Vesting Contract

Implementation of a Vesting Period for Future Hakka Rewards

In “HIP-20. Vesting period for mining reward” and “HIP-33. Implementation of the “lockup” or “vesting” period”, our community has voted for the implementation of a vesting period for Hakka mining rewards.

Currently, we deploy a new mining reward contract that performs the function of a vesting period.

VestingVault: 0x51F12323820b3c0077864990d9E6aD9604238Ed6

With VestingVault contracts, HAKKA rewards will be distributed under two vesting terms:

1. Withdrawal is allowed once per 19 days.

2. Around 17.38% of the reward can be withdrawn in each withdrawal.

For example, given that a HAKKA miner has mined 10,000 HAKKA by Jan 31st and no more new HAKKA will be mined, 1,738 HAKKA (17.38% of the total unclaimed 10,000 HAKKA reward) can be withdrawn on that day as the first withdrawal being submitted. Then, there will be a 19-days pending period. Another withdrawal can be submitted after Feb 19th to withdraw 1,435.94 HAKKA (17.38% of the total unclaimed 8,262 HAKKA reward). After another 19 days, the next withdrawal can be submitted, and so forth.

As another example, the above HAKKA miner has mined 10,000 HAKKA by Jan 31st and he keeps on mining HAKKA. 1,738 HAKKA (17.38% of the total unclaimed 10,000 HAKKA reward) can be withdrawn on that day as the first withdrawal being submitted. If he has mined another 10,000 HAKKA by Feb 19th, he will have a total of 18,262 unclaimed HAKKA at that time. The amount he can withdraw on Feb 19th will be 3173.94 HAKKA (17.38% of 18,262). After another 19 days, the next withdrawal can be submitted to claim 17.38% of the total unclaimed HAKKA by then.

Implementing this feature can stabilize the supply of HAKKA. The rewards distribution will be smoother, and the impact on circulation will be smaller. By doing so, we may align the interest of liquidity providers, users, and HAKKA holders to form a better and greater Hakka ecosystem.