Fundamentals of Ethereum Yield Stake (ETHYS)
The cryptocurrency space has seen a lot of innovations in recent years, one of these innovations is the less resource-intensive alternative to mining, the crypto terminology called staking.
Staking cryptocurrency means that you are holding cryptocurrency to verify transactions and support the network. In exchange for holding the crypto and strengthen the network, you will receive a reward. You can also call it an interest. With staking you can generate a passive income by holding coins. Besides that you receive a reward (in the form of extra tokens), you can earn extra when the coin increases in value.
With this we move to ask the most important question;
What is Ethereum Yield Stake?
Ethereum 2.0, also known as Eth2 or “Serenity”, is an upgrade to the Ethereum blockchain. The upgrade aims to enhance the speed, efficiency, and scalability of the Ethereum network so that it can process more transactions and ease bottlenecks.
Ethereum Stake (ETHYS) is a staking coin that was designed to help users better reap the benefits of Ethereum 2.0. ETHYS exists within the Ethereum Yield ecosystem, and like it also implements pump-e-mental concepts to protect price and punish weak-hands. Ethereum Stake is a subsidiary project of ETHY aimed at bringing new ETH2.0 and staking opportunities and benefits to ETHY Holders.
The ETHYS pre-sale started on Saturday the 28th of November and ran through to Monday the 8th of December at 6pm UTC. 100,000 ETHYS were distributed until the 4th of December when the price rose to be 0.015 ETH.
Details of presale are listed below:
- Pre-sale started: 11/28/2020 @ 5:00pm (UTC)
- Price discount ended: 12/04/2020 @ 5:00pm (UTC) 0.015 -> 0.02 ETH per ETHYS
- Pre-sale ended: 12/08/2020 @ 5:00pm (UTC)
- ETHYS was listed on Uniswap: 12/08/2020 @ 6:00pm (UTC)
- Coingecko listing: 12/08/2020–12/08/2020
- New ETHYS LP Farm: 12/08/2020–12/08/2020 — For ETH-ETHYS LP tokens
Staking
There are two fundamental types of staking with Ethereum Stake, each is implemented slightly different and offers unique rewards.
- Strong Hand Staking — You can stake tokens like ETHYS or ETHY, in the strong hand contract to receive rewards. Strong hand staking is designed to provide price stability to ETHY ecosystem assets, it's a method for distributing fees collected from the weak hand tax to those who have strong hands. Rewards are in the form of ETHYS and ETH.
- Validator Staking — ETH 2.0 will see the proof-of-work Ethereum network, slowly migrate to proof-of-stake. Instead of miners validators will stake their Ethereum to mint new blocks. The minimum deposit required to become a validator is 32 ETH. ETHYS will provide a pool that allows users to band together to become validators and bring validation rewards to the ETHY ecosystem. Rewards are in the form of ETHYS and ETH
How to Purchase ETHYS
You can purchase using the micro-dapp on the home page. Enter the amount of Ethereum you want to deposit (Note: the button below will update the relative amount of ETHYS). Click Purchase, If you have not yet connected your wallet please do so first. Wait for your Purchase transaction to be confirmed then your claimable ETHYS balance will appear in the upper right corner of the site.
Reload the page if you don’t see your claimable balance.
Alternatively you can also purchase by sending directly to a PRE-SALE address, be sure to set a custom a gas limit of over 150,000.
Please note that this road map is likely to change as more feedbacks are gathered from the community of holders.
ETHY vs ETHYS
The first important thing to note is that this coin, ETHYS, does not compete with ETHY, in-fact, they are sister coins, part of the same project: Think of ETHYS as an expansion pack on the ETHY project.
In simple terms:
- ETHY is a farming platform
- ETHYS is a staking platform, ready for Ethereum 2.0
Because of the transfer fee, the ETHY project (including ETHYS) is often compared to CORE. Although these projects have some similarities, there a number of fundamental differences between CORE and the ETHY/ETHYS project. Below is listed some of the advantages we think this project has over other alternatives like CORE:
- PLATFORM:
- ETHY aims to be a platform for projects. For new projects it provides extra incentives for users to provide and lock liquidity, making things more stable for all.
- ETHYS aims to be a staking platform, allowing new projects exposure, and to incentivize users to HODL by staking.
- CORE is not a platform.
2. ETH 2.0:
- In 2021 ETHYS will expose the ETHY project to Ethereum 2.0 profits. Users will be able to deposit any amount of ETH to participate in Ethereum 2.0 staking and validation. A percentage of the ‘mining/validation’ rewards will be redistributed to ETHY/ETHYS holders.
- CORE has no plans for ETH 2.0 validation.
3. NO SUNK COSTS
- To earn with CORE users must deposit tokens that can never be withdrawn, in the hopes that they will eventually make back there initial deposit from mining fees.
- To earn with ETHY/ETHYS users deposit there tokens for a limited time. At the end of their deposit period, users can reclaim there tokens avoiding the strict sunk costs that CORE users incur.
4. CAPPED FEEs
- ETHYS transfer fee can is capped at 10%.
- CORE transfer fee can theoretically be set up to 25.5%.
- ETHY transfer fee can theoretically be set up to 25.5%.
5. VISION
- Just like with the launch of ETHYS to support ETH 2.0, and binance chain integration the ETHY project will continue to be ambitious and take necessary steps to grow.
- Despite existing for a longer time the CORE project has not made any large changes or improvements to the protocol.
Coingecko Listing
ETHYS was listed on CoinGecko on the 8th of December, 2020, with a start price of $10. The ETHYS trading volume was as 10 million+ USD: https://www.coingecko.com/en/coins/ethereum-stake
Contracts
Source codes can be obtained from Etherscan.
- Address for Pre-sale: 0x052Cd7423B54D18c97847c0B5c73Abcb8CF6bF5B
- Address for Token: 0xD0d3EbCAd6A20ce69BC3Bc0e1ec964075425e533
Uniswap Listing
ETHYS was listed on UniSwap on the 8th of December, 2020: https://app.uniswap.org/#/swap?inputCurrency=0xD0d3EbCAd6A20ce69BC3Bc0e1ec964075425e533
Farming ETHYS
ETHYS-ETH Uniswap liquidity tokens can be farmed exclusively on ethereumyield.farm to gain added ETHY rewards:
Farming secures liquidity for all users, Liquidity providers receive added ETHY rewards for locking tokens on top of their normal LP fee rewards! You can farm from: https://taxless.ethereumyield.farm/
ETHYS Development over time in one picture…
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