GameFi Launchpad will apply new staking and unstaking policy to all IDOs held after December 14, 2021.
Note: This policy is no longer effective. Users may still claim their purchased tokens after participating in a pool, regardless of whether they retain or lose their GameFi rank.
Refer to the updated policy here: https://gamefi.org/insight/one-hour-refund-policy-on-gamefi-org-way-to-safeguard-community-investments
Since our official launch in October, the number of IGOs on GameFi Launchpad has steadily increased, and the competitiveness has risen as a result. GameFi also researched and got advice from our advisor team on policies and regulations that enable GameFi Launchpad and the GameFi ecosystem to develop and thrive.
Making adjustments is necessary to achieve our long-term goals. We want to introduce the updated $GAFI staking and unstaking policy in response to this.
- GameFi Launchpad users must stake $GAFI tokens and achieve at least Rookie rank to join IGO pools.
Check out the GameFi Ranking System HERE and staking guideline HERE.
- A user must retain their rank from when he purchased tokens in an IGO pool or rank up until the pool’s vesting period ends to preserve their right to claim the token in that pool.
- Suppose an early unstake decreases a user’s rank. In that case, a cooldown time will apply during which the user can cancel the unstake, reclaim their previous rank, and the ability to claim tokens purchased at that rank or below.
- The cooldown time, or withdrawal delay, is the period between when a user begins unstaking $GAFI on GameFi Staking and when they can claim the unstaked $GAFI to their wallet.
- Cooldown time is different for each rank.
▫️Rookie — 5 days
▫️Elite — 8 days
▫️Pro — 12 days
▫️Legend — 30 days
- During the cooldown time, the user rank will be recalculated based on the number of their $GAFI remaining staked on GameFi Staking.
- They will also be unable to re-stake or claim tokens in previously purchased pools at the previous rank or higher.
- After the cooldown time, users who purchase tokens in an IGO pool and then unstake from the contract, resulting in a rank decrease, will forfeit all future vesting in that IGO pool. Even if they stake an additional $GAFI to reclaim their rank, they will be ineligible to receive the future token releases they won.
- Users who participate in several IGOs at different ranks and then decrease their rank will be automatically eliminated from claiming in the corresponding IGO pools. For instance, if a user falls from Pro to Elite, he will be unable to claim in any pools in which he previously participated as a Pro but will be eligible to claim in pools in which he previously participated as an Elite or Rookie.
- To improve the user experience, GameFi will introduce the Unstaking Cancellation feature, which will enable users to reverse their unstake during the cooldown time.
- If the user cancels unstaking within the cooldown time, they revert to their previous rank and retain their eligibility to claim future token vesting.
- Canceling unstake and retaining rank is only possible for Legends if at least one Legend is vacant.
- Legends’ Monthly Auction timeline:
▫️Snapshot time — On the 23rd of the month
▫️Bidding period — From the 23rd to 25th of the month
▫️Benefit period — From the auction result announcement (within the 25th of the month) to the 25th of next month
- After the cooldown time expires, unless the user cancels the unstaking that resulted in their rank being decreased, the user will be unable to claim tokens in any pools bought at the previous rank or higher.
Updated Policy for LEGEND RANK
Legend users who decrease their rank due to unstaking or a monthly auction but remain at least 1,500 $GAFI staked are eligible to claim from pools previously purchased at Legend rank.
🔹 If a Legend is dismissed to Pro due to the monthly auction (currently Pro rank) and does not take any unstaking action, he/she can claim tokens of all purchased pools as usual.
🔹 If a Legend is dismissed to Pro or lower rank due to the monthly auction, then unstake and their staked $GAFI is less than 1,500 $GAFI, he/she cannot claim their purchased tokens when being a Legend.
🔹 If a Legend is staking 1,600 $GAFI then unstakes 50 GAFI (1,550 $GAFI remain staked), they can still claim their purchased tokens even when their rank is demoted to Pro at that time.
- A user will get a refund if they lose all future token releases in an IGO pool due to an unstake lowering their rank. The refund is calculated based on the number of tokens left in the pool, which they are not eligible to claim, and the token’s IGO price.
- Within the last three working days of the month that the user lost their ability to claim, this refund will be airdropped directly to their wallet address.
- The forfeited token vestings will be redistributed to the GameFi Development fund, further developing the GameFi platform and ecosystem.
Scope of application
- This staking and unstaking policy will also apply to seed and private pools (if any). However, the refund (if any) will be calculated according to the seed or private price, respectively.
- This policy does not apply to community pools where participation is not restricted by rank.
- Additional event pools created upon the project’s request or GameFi’s marketing campaigns will have their own set of regulations.
- This policy is applied and officially takes effect on December 14, 2021, for participants in all pools offered on GameFi Launchpad.
- This policy does not apply to pools sold before December 14, 2021. Users who joined these pools can regularly claim their purchased tokens.
GameFi.org is an all-in-one discovery hub for games and metaverses. We aim to build digital communities and manage virtual economies for mainstream adoption. GameFi.org offers a suite of solutions covering the entire games and gamified projects lifecycle, following a vision of one digital platform, one virtual identity requiring zero blockchain knowledge. Visit https://gamefi.org/ for more information.
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