This project hopes to be the first of many built upon the Ethereum Yield ecosystem. It will bring new Eth2 and staking opportunities and benefits to holders of ETHY, Ethereum’s most powerful yield farming coin.
Non-inflationary mechanics: ETHYS implements a strong force on each token. As part of the price protection mechanism, ETHYS will be burnt there, but there will never be more than 500,000 ETHYS.
Community control: ETHY and ETHYS holders will be able to vote on proposals, and as long as it has staked liquidity in the pools, the community will decide everything from developer fees, Eth2 validator actions, and other changes.
Ethereum Yield provides a farming platform for DeFi projects, and Ethereum Stake is the first project to launch within this ecosystem. Ethereum Stake opens the protocol and community up to more advanced staking, eventually including Eth2 validation and staking.
Locked liquidity (Anti-rug mechanisms)
ETHYS is built by the same team behind ETHY, which locked 700 Ether of liquidity forever. ETHYS team will be permanently locking liquidity for ETHYS, and 80% of the team’s ETHYS holdings will be deposited into the primary staking contract as rewards.
The ETHYS community is also incentivized to lock liquidity in an ETHY vault for rewards. The minimum duration of this lock is four months, which will provide additional liquidity stability.
Staking
Validator Staking: Eth2 will see the proof-of-work Ethereum network slowly migrate to proof-of-stake. Instead of miners, validators will stake their Ether to mint new blocks. The minimum deposit required to become a validator is 32 Ether. ETHYS will provide a pool that allows users to band together to become validators and bring validation rewards to the ETHY ecosystem. Rewards are in the form of ETHYS and Ether.
Staking is good for everybody
As more users stake and lock their tokens, even non-staked holders see benefits, as there is reduced available supply, amplifying any increases in demand and mitigating any falls. The more that is staked, the stronger the upward price forces will be.
One thing that benefits everyone is that you can’t panic sell if your tokens are locked for three months.
Transaction fee (Weak hand tax)
Weak hands hurt everybody, so good coins must be designed to mitigate this activity. Like ETHY, we’ve introduced an extra transaction fee that has two protective purposes. First, the fee reduces the prevalence of bots and discourages panic sellers who drive the price down by taxing them. Second, this fee is distributed to the farmers, rewarding them for holding.
- The maximum fee is 10%
- Users can earn the fee by staking
- 10%–50% of the fee will go toward the ETHY price protection fund
Uniswap scheduled for Dec. 7 at 5 PM UTC.
Ethereum Stake hasn’t been released yet but is already on CoinMarketCap.
Do you want to know more about Ethereum Stake? Find more information on https://ethereumstake.farm and https://docs.ethereumstake.farm.