Hello Cardano family! In this blog post, we’re excited to introduce the Coinecta FISO details, along with a comprehensive overview of our upcoming FISO dashboard and the criteria guiding our selection of staking pools for the Coinecta FISO.
- Choosing FISO over ISPO
- Dates & Duration
- Rewards & Allocation
- Stake Pool Criteria
- Supported & qualified pools
- FISO Dashboard
- How to participate
- Final Remarks
Let’s first briefly explain why we chose to host a FISO rather than a typical ISPO.
What’s the reasoning behind choosing a Fair Initial Stake Pool Offering instead of a regular ISPO?
The choice of a Fair Initial Stake Pool Offering (FISO) for $CNCT is primarily based on a passionate and strong dedication to supporting and encouraging the decentralisation of the Cardano blockchain, as well as supporting small single stake pool operators. A FISO offers a more unique and equitable strategy than ISPOs, which may remove delegation from current stake pool operators (SPOs) for financial benefits.
It’s important to highlight that Coinecta does not gain direct financial advantage from this approach of hosting a FISO. Instead, it serves as a strategic method to increase engagement and create marketing for the project. The other primary objective of FISOs is to distribute more stake to smaller, independent stake pool operators, fostering a stronger Cardano ecosystem.
Additionally, let’s highlight that the Coinecta treasury won’t be gaining ADA rewards from the FISO staking. Delegators will continue to earn their regular ADA staking rewards alongside $CNCT tokens as a bonus.
FISO Dates and Duration:
On November 11th, the FISO will officially begin. It is not necessary for you to be staking on those specific pools before; whether you stake on the 15th or earlier, the prizes will be determined using real-time stake tracking.
FISO Start: 11th November Stake between Nov 11th to 15th (Epoch 448) to be counted in Epoch 449
Duration: 10 Epochs (~ 2 Months) 449 to 459 (ending January 10)
FISO Rewards & Allocation:
In total 1,600,000 $CNCT tokens, %2 of the total supply will be rewarded to the FISO, over 10 epochs which are equal to 50 days.
The FISO rewards will be distributed to all staking participants three weeks after the DEX LP pool is created.
Total allocation: 1,600,000 $CNCT, 2% of total
Delegators are awarded a total of 1,600,000 CNCT tokens, a distribution of 160,000 CNCT per epoch.
The individual allocation is calculated by dividing an individual’s stake by the total live stake across all active stakepools in a given epoch.
FISO — Stake Pool criteria:
Our goal is to support single-stake pool operators and decentralisation, as previously said, which is why we set up the following criteria for accepted SPOs:
- Single stake pool operator
- Pool size: min. 100k ADA
- Minimum pledge: 10k
- Margin: less than 5%
- Active socials & engagement
However, we would also like to support some other pools that have been supporting us from the beginning with marketing materials, advice, content, and engagement across our socials.
As a result of this, we’d like to select a few additional pools on top that may not meet this requirement. This decision was made in order to be fair to those who have shown their support over the last few months.
We want to know what the community thinks about this choice — whether it’s fair or if there’s anything we could do differently.
Supported & qualified Staking pools:
Initially, there will be 10 stake pools available in the upcoming $CNCT FISO, with an additional 10 stake pools on the reserve list. When any of these pools (except the additional pools mentioned above) reach a total delegation of 5 million ADA, we will extend an invitation to another pool from the reserve pool list.
Currently, we’ve received an impressive 85+ applications from pools applying to be part of the $CNCT FISO. Our selection process will be guided first and foremost by our pre-set criteria. Additionally, we’ll evaluate the support and assistance that each stake pool can offer in terms of marketing, and also take into consideration factors like the type of stake pool (such as a charity pool).
All successfully chosen pools will be announced alongside the launch of our FISO dashboard this week.
This unique dashboard will give you access to tracking all supported staking pools, as well as monitoring your individual $CNCT rewards.
Here is a preview of our upcoming FISO dashboard (note that the pool selection was simply used for testing purposes):
In the upcoming week this dashboard will display all 10 selected pools with their data and all other important data about the upcoming FISO.
How can I participate in the FISO?
You can simply participate in the $CNCT FISO by staking your ADA in one of the supported pools that will be announced next week on our dashboard, while getting the full ADA reward + a bonus of CNCT tokens.
In wrapping up, the Coinecta FISO represents our commitment to Cardano’s decentralisation and the empowerment of small stake pool operators. Deciding for a Fair Initial Stake Pool Offering over a conventional ISPO aligns with our mission to support single pool operators.
This week we will launch the FISO Dashboard along with some partnership announcements as well as features on our platform.
Stay tuned. Thanks for reading, see you next time.