Change Staking Contract
Change Staking Contract
Feb 17, 2023
Here is an announcement that the RETA staking holder must check. For an internal upgrade of the RETA staking system, we are launching a new staking contract(RETA StakingV2). The staking contract currently in operation will soon be out of service(StakingV1), and we will operate an improved revenue distribution system in the new contract. Review our work schedule and transfer your assets to a new staking contract.
Problems found so far
We found some logical errors in the current RETA staking.
Revenue redistribution in the RETA ecosystem through the staking system lasted 20 weeks. And as you know, the pool of RETA gets smaller and smaller, whereas other assets have to be supplied more and more. However, as the gap between these two gradually widened over the course of 20 weeks, we were able to find an imbalance error in the distribution system in the RETA staking system.
As a result, the RETA currently deposited in the staking pool was distributed more than our plan, while other assets were distributed a little more than our plan. It is not currently fatal and has not had a significant impact on the player’s staking assets. However, we believe that this will pose a major risk to the long-term growth of RETA staking in the future. Then We decided to take the matter seriously.
StakingV1 Contract Closure
First we found that redistributing RETA revenue from this ecosystem to Holder was overpaid. In other words, more RETA than the actual ecosystem revenue has already been distributed through staking. To fill this gap, we will accurately calculate the overpaid amount based on the time the StakingV1 contract ends, and supplement it with the team’s sales volume. In addition, we plan to burning all GRT and resources left in this pool and then continue the RETA staking in the new contract.
New Contract: StakingV2
We have corrected all errors at the moment and are testing improved contracts. In the upcoming server Maintenance schedule, we are planning to update the new StakingV2 contract.
But importantly, we have no right to access the assets of commanders deposited in RETA staking. In other words, the RETA staking holder means that the assets deposited in the V1 contract must be moved to the V2 contract.
Holder behavior guidelines
Please check the update timeline below and follow our instructions. This is essential for you to sustain the revenue generated by the RETA ecosystem.
New deposits for the current RETA Staking will be suspended at 6:00 UTC on February 18th. This is a policy to prevent you from incurring commission damage due to the occurrence of a new lockup.
RETA Staking’s harvest menu will be stopped at 10:00 UTC on February 21th. Therefore, we recommend that you harvest all the rewards you have earned through RETA Staking by 9:59 UTC on February 21th, before the server down. Also, from 10:00 UTC at RETA Staking, you can only unstake the RETA you deposited.
New RETA staking with StakingV2 contract will be updated on February 21th at 12:00 UTC. The benefits of the staking title will now only work on this new contract.
- As a result, the best behavior we recommend to you is simple.
- Finish all your harvests at RETA Staking by 9:59 UTC on February 21th, and unstake all RETA that were deposited.
- When the update is completed at 12:00 UTC on February 21th, please restore your staking title by newly staking.
We prepare for long-term expansion as the best option.
We are managing RETA’s tokenomics to the strictest level, not just for Reta Wars, but for the future of new Game-Fi to be added to the RETAVERSE Platform.
We are always making the best choices to maintain the ecosystem’s continuous circulation system, and all of these arrangements are like creating fertile soil. These arrangements will eventually help RETAVERSE grow stronger and taller when it sprouts and begins to grow into a tree. Hopefully, all early holders will be able to taste the fruit when it becomes a huge worldtree that can be observed anywhere on the hill of Game-Fi.