On June 2nd, we released our staking system to the world, allowing holders to stake their BET tokens to receive a higher proportion of dividends and improved betting odds. This unique system has been quickly embraced by the community, with over 30% of tokens staked at the time of writing. More impressive, 30% of all staked tokens have been staked for 5 years, the maximum lock up period.
We’re back with another round of huge upgrades for BET token holders! Thanks to everyone in the community who suggested new features and improvements.
Doubling the Dividend Payout Rate
We are excited to announce that we will be increasing the dividend payout rate from 25% to 50%! The dividend payout rate is the percentage of total gaming revenue that is distributed to BET token stakers. Effectively, this means twice the amount of dividends for all stakers.
The other 50% of gaming revenue is used for project costs, primarily employee salaries, marketing expenses and license fees. The team has maximum faith in the longevity of the project and will be staking their tokens for 5 years. 100% of dividend profits received by the team will be reinvested into marketing and growth efforts.
Dividends in all coins have been accruing in the waxbetdivs11 account and will be paid out to holders on August 3rd. We expect this first payout to be quite substantial, especially with this sizable increase to the dividend payout rate.
As a reminder, stakers receive dividends in proportion to their amount of stake points. The more tokens you hold and the longer you stake, the more stake points you get. For example:
Introducing the Big Monthly Payout
Feedback from the community indicated that there would be more excitement for a monthly dividend payout than a daily dividend payout. As such, we will begin paying out dividends on a monthly basis.
The first pay period (which should be a big one) will be pushed forward to August 3rd to accommodate this change. Following that, the dividend pool will be distributed on the first of every month. This will also allow stakers to more strategically plan their staking periods.
These dividend distributions will be called the Big Monthly Payout and will be heavily publicized. The size of the dividend pool will be easily viewable along with a countdown clock to the end of the month. Stakers will also be able to easily view their current share of rewards.
Upgrade Partial Stake Feature
Stakers will now be able to upgrade different quantities of their staked tokens. For example, you could upgrade your stake of:
1,000 tokens x 90 days
500 tokens x 1 year
500 tokens x 5 years
(or any other combination)
Emergency Unstake Feature
Many in the community requested the ability to unstake their tokens early in case a situation arose where liquidity was needed immediately. We will be rolling out a feature that allows users to Emergency Unstake instantly. Naturally, there will be a penalty for this: 2% of tokens will be burnt for each week left in the user’s stake period, up to 60% total. 1 and 7 day stakers will receive a 2% flat penalty.
For example, consider you have 1,000 tokens staked for 1 year (52 weeks). After 50 weeks, you decide to Emergency Unstake. Your penalty will be 4% of the BET being unstaked, which is 40 tokens ((52-50) x 2% x 1,000 tokens).
90 Day Claim Period
In order to encourage at least semi-active engagement with the platform, dividends will need to be claimed at least once every 90 days. All unclaimed tokens will be sent to the buyback fund. Instituting a claim period also ensures that lost or forgotten accounts do not continue to receive dividend rewards (a study by ChainAnalysis revealed that at least 20% of all BTC have been lost forever!)
A New, Improved Token Burn
We have been sending bought back tokens to the waxbetlocked account. Dividend proceeds from these tokens have been used to purchase back even more tokens off the market, something we’ve termed a “perpetual buyback”. In the interest of becoming more decentralized, we will be moving away from this approach and adopting a traditional burn mechanism, whereby BET tokens are destroyed and removed from circulation. This means no more dividends for these tokens, so more dividends will be distributed among all BET stakers.
BET Token Betting
We also plan to add betting with BET tokens! Unlike betting with other tokens like BTC or ETH, house profits in BET will not be distributed to stakers, but instead will be permanently burnt. In this way, BET tokens will continue to be one of the few true deflationary assets. We are still exploring options for enabling staked BET tokens to be used for wagering or even as betting collateral.
New Token Statistics Page
We have begun developing a section on our BET Token page that will include frequently requested token and staking information. This will include data and visualizations on total/circulating supply, burnt tokens, staked versus unstaked tokens, lock up period popularity, the top 20 stakers, historical dividend payouts, and ROI information.
EarnBet already offers one of the most robust and rewarding staking programs in existence. The above features and upgrades serve to further enhance the BET token ecosystem. As always, we are dedicated to delivering the maximum possible value to our community of players and token holders. We hope you enjoy these enhancements. If you have any other suggestions, we would love to hear from you.