Introducing The New Nomination Transfer Feature For DApp Staking by@AstarNetwork

Introducing The New Nomination Transfer Feature For DApp Staking

Shiden and Astar are improving how DApp nominators can shift their funds from one project to another. Nomination Transfer allows users to move the entirety or portions of their nominations to other projects while skipping the unbonding period. This way you’ll never have to sacrifice your staking rewards to support a project you are interested in.
image
Astar Network  HackerNoon profile picture

Astar Network

Astar Network is the Smart Contract Hub for WASM + EVM on Polkadot.

twitter social icongithub social icon


Shiden and Astar are improving how DApp nominators can shift their funds from one project to another.

05/18/22 — Over the past few months, we have been hard at work developing and implementing DApp Staking. DApp Staking is how developers can get paid to develop dapps on Shiden and Astar via Dapp Staking rewards. It is also how nominators (i.e. dapp stakers) can get compensated for staking their $SDN and $STR tokens on DApps they want to support.


DApp Staking is one of the most important initiatives at Astar and Shiden and one that we are continuing to work on. As such, it is with great pleasure that we are introducing our new Nomination Transfer Feature.


We have been getting feedback from our community since launching dapp staking and one of the main pieces of feedback that we have received is that there should be a more seamless way to stake from one DApp to another.


At first, this was not the main priority because there were not that many DApps in our ecosystem. As we’ve continued to grow we are seeing that Astar is expanding at a rapid pace. In order to provide a better experience for both nominators and developers, we had to improve both the process for shifting DApp Staking funds from project A to project B. This feature is designed to give support to your favorite project, when a new project joins that you want to support you can easily support them by staking through nomination transfer without unbonding.


As both Astar and Shiden Network continue to see this phenomenal growth we have more and more projects that are utilizing DApp staking. Allowing Astar users to support the projects they feel passionate about and being rewarded for their support through DApp Staking is one of the defining features that separates us from other blockchains. With so many projects now being built, we wanted to make the process of supporting your favorite projects even easier.


The model prior worked as such, if you had your stake with Project A then found another project that piqued your interest and wanted to move 50% of your nomination to Project B. You would need to unbond and unstake your nomination and wait for the unbonding period to finish. During this unbonding period you would stop earning rewards and profit. This highly disincentivized the user from moving their stake to new projects. With the speed new projects are entering development and existing projects are updated this was something we had to change.


That is why we developed our newest feature — Nomination Transfer. Nomination Transfer allows users to move the entirety or portions of their nominations to other projects while skipping the unbonding period. This way you’ll never have to sacrifice your staking rewards to support a project you are interested in.


The nomination transfer is another quality of life feature we are implementing surrounding the dapp staking program. We released Compounding Rewards last week to make it simple and efficient to compound your staking rewards and take advantage of compounding interest.

Nomination Transfer is live now on Shiden and will be rolling out on Astar soon!


To finish, this update positively impacts the network as a whole. This is because it allows users the ability to put their nominations and support behind a project knowing confidently that they are able to transfer said nomination easily and efficiently. It also encourages users to stay up to date and engaged in the ecosystem! As projects are updated and new ones roll out, users now know they can easily transfer their nominations, change their rewards, and be a direct part of the ever-evolving ecosystem. This is a feature that has been requested since the inception of dapp staking and we are happy to say it is here!

About Astar

Astar Network is the Smart Contract Hub for WASM + EVM and the top Parachain on Polkadot in Total Value Locked + Most Ethereum Assets. Since winning its Parachain auction in January 2022, Astar Network has become the top Parachain in the Polkadot ecosystem in Total Value Locked and most Ethereum assets transferred over. Astar Network is the leading smart contract hub that connects the Polkadot ecosystem to Ethereum, Cosmos, and all major layer 1 blockchains. Astar Network supports dApps using multiple virtual machines — namely WASM and EVM — and offers the best technology solutions and financial incentives via its Build2Earn and Astar Incubation Program for Web3 developers to build on top of a secure, scalable, and interoperable blockchain.


Website | Twitter | Discord | Telegram | GitHub

react to story with heart
react to story with light
react to story with boat
react to story with money
Astar Network  HackerNoon profile picture
by Astar Network @AstarNetwork.Astar Network is the Smart Contract Hub for WASM + EVM on Polkadot.
Visit Us
L O A D I N G
. . . comments & more!