Multi-tiered BANK staking

I believe the Algofi protocal and the dev team behind it are the best on Algorand. Due to that belief and having a substantial amount of my net worth in the protocol, I locked my whole BANK airdrop up for 4 years. I’d like to keep adding my BANK rewards to my voting power, but I don’t want it all locked for 4 years. It would be great to see different options of staking for the same wallet.

For example…user locks 20,000 BANK for 4 years. Over time the user accumulates another 10,000, but doesn’t want them committed for that long. The only choice they have now is to hold, add LP or sell. It would be great if the option existed to split that up and be able to stake for 6 months or 1 year. This allows the user to put the BANK to work, but also allows them to unstake some sooner if the need for liquidity arises.

I brought this up as a comment in another thread, but I wanted to get further discussion going and get some dev feedback on the feasibility.

8 Likes

AlgoFi is delivering and one of the best in the Algorand ecosystem. I m also bullish on AlgoFi and since its free and given by the team I have locked in mine till 2025 to show support! However, same issue I m still getting 5 digits BANKs per day but don’t want to lock it for that long and your suggest is top notch!

1 Like

Need to think about this more but I think probably yes I agree this would definitely be better (why wouldn’t we want to give users more optionality right), but technically it would be pretty challenging for a number of reason (current system is very simple, 1 amount, 1 unlock time). I will think a bit if there is a clean way to do this. Might be a couple weeks before I come back on this (many things on our plate right now), but this would be a longer term project anyway so not a huge rush.

5 Likes

I see that @pcolella already gave you the dev perspective. I will simply point out that in the mean time there is a workaround, albeit imperfect. You can lock BANK for different terms on separate wallets and allocate your liquidity for max boosts accordingly. I already had a couple wallets using Algofi so its trivial to set up although not ideal.

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You could just transfer your bank to a different wallet and lock it for a shorter period of time and delegate your vote for that address to you primary wallet address.

2 Likes

I think @VinnyDeta has the right answer here. It’s easy and very low cost to create wallets on Algorand. Create another wallet. Send your BANK to that wallet and then lock it in for a shorter time period.