Changes to the Swingby pre-staking economics

Today the Swingby pre-staking rewards have been reduced from 52% APR (67% compounded) down to 30% (34.8% compounded).

Swingby Pre-Staking

The aim of the pre-staking program was always to help distribute the Swingby token to loyal holders, who will eventually help to secure the Skybridge network by operating their Metanodes. Now that the ability to run a Metanode is available, we want to try to encourage existing pre-stakers to start running their own Metanodes.

We have always publicly stated that for every bridge that we launch, we will cut the pre-staking APR in half, and now that the BTC to Ethereum bridge is live we want you all to help us secure the network.

To help justify the hardware costs of running a Metanode, in the early stages of the launch, Metanode operators will continue receiving 52% APR. As the BTC to Ethereum bridge processes more volume and the rewards generated from the network alone are enough to justify these costs, then the APR will be reduced for Metanode operators also.

FAQs

Why have you reduced the pre-staking?

Will you drop it again in the future?

When will this become active?

I run a Metanode, how will I receive my 52% APR?

How will this affect the token?

  • The reduction of pre-staking APR means that there will be less consistent sell pressure on the token.
  • By incentivizing community members to migrate from pre-staking to Metanode operation, significant buying pressure may enter the market since 150k Swingby tokens (minimum) are required to run a Metanode.
  • Token holders that held the token specifically for the high APR may be likely to sell if they are not interested in running a Metanode to continue earning 52% APR.

Will Staking providers such as Bitmax also reduce the APR?

Want to trade Swingby? Check us out on CoinGecko or CoinMarketCap.

Get Rewards! Stake your Swingby Token to earn up to 30% annualized (34.8% compounded) in rewards, airdropped to your wallet weekly. Use the Staking Portal or BitMax.

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