I had an idea and i would like to share it with the community and the team. In marketing we call it The path of least resistance, since most of us are here for the staking rewards a RESTAKE button would be a good idea if it can get implemented.
It’s use: I image it as a button that i can let it activated or deactivated. When it’s activated its fuction will be to automate a process, to trade my staking dividents for NEX ( when its available in nash exchange ) and restake them for 24 months. The button would be great if i had the option to tweak it as far as 1.moths of stake2. % of dividents getting staked.
How it will help with price and supply: As i’ve seen so far people are more intrested on the long run and accumulating more nex tokens than trading and i think a lot of us will use that button to save time on the accumulation process. That will lead to daily decrease of nex tokens by hundreds if not thousands. As the volume increases periodically and the dividents get higher the restaked tokens will be more and more leading to a steady price upward trend.
Moreover a lot uf us will activate that button and forget about it doing a favour to the community.
automatic restaking: scheduling the automatic renewal of a stake. For instance, if you don’t want to block your tokens more than 3 months, but don’t want to have to manually restake your tokens every 3 month.
compounded staking: automatically staking NEX tokens earned from staking.
The way you describe restake can be misleading. I believe you’re talking about the latter.
Maybe i didn’t describe it well enough. My idea here is to convert every token that i recieve as divident to nex and stake them. For instance if i recieve 4 neo tokens 0.01 eth and 5 USDC if the button is activated it has to trade all those tokes for nex and make a stake of 24 months and do that in daily basis.
No it was quite clear Just the term restake was not correct in my opinion as it refers to staging some tokens which were previously staked.
As for…
I remember Nash team saying it would be available at some point to receive your dividends directly as NEX tokens. I think the complexity about it is legal not technical.
I imagine the staking page would become incredibly messy if it’s creating new small stakes every 24 hours or once per week. I also don’t know if having an excessive number of stakes chews up more gas during payout or has some other negative impact on nash?
Unless you’re incredibly strategic and organized with the timing, I find that it gets very difficult to keep track of when a stake ends. This isn’t a complaint and it doesn’t bother me, but I imagine any automated staking feature would only exacerbate this. I’d be more inclined to sweep all the dividends into something like NEO (for gas), or something else which can be staked, or lent out for interest over the short-term, and then convert everything into NEX at the end of the month - creating only one stake.
One little quality of life feature I would love to see is the overall revenue %, displayed on the staking page (say you have a dozen stakes; 486 NEX for 24 months, 938 for 22 months, 722 for 17 months, etc). Just being able to quickly glance your combined total % (and any other relevant figures/calculations) by visiting the staking page would be nice; maybe have it pull total trading volume from the past hour and spit out an approx. revenue number.
doing a favour to the community.
Just the term restake was not correct in my opinion as it refers to staging some tokens which were previously staked.