Coin Staking Deployment Update — 3/18
Hello Coinvestors! We’ve been off to a fast start with our staking program. We are proud to report that our community has staked over $500K of $COIN in the first week of our soft launch! While we have had our contracts audited, we wanted to slowly pilot the program to ensure that we work out any issues prior to fully deploying the program. To that end, you’ve all helped us uncover bugs, issues, and feature requests to improve the overall experience. During this time, we’ve also learned that the token locking component of our staking program is creating confusion for our token holders and community. To minimize this, we will be removing that functionality to focus solely on a staking process that is simple and easy for users to understand. We will be providing an updated staking calculator next week to aid with this as well.
Today, we’ve deployed a number of fixes in order to address the following issues:
Issue: Incorrect balances and transaction amounts
Resolution: Log out and log back in. If that doesn’t update after a few minutes, then re-import your seed phrase.
Issue: Staking quantity amount of 1
(You can verify your quantity by entering your wallet address at etherscan.io, tapping the ERC20 Token Txns tab, locate your staking date with an OUT transaction to 0xd0eeb34f443782f375302bdb66e432c51ecdae9f, and the corresponding quantity)
Resolution: Unlock your stake, stake your desired quantity, and contact our support for assistance and reimbursement of gas fees at: https://bit.ly/coinsupportrequest
Issue: Unclear if the staking request initiated after submitting a stake request
Resolution: The staking buttons have been removed following confirmation of a request.
We will continue to work with anyone experiencing issues to drive them to resolution. We’ll also continue with another deposit into our staking reserve next week.
As an important reminder:
- Staking requests require ETH for use as gas is required for transaction execution on the Ethereum blockchain.
- We currently only allow one active stake at a time. If you wish to stake additional $COIN, you will need to cancel your current stake and intiate a new stake request. Please be aware that gas fees are incured when a stake is cancelled.
- Staking requires two transactions on the blockchain to execute completely (in which both incur gas fees):
1st: Transaction to approve the staking contract access to your wallet (Approx. $25 USD in gas depending on network congestion)
2nd: Transaction to send your $COIN to the smart contract to begin staking (Approx. $50 USD in gas depending on network congestion)
- After confirming your staking request, the Coin animation will continue to persist until the transaction is completed. This is normal. Staking requests are executed on-chain and proceed at the speed of the Ethereum blockchain. This means transactions may take 2–20 minutes based upon network conditions including congestion, etc.
- Funds are only staked when the color of the icon and amount are yellow in the transaction history record.
- Your $COIN tokens are safely returned back to your wallet from the smart contract once you have elected to end staking in your transaction history record (tapping cancel). Canceling staking requests are executed on-chain and proceed at the speed of the Ethereum blockchain. This means transactions may take 2–20 minutes based upon network conditions including congestion, etc.
- Unlike exchange requests, you do not have to be online after submitting your staking request for it to execute.
We also wanted to provide an update regarding our exchange functionality. As previously reported, we are discovering that swaps are incurring significantly high gas fees. In our testing on Testnet using Rinkeby, these fees are significantly reduced. However, gas fees on Mainnet are significantly higher as a result of the naturally high gas fees on the Ethereum network due to network congestion. (For example, our team recently swapped AAVE for ETH on Uniswap and incurred over $380 in gas for the transaction). We are going to continue troubleshooting this further to determine if there are improvements or other undiscovered issues to address as having users incurring high gas fees for transactions is not an experience that we want to support. Once the exchange functionality is redeployed, we will proceed with our volunteer testing program.
We are also working to define the appropriate release timeline that we can commit to for our Coin V2 release and will provide that in the near future. This will include an updated roadmap and more.
Lastly, we want to reiterate that we have a new support team and process in order to help drive the resolution of any issues to closure. For all incidents or issues, please complete this form: https://bit.ly/coinsupportrequest
To safeguard yourself, we will always respond with your ticket number from only this address firstname.lastname@example.org. WE WILL NEVER REQUEST YOUR SEED PHRASE TO AID IN TROUBLESHOOTING ANY ISSUES.
To save time, you can attempt to troubleshoot your own issues (such as viewing your balances on the blockchain) by entering your wallet address on blockchain explorers such as:
Thank you for your continued support and patience as we work through these issues together to provide the right experience for our users. As always, this is an iterative process that requires your feedback in order to make the necessary improvements to get to our destination. We appreciate your collaboration in helping our team and community to reach this goal.
Thank you for your patience and continued support!
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