TAO Update (Locked Staking Migration) — 30th June 2021

TaoDAO
2 min readJun 30, 2021

If you haven’t seen the news yet, TAO is undergoing a revamp and pivot in direction. We are moving to Arbitrum and no longer being an algorithmic stablecoin.

TAO is becoming a DeFi Asset Management Ecosystem.
You can read more on our website
https://www.taodao.finance/

The team is working on the protocol and we will release our new goals and specifics in the coming weeks and months. Our discord is our most active channel to ask questions and follow updates.

Right now we just want to give a quick update for all $TAO holders. If you are currently holding or staking TAO please continue to read.

Locked Staking

On Wednesday 7th of July, new staking contracts which allow for locking will be deployed. The current staking contract will be deprecated so users staking now will have to migrate to a new staking contract. This new contract will have a new sTAO token associated with it which allows us to lock. Staking rewards will be stopped for 24 hours whilst people move over to the new staking contract after which they will resume as normal and users can then lock their sTAO, whilst still receiving rebases. Those who stay in the old staking contract will receive no rewards.

Migration

Migration will be carried out via an airdrop where the distribution of the total supply on BSC TAO will be translated into the new circulating supply on ETH L2. This circulating supply will be 30% of the new total supply.

Those who lock their sTAO will receive 4x the airdrop compared to those who have not locked. The date of the snapshot will not be announced until after it has happened in order to prevent any gaming and manipulation.

Early Participants Program

Those who held TAO during the 90th epoch (BLOCK 7725600), and are still holding now will receive an extra airdrop during migration which will amount to 100–200% extra airdrop. This is subject to the distribution of eligible early participants during our snapshot.

Based on a recent snapshot, an 100% extra boost for early participants will amount to 4% of the new supply airdropped to early participants and the other 26% distributed across non-early participants. This is subject to change depending on the distribution of the final snapshot, however, the total will always be 30%.

This boost will be additive, not multiplicative. For example with an early participant boost of 2x, and a locking boost of 4x, the total boost will amount to 6x not 8x.

Those who hold LP tokens and are eligible for the early participant program should direct message the team in the discord. (Confucius)

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