We will be building the UI to make this all more visible soon, and well keep you updated when versions become available. Check coins.staykpool.com to tune in on the current status!
Hope to see you all soon, and enjoy your $STAYK
“You decentralize, We Incentivize”
Why do we run this promotion?
At Stayk Pool we strongly believe that the value and the price of ADA benefits when its distributed as widely and evenly as possible. The technology behind it steers for this distribution, but human behavior can change the outcomes significantly.
People tend to flock to the crowds, think of a crowded restaurant or a packed club/party. We tend to want to join the bigger groups. Often ignoring the extra waiting line in the restaurant, potential rush to re-sell the table your holding or waiting lines at the bar. We want to invite people from those busy places (pools) to join a smaller pool and help it get that block production going. Smaller pools usually provide accessible services and attractive promotions to help you if you bolster their potential.
Whats the incentive?
We have minted a native token called Stayk-Coin that acts similar to how Stocks work. The coins in circulation represent a part of the profit we make as a pool! Holding these coins gives you the right to claim your portion of those profits! For this promotion, you receive 2:1 ratio for your coins. If you stake 5.000 ADA, you’ll be rewarded with 10.000 Stayk Coins!
Sounds good! How do i join?
Define the situation that applies to you below, and skip tot that part for explanation on how to apply!
- I am staking my ADA in a (near) saturated pool. We define near saturation as “at or near 80% saturation or over 50 million active stake. => See step 4
- I am delegating to a Pool that runs multiple pools (1PCT, 1PCT2 etc ) (if you’re unsure, ask us) => See step 4!
- I have my ADA in an exchange (like Binance, Coinbase, Bitvavo etc) or my wallet stakes for me (Exodus/ADAlite) => See step 1
Steps by step:
- Proceed to download a Daedalus (https://daedaluswallet.io/en/download/) or Yoroi Wallet (https://yoroi-wallet.com/#/) and wait for it to install/synchronize. We advise Daedalus if you have a powerfull machine with at least 8-16 GBs of RAM, otherwise Yoroi works well.
- Create a wallet, be VERY carefull in storing the 24-word phrase and your spending password.
- Send your ADA to the adress you copied from the “receive” tab in your deadalus wallet. Wait for funds to arrive. IMPORTANT: Send a screenshot of the amount you withdrew, and copy+paste the Transaction ID (TxID) and send that in an email to email@example.com. this is to confirm the delegated amount is indeed sent by you.
- Open the delegation centre in your Wallet, type: STAYK in the pool search bar and hit ‘delegate to this pool’ Follow the steps, enter your spending key and you are done!
By delegating your Ada to a stake pool, you will earn rewards. Any decent performing pool, big or small, will provide you with a 4,5-5% annual interest. At Staykpool, we’d like you to make more. With the Ada price growing and growing, we are confident that future pool profits can be shared with our early delegators. This helps us grow while maximizing your returns. With the help of Cardano’s native token functionality, we’ve created Stayk-coins. People delegating to STAYK will receive Stayk-coins on top of regular rewards. The more you stake with us, the more Stayk-coins you get. Once STAYK is profitable, 20% of pool profits are redistributed among everyone holding Stayk-coins.
“The Longer you stay, the more we pay!“
Some rules to clarify…
- To be eligible for participation in this promotion, all you need to do is delegate your wallet to STAYK. if your Stayk coins are not in your wallet by 2 business days, please reach out to us.
- Only initital delegations will be eligible for the 1:1 crediting. Additional ADA delegated must be at least 1000 ADA to be added to the balance.
- Current delegators will also benefit from the ongoing promotions. No need to redelegate if you are already in 😉
- Stayk Coins are tradeable between delegators. If you decide to move to another pool, you can trade these coins to other delegators, or sell them to us at their current value. please contact us via email if you wish to do so.
- Redeeming StaykCoins can only be done at a 2:1 ratio of active stake in the pool. For example, if you have 100.000 StaykCoins, and 20.000 active stake, you can only redeem 40.000 Coins. This is to discourage abuse.
- Contact about this promotion is done via emails to firstname.lastname@example.org or via Twitter @STAYKPool
- This is an ongoing promotion that is running untill we reach 5 million active stake or untill Stayk-coins run out. we wil reevaluate the proceedings regularly and share any considerations via our twitterfeed and website https://www.staykpool.com.