MIP-19 Upgrading to staking V2

The Merit Circle DAO staking module was always designed to evolve. This proposal seeks to implement the first upgrade to the current (v1) staking module, into staking v2. The planned overhaul will increase the options, flexibility and longevity of the staking module. The contours of this proposal are based on the lengthy forum discussions and several polls that have taken place within the Merit Circle community. This proposal also seeks to introduce a yearly staking policy poll, to adjust a set of fixed parameters for each year thereafter.

This proposal aims to set a hard number for next year’s MC subsidy (currently 10% for year one) and the bonus multipliers for stakers in the governance module.

The proposal further aims to allow for staking rewards in the form of airdrops, potential other forms of rewards, bonus and discount tiers on Merit Circle DAO products, but makes no hard promises for this. The DAO can (re-)evaluate and decide to overturn any of these reward mechanisms or, on the contrary, make specific proposals to expedite specific benefits for stakers.

Staking v1 will be phased out and fully ended once the deposit of the last staker under staking v1 has been unlocked. Deposits in v1 will be disabled once v2 is live. Staking v1 stakers will only be able to withdraw their holdings when their stake has unlocked, at which time they can decide to stake in v2 or use their tokens otherwise. The same applies to those locked rewards that unlock 12 months from the moment of claiming. This applies to both the single staking pool ($MC) and the LP staking pool ($MC/ETH). Both pools will be replaced with v2 pools, a v2 single $MC pool and a v2 LP $MC/ETH pool.

Do you agree with everything inside the proposal?