🎖️Season 2: StakeRank
TL;DR
Season 2 has already begun, running from March 15 until June 30
StakeRank begins March 25, 2024
StakeRank gives users a boosted loyalty points reward for staking longer with ether.fi
5% of total ETHFI token supply will be allocated to Season 2
Rules
StakeRank is a level system with 8 levels or "Ranks"
Users advance 1 rank level every 100 hours of staking their ETH with ether.fi
Each rank level has a progressively higher loyalty points rate boost
Your staking balance needs to be above 0.1 eETH to continue to advance ranks
Users who participated in Season 1 start off at Rank II
Rank boosts will range from 1x - 2x (subject to change)
Ether.Fan NFT holders are automatically levelled up to Rank III
This applies only once per NFT holder
In transitioning to Season 2, the protocol aims to recognize Season 1 participants without disproportionately allocating Season 2's airdrop to them. To achieve this, there will be an increase everyone's loyalty points accumulation rate by 10x. While this dilutes old points, they will still count, subject to conditions below.
All eETH and weETH, whether held or in DeFi positions, including Liquid, will be treated the same for StakeRank.
Conditions
Users who withdrew their ETH or mostly withdrew their ETH, their Season 1 points won’t earn them a Season 2 airdrop unless they stake additional ETH during Season 2.
Users who withdraw within 5 days before the end of Season 2 will not be eligible for an airdrop.
Any blatant sybil attempts or manipulation attempts will result in no airdrop
FAQ
What about Pendle YT?
This will work exactly as it did during Season 1. Your StakeRank will also apply if you hold a YT position in Pendle.
What will happen for Pendle pools which will mature on 25th April? People will not own any YT-eETH because the value will come to 0.
As soon as you have < 0.1 eETH / weETH in any DeFi protocol position, your rank will reset
Why the 10x points rate increase?
To provide some advantages to season 1 stakers, which is why all season 1 participants are starting at rank 2 and starting with a balance of points.
However, the protocol does not want to discourage new stakers or season 1 stakers to continue staking and is therefore increasing the rate of loyalty points to dilute existing point balances.
I’m in a few DeFi protocols that aren’t currently being tracked, are the points for those going to be granted retroactively?
Yes
Can my combined positions (e.g., weETH + eETH) equal 0.1 eETH to eligible for StakeRank?
Yes.
What’s happening with badges?
There will be a whole new set of badges for season 2!
When did Season 2 start? When did StakeRank start?
StakeRank starts March 25, 2024, but loyalty points 10x starting March 15
If users only stake on Ether.fan, are they still eligible for Season 2?
Yes, as long as they do so through Season 2.
Why are all ether.fan NFT tiers treated the same for StakeRank?
At this time, all ether.fan NFT holders have the option to claim Platinum tier. For the purpose of this event, however, we do not feel the need to force them to upgrade. We believe this is the easiest, most gas-sensitive way to honour NFT holders. Note: for all other non-StakeRank-related purposes, membership tiers continue to work the same as before–no changes made.
If user has 2 or more NFTs, will they get an additional Rank or will they just stop at Rank III for NFT?
They’ll receive just the one rank boost, not one per NFT.
I have a considerable amount of loyalty points from Season 1. I don't intend to withdraw any of my eETH. If in June, the current amount of loyalty points still represents more than 70% of my points, will I be left out?
If by the end of Season 2, your total points meant that 70% of them came from what you accumulated in S1, you would not be eligible. However, the base rate of loyalty points will increase by 10x in S2. Staking in S2 should mean that your new points balance should greatly outweigh the number collected in S1. That’s a long way of of saying that Season 1 stakers were recognized in Season 1. Season 2 will recognize stakers that are active in Season 2.
StakeRank rules and conditions are subject to change.
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