Hololoot Staking Migration: An Update on Fees

Earlier this month we announced that our staking program would migrate to MyCointainer, a platform purpose-built to facilitate token staking. As we outlined in our original post, we believe that this will ultimately result in an improved staking experience for everyone.

First, we’d like to thank everyone for their patience and understanding while we migrate. Most of our stakers have already made the move to MyCointainer and are earning passive rewards in both $HOL and $PIXEL. If you haven’t yet, make the move today — the staking frontend will be removed on November 18 (after this time you will still be able to unstake by interacting directly with the staking pool smart contracts). Remember that this option is for advanced users! We will not support this process.

Throughout this process, we’ve been listening to your feedback. In particular, many of you have raised concerns about the 5% transaction tax that is automatically applied when transferring tokens on-chain. As we are requiring users to move tokens, it seems unfair to penalize them for doing so.

After listening to your concerns, we have decided to refund the transaction taxes collected from transfers to MyCointainer.

The refund will be available via a claim form that we’ll release on November 18. All you’ll need to do is fill out some details, including wallet and transaction receipts, and we’ll process the refund on our end. The claim form will be open for a few days until November 20 on our Discord channel.

Once we’ve confirmed the destination wallet addresses with MyCointainer, we’ll begin processing the refunds. We expect these to be completed the week beginning November 21.

The transaction tax is an important part of our tokenomics and allows us to keep inflation in check. All collected taxes are routinely burned, and after this refund period, this process will continue as before.

We’d again like to thank you all for your patience and feedback while we move our staking to MyCointainer. As we’ve stated previously, we believe that this will not just ensure a better staking experience for our existing holders, but also expose even more potential users. You’ll soon be able to swap FIAT for $HOL directly through MyCointainer, making it easier than ever to get involved in Hololoot.

To recap:

  • The staking frontend will be removed on November 18
  • Today at 13 UTC we are temporarily turning off fees on the smart contract
  • We decided to refund the transaction taxes collected from the transfer to MyContainer and for splitting the LP Cake HOL/BUSD pair.
  • The refund will be available via a claim form that we’ll release on November 18
  • We expect refunds to be completed the week beginning November 21

Keep an eye on our announcements for more updates, particularly around November 18 when the claim form is released.

The Hololoot Team

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