$NFT Staking Update & Fee Structure Governance Proposal Postponement

$NFT Staking Update

Yesterday, February 10, 2021, marked 90 days since we launched our first staking contract for $NFT holders. This means that those who deposited to the contract when it was first launched are now eligible to withdraw their $NFT tokens without forfeiting any staking rewards to the forfeiture pool. Those who deposited at a later date are eligible to keep their $NFT tokens staked and continue to accrue rewards until they’ve reached their respective 90 day maximum threshold. Stakers may also withdraw at any time and be subject to the terms of withdrawal and forfeiture indicated in the original staking proposal.

In order to determine whether your $NFT tokens have been staked for 90 days, go to the staking page and click on the ‘i’ button next to TOTAL DEPOSITS in the MY NFT box at the top of the page. A box will appear indicating the date and time of your deposit. Make sure that a full 90 days from that date and time have passed. Then confirm that the amount listed in MY EARNINGS is 10% of the amount displayed in MY STAKED TOTAL. If both of these conditions have been met then you have met the 90 day maximum threshold for the staking contract and may withdraw your staked $NFT balance and accrued rewards without forfeiture penalty.

When all tokens have been withdrawn from the current staking contract we will announce details regarding the next staking contract.

Fee Structure Governance Proposal Postponement

It was brought to our attention yesterday that, because the fee structure governance proposal was published before $NFT stakers had a chance to withdraw their tokens from the current staking contract, approximately 6.77 million $NFT tokens were not represented in account balances when the snapshot was taken for the governance proposal and thus not eligible to participate in the governance vote according to the parameters of our current Snapshot strategy.

Because it is important that such a significant portion of the circulating supply of $NFT be eligible to participate in the governance proposal, we are going to need to postpone the fee structure governance proposal.

We will will proceed by implementing what the team considers to be the most lucrative NFT DEX fee structure and will give $NFT holders an opportunity to change the fee structure by way of a governance proposal at a later date when all tokens have been withdrawn from the current staking contract and once we’ve been able to rewrite our Snapshot strategy to account for staked $NFT token balances. It is essential that those who are staking their $NFT tokens are also able to leverage those tokens in our governance procedures.

We apologize for this oversight in how our Snapshot strategy is currently structured and look forward to bringing a fee structure governance proposal back to you in the future.

~The NFT Protocol Team