Poll

Should we Create a Restaking Function in the Staking Contract for Compound Interest?

Yes
6 (40%)
No
4 (26.7%)
Yes, but i want more transparency
3 (20%)
No, and i still want more transparency
0 (0%)
Other, Comments
2 (13.3%)

Total Members Voted: 15

Voting closed: January 02, 2021, 04:02:00 am

Author Topic: YFDFI-IP 3: Automagically ReStake Earnings  (Read 678 times)

futjrnaut

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YFDFI-IP 3: Automagically ReStake Earnings
« on: December 03, 2020, 04:00:44 am »
Hello,

something that I've desired is compound interest.

if we can create a function whereas the user allows for the restaking of the interest automatically

we can market a 'Set it and Forget It' Interest Bearing Savings Account

this might require a new staking contract which would be a pain. if not, then if its a good idea let me know :)
« Last Edit: December 03, 2020, 04:03:05 am by futjrnaut »

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Rmcp

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #1 on: December 04, 2020, 03:09:39 am »
Oooh yeah I like that!

gregory

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #2 on: December 04, 2020, 10:41:24 am »
It's definetely a great idea, i have no idea how does it look like from the code side though.
Even if we can't get it done like you proposed, maybe it would be nice to have something like compound calculator, where you just can type in your initial number of coins staked, choose the length of staking period + compound frequency and quickly get an idea which period would ideally suit the amount of $YFD you actually hold. I think it may help some people to realize the effectiveness of periodical rewards' claiming. I'm guessing some of us may not be doing it as good as it's possible or even don't claim rewards every week or so.

Spart

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #3 on: December 05, 2020, 04:34:59 pm »
It's a good idea but probably have the option to opt-in/opt-out on restaking since not everyone may want to do so. I'm fine with it, just don't want to have to pay 30 ish bucks to re-stake what I've earned...
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futjrnaut

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #4 on: December 05, 2020, 09:15:13 pm »
It's a good idea but probably have the option to opt-in/opt-out on restaking since not everyone may want to do so. I'm fine with it, just don't want to have to pay 30 ish bucks to re-stake what I've earned...

exactly

this would require a new smart contract and a new audit though and would lead to the necessity to migrate like YFDAI had to, that was less than elegant and cost $$$

I would say since the staking rewards run out in April theres less time to change over and then migrate so maybe this is a mootpoint but adding it to the farming contract would be pretty nice.
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Bitcoin_Pr0

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #5 on: December 06, 2020, 04:15:59 pm »
Agree.  Adding it to the farming would be better, I concur.
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lohitcp

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #6 on: December 07, 2020, 08:41:40 am »
Yes, I agree with above proposal. Let current staking run as it is. Compounding can be included for liquidity farming.
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Reza123

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #7 on: December 07, 2020, 10:37:08 am »
I don't know 😳

Reza123

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #8 on: December 07, 2020, 10:38:15 am »
I don't know 😳
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DJcrypto12

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #10 on: December 07, 2020, 07:47:08 pm »
I am happy with the way staking is

freakie

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #11 on: December 07, 2020, 10:25:54 pm »
it will be a good to have function to restake the earnings. Of course, it would be even better if individuals have the options to choose if they wish to restake the earnings or not to.

tyoder

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #12 on: January 08, 2021, 04:12:49 pm »
Yes! But with more transparency.

guest126

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #13 on: January 12, 2021, 02:36:49 am »
Yes it should be must.One more thing that we can market.

DCB

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Re: YFDFI-IP 3: Automagically ReStake Earnings
« Reply #14 on: January 15, 2021, 01:16:12 pm »
I like the proposal myself but I also think it would require new smart contract and audit? If so I vote no. If not too much involved I vote yes.