We are making some adjustments to our Staking Rewards, which come to effect on June 14, 2022, @ 12:00PM UTC. Read on to find out more about the factors that led to this change, and how you can increase your $SIPHER Stash soon by continuing to be an Active Community Member!

Recap — What were our Objectives behind the $SIPHER Staking Pools?

Late last year, we launched our $SIPHER Staking Pools with two main objectives for our community in mind:

1. Ensure sufficient liquidity of our $ETH:$SIPHER trading pairs, so that the majority of our $SIPHER Token holders would be able to trade with reduced slippage, and
2. To reward our Community Members who purchased $SIPHER with the option to increase their Stash of $SIPHER through Staking, in anticipation of its use within our upcoming SIPHERIAN ODYSSEY Game (Hint — If you have not yet seen our Technical Pre-Alpha Gameplay Leak ).

What is Changing about the Staking Rewards?

Size of the Staking Rewards Pool

We are shifting 15 Million $SIPHER from the current Staking Rewards Pool to a newly created Community Rewards Pool that will be used to reward active community members.

Illustration of the change in the size of the Staking Rewards Pool

Monthly Distribution Size of the Staking Rewards

On June 14, 2022, we would have distributed 25 Million $SIPHER Tokens in Staking Rewards to our SIPHER Community, with a large portion already having been distributed to our Stakers who have locked in their Stake for longer periods of time, as part of our unique time-weighted staking system which you can read about here.

With the updated Staking Reward Pool of 35 Million $SIPHER Tokens, this effectively means that there will be 10 Million $SIPHER Tokens remaining to be distributed as Staking Rewards over the following 6 months (up until December 2022).

Illustration of the Monthly Distribution of the $35M Staking Rewards Pool

As a result of the adjusted pool of Staking Rewards, we will gradually alter the size of the monthly staking rewards over the next 6 months according to the following schedule:

Why are we Adjusting the Staking Rewards?

Over the course of the last 5 months, we have been actively monitoring the situation in our Staking Pools in order to ensure that we were on track with meeting our staking objectives, and we are happy to say that they have been largely met.

Achieved Objective 1: Sufficient Liquidity

As a community-first project, we have always endeavored to ensure that the largest portion of our community was not too impacted by slippage when looking to purchase or sell our $SIPHER tokens.

A large portion (92.5%) of our community members hold 10,000 $SIPHER or less, and that was the benchmark to which we held ourselves accountable in ensuring sufficient liquidity for trading.

As a result of the combined efforts of our Community Liquidity Providers and SIPHER, we have ensured that slippage for the majority of our Community Members remained manageable.

Furthermore, from on-chain data on:
a) existing trading volumes, and
b) wallet data from the majority (~80%) of holders not trading their $SIPHER tokens.

We are truly humbled to know that our Community Members believe in the long-term vision of SIPHER, and are with us for the long haul. Your actions certainly speak louder than words, and they give us the confidence and strength to keep “BUIDLING” and DELIVERING a WORLD CLASS gaming experience.

In light of the above, we believe that the current level of liquidity is sufficient for the smaller number of community members looking to take advantage of market movements to trade, and as such, we will be adjusting the Staking Rewards for LPs gradually over the next 6 months.

Achieved Objective 2: Increasing the $SIPHER Stash for our Community Members

In creating our $SIPHER Staking Pool, we also wanted to allow our Community Members to be able to increase their $SIPHER Stash in anticipation of the launch of our game.

Thus far, our Community Members who had staked $SIPHER Tokens for the maximum locked duration would be on track to earn around 50% more $SIPHER Tokens during the first 6 months, and we’re certainly looking forward to seeing what our Community Members will be doing with their heavier pockets in Sipheria!

While we’re extremely glad that we’re able to provide more $SIPHER to our Community Members via Staking Rewards, because this is the ONLY currently possible way to gain more $SIPHER, we had also inadvertently overlooked the promotion of slightly more ‘passive’ behavior within our Community.

We truly believe that SIPHER has the potential to be a vibrant, bustling hub of positive engagement, and by adjusting the Staking Rewards to create a Community Rewards Pool that rewards community engagement, in parallel with the adjusted $SIPHER Staking Rewards, we believe that we are taking one step forward in creating that special place for everyone here.

How can you benefit from the Newly Created 15 Million $SIPHER Community Rewards Pool?

The 15 Million $SIPHER Community Rewards pool will be used primarily to grow, engage and reward our Active Community Members.

For example, as part of the Ather Lab’s Dashboard, we will be launching some “Community Quests” in the following months to come. A portion of the 15 Million $SIPHER in the Community Rewards Pool will then be used to reward Active Community Members who complete these “Community Quests”.

While the mechanisms are subject to fine-tuning, we envision rewards could be issued to Active Community Members with an Ather Labs ID in the following way:

1 — SIPHER creates a new “Community Quest” with a $SIPHER Reward Pool on the Dashboard. (Example: A 10,000 $SIPHER Quest Reward Pool for the “Community Quest” for “Tuning in to Weekly Game Night”)

2 — A snapshot will be taken of the Community Members with Ather Lab IDs who completed the “Community Quest”.

3 — The $SIPHER Reward Pool will be distributed equally among all eligible Community Members. (Example: If 100 Community Members were eligible, each of them will be able to claim 100 $SIPHER each).

Closing Remarks

• Staking Rewards Pool will be adjusted from 50M $SIPHER Tokens to 35M $SIPHER Tokens, with a gradual adjustment in Rewards Monthly over the next 6 months. This decision was made as we have determined that the liquidity for trading $SIPHER is sufficient for the large majority (92.5%) of our Community.
• The remaining 15M $SIPHER Tokens will go towards the formation of a new Community Rewards Pool, which will be used to grow and reward active community participation, amongst other future community reward initiatives.

Thank you and see you in Sipheria!

From One To Many 

Enter Sipheria & be a part of our 350K worldwide community

Sipher Website: https://sipher.xyz

Sipher Official Links: https://linktr.ee/sipherxyz

We are actively hiring!

If you ♥ gaming and making great games, join us at Sipher: https://careers.sipher.xyz/

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Adjustments to Staking Rewards & Intro to Active Community Member Rewards was originally published in SIPHER on Medium, where people are continuing the conversation by highlighting and responding to this story.

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