We are happy to announce the original dividend pool has finished migration to a new Dividend Pool on Shiden Network!
From now on, the swap fees from the DEX will be distributed to STND stakers (dSTND holders) on the new Dividend Pool.
About Dividend Pool V2
Our first version of Dividend Pool distributed revenue to users in LP token but they got fragmented. To resolve this issue, we came up with a simpler Dividend Pool V2 design and mechanism:
- DEX fee will first be converted to STND & stored in dSTND contract vault.
- People bound STND to mint dSTND, a reward representation of Dividend Pool reward.
- When people unbound STND, their dSTND will be consumed, principle STND and DP reward (in STND) will be returned.
To show our gratitude and appreciation for early stakers who staked while migration was ongoing, we have sent 14,600.6 STND (10% of staked STND) to the dSTND contract as a reward. The 14,600.6 STND comes from Dapp Staking earnings on Shiden Network.
V1 staking is now closed, rewards will remain open so users who staked in V1, claim, unbond and restake for V2.
On top of the swap fees collected on the Shiden Network, we will continue to allocate a portion of our Dapp Staking earnings to show our thanks for our users and community who support us from the beginning.
Dividend V2 contract: 0xfC76114C5AdeBfa257153eA82b8594C3B25baebe
** Note: dSTND is called xSTND on the contract. On other chains we will be using dSTND. Sooner or later, dSTND will migrate to a new contract with the name corrected. This migration will be an easy one
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystems, including Ethereum, Shiden Network and Metis, with our in-built DEX as a market maker to ensure capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM). It is also a recipient of the Shiden Network Builders Program Grant, Polygon #DefiForAll Fund and Polkadot Web3 Foundation Grant. Standard Protocol strives to innovate as the next-generation digital asset and prides itself on its global community growth approach.
Product Update: Dividend V2 Migration on Shiden Network was originally published in Standard Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.