By: Geeq on Aug 22, 2023
While Geeq has always been happy to offer staking to our supporters, we are making some changes to our pools. We have come to this decision for a number of reasons:
- Due to the current token value, we would need to allocate more tokens than anticipated to staking pools and rewards.
- While most Geeq holders were satisfied with the pools and APYs, some felt that staking was inflationary due to the number of tokens being rewarded.
- We adjusted our tokenomics at the beginning of this year. We want to avoid further revision, which would likely cause confusion and uncertainty. However, a revision could have become necessary to sustain current APY levels if the market were to contract.
As a result, the APYs for the staking pools will be reduced as follows:
- Ascendex Exchange – 18% to 15% (with compounding removed)
- Kucoin Exchange – 18% to 15%
- Geeq web staking – 20% to 15%
- Geeq LP Web staking – 100% – 80%
These changes will take place at the start of the new webstaking pools on the 29th of August and from the 1st of September on Kucoin & Ascendex exchanges.
Having listened to feedback from many Geeqs throughout the community, we believe that this is the most prudent and sensible way to ensure that we can continue to offer staking to our token holders and supporters.