Functionalities on Zillion have been activated; users can withdraw accumulated rewards and continue staking
Hello all,
We are happy to inform you that the staking contract migration from v1 to v1.1 has been completed ahead of schedule. The new staking contract has been unpaused to resume all staking-related activities. You may now interact with the staking contracts to stake, withdraw rewards or (for those who really need to) complete their pending stake withdrawal. We thank you for your patience.
For your information, the new v1.1 staking contract addresses are:
- Seed Node Staking Phase 1.1 Proxy: zil1v25at4s3eh9w34uqqhe3vdvfsvcwq6un3fupc2
- Seed Node Staking Phase 1.1 Implementation: zil15lr86jwg937urdeayvtypvhy6pnp6d7p8n5z09
A gentle reminder that the recent mainnet upgrade has reduced inter-block time from around 50 sec to around 30 sec and as a result, some of the staking parameters were adjusted accordingly to keep the overall experience unchanged:
- Unbonding period increased from 24,000 blocks to 30,800 blocks. This is to maintain an unbonding period of roughly 14 days.
- Reward cycle increased from 1,800 blocks to 2,200 blocks. This is to maintain the reward cycle of roughly 1 day.
- Rewards disbursed to seed nodes per cycle were recalibrated from 1.98 million ZIL to 1.5488 million ZIL to maintain inflation.
The system has also retroactively disbursed rewards to all the seed nodes for the period during which staking was under maintenance. Stakers need to withdraw their staking rewards as usual to claim the missed rewards. The retroactive reward disbursement covers rewards for one reward cycle before the new mainnet parameters kicked in as well as four other cycles for which new mainnet parameters were used.
- Reward for blocks 1,151,800–1,153,600 before the mainnet upgrade with old parameters.
- Reward for blocks 1,153,600–1,155,800, blocks 1,155,800–1,158,000, blocks 1,158,000–1,160,200 and blocks 1,160,200–1,162,400 post mainnet upgrade with new params.
The next reward will be disbursed at block 1,164,600.
Please do not be alarmed if your preferred wallet provider supporting $ZIL staking has not updated the staking contract addresses. It may take a bit of time for the broader Zilliqa ecosystem to progressively support v1.1 of staking. Your staked funds and all staking rewards are SAFU.
The Zillion staking portal (https://stake.zilliqa.com/) has been updated to use v1.1. We recommend users to do a hard browser refresh (or clear cache) before interacting with https://stake.zilliqa.com/.
Enjoy staking (APY of 12%) and earning bonus gZIL which is most likely to get all minted earlier than initially estimated and that too with a smaller total supply — Happy weekend all!
Staking Contract Migration Completed! was originally published in Zilliqa — Official Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.