What’s new in Staking v2
Last updated
Was this helpful?
Last updated
Was this helpful?
We launched the first version of PDT staking in October 2022. The final reward epoch for v1 concluded on August 27, 2024—this contract is no longer funded with rewards, and we’ve decomissioned the user interface. Staking v2 launched on September 4, 2024, following a successful governance vote on the proposal . While there are many similarities with v1, there are also a number of key differences.
Differences
Minimal transaction costs on Base. Staking v2 is deployed on Base, whereas v1 was on Ethereum mainnet. This significantly reduces transaction costs for users, makes staking accessible to smaller holders, and aligns our ecosystem more closely with Parallel’s ecosystem.
No multipliers. We’ve simplified staking and made it more equitable to all users. We’ve removed unsustainable, uncapped multipliers that favor only long-term holders and disincentivize unstakes. All stakers are equal in v2.
Flexibility for multiple rewards. Staking v2 allows us to add multiple reward tokens to the contract—v1 only allows for PRIME.
Partial and mid-epoch unstakes. The new contract allows you to unstake any amount you want, at any time you want. You’ll still be eligible to receive any rewards accrued during that epoch. In v1, unstaking meant removing all of your tokens, and foregoing that epoch’s rewards.
Receipt token (stPDT). In v2, you’ll receive an amount of stPDT (non-transferable ERC-20 receipt tokens) for the amount of PDT you staked. These represent your stake and your claim to rewards. Through community governance proposals, contracts can be whitelisted for transferring stPDT—enabling future possibilities for wrapped staked tokens, auto compounding vaults, collateralized loans, etc.
Reward expiry. In v2, user rewards left unclaimed for 2 years are considered “Expired” and can be reclaimed by ParagonsDAO for redistribution into the contract, ensuring rewards are not wasted. The expiry time frame can be adjusted through community governance proposals.
