Regarding New Reward Change Model for Odin Holders
& Additional Features
Dear Asgardians!
As we previously announced, the Odin reward change was set to take place in a few hours (Feb 8th 00:00 (12AM) UTC). The goal was to implement this change in the current contract without affecting currently-accrued rewards in the dApp. In our past January update, the unclaimed rewards were unexpectant cut based on the reduction in the new reward model. The developers have been working around the clock the past several days to try to find a way to make that not happen, but after extensive testing, the devs have concluded that the limitations of the current smart contract will not allow a reward reduction that does not also affect the pending rewards. That is, the reward reduction will cause unclaimed Odin rewards to be cut.
This is one of the many reasons why we CANNOT wait to introduce our new smart contracts.
To mitigate the adverse effects caused by the contract limitation, the Odin update will be pushed 24 hours and scheduled to be implemented February 9th 00:00 (12 AM) UTC to allow Odin holders to claim before the update.
What will happen with the Odin update:
- All unclaimed Odin rewards will be reduced by 63%
- New Odin Reward model (i.e., reward rate of 1.02 $THOR tokens/day) will go into effect.
What will happen leading up to the Odin update:
- Odin claim tax will be set to 10%, giving everyone a reduced tax to claim before update goes into effect
- There will be an announcement when this claim tax reduction is live (within the next couple of hours).
Odin Model Announcement Updates/Details:
1. As stated above, we will be DELAYING the Odin rewards model update by 24 hours and will now be implemented February 9th 00:00 (12AM) UTC, providing everyone an opportunity to claim. Starting now, all Odin rewards will be taxed at 10% claim tax rate INSTEAD OF THE NORMAL 25%. THIS GIVES EVERYONE 24 HOURS TO CLAIM ANY PENDING REWARDS, if they so choose. You are not required to claim, but you will lose ~63% of your pending Odin rewards if you do not claim.
WE WILL REIMBURSE ANY INDIVIDUALS WHO ARE UNABLE TO CLAIM WITHIN THE 24 HOURS THEIR ODIN TOKENS THAT ARE LOST DUE TO THE REWARD RATE REDUCTION — NO ONE WILL LOSE ANYTHING.
DISCLAIMER: REFUNDED THOR TOKENS WILL BE TAXED 10%.
If you missed our previous announcement, here is the new rewards model:
2. This change does not affect the reward rates or claim taxes of ANY other node tiers (i.e., Thor, Freya, or Heimdall).
We ANTICIPATE having the new contract rolled out by the time the Thor reward rate is cut, but if not, we will implement a similar process. Same with Freya and Heimdall. For those node tiers, the reward rates and claim taxes will remain at their current rates for these tiers until the previously-announced reward rate reduction dates and times.
REWARD CHANGE SCHEDULE (00:00 (12AM) UTC):
- ODIN — February 9th
- THOR — February 14th
- FREYA — February 24th
- HEIMDALL — March 1st
Additional Features:
1.Single-Sided Staking (SSS): Single-Sided Staking is now LIVE for $THOR.
Link: https://app.thor.financial/farm
Much like AVAX/THOR LP staking — This pools APY will be variable — but is single sided and rewards will be paid out in $THOR tokens.
This will benefit all while also relieving claiming/sell pressure created with this announcement. We highly encourage Odin owners to take advantage of this new pool to earn extra $THOR tokens, rather than selling their rewards when claiming.
Odin owners — you WILL want to take advantage of the staking pool
2. Quality of Life Feature (coming soon): Compound with both your Wallet Tokens + Unclaimed Rewards
We are pleased to announce that we will be releasing a quality of life feature that will allow investors to use both their tokens from their wallet AND their unclaimed rewards to compound into a desired node. Compounding rewards within the same tier restriction will still be in place unless users have God Mode activated.
This is currently being worked on and will be announced/implemented in the near future with additional details to follow.
When enabled, ALL tiers will be able to compound into a new node using a combination of $THOR tokens in your pending rewards + $THOR tokens in your MetaMask wallet.
NOTE: God mode rules still apply when combining dApp rewards with MetaMask rewards, i.e., if you do NOT have God Mode enabled, you will NOT be able to combine both Odin and Thor $THOR tokens pending in the dApp with your MetaMask $THOR tokens to create an Odin node, for example.
This is a HUGE quality of life improvement for ALL node owners. You are no longer limited to compound ONLY from pending rewards.
EXAMPLE #1 (God Mode Enabled): You have 68 $THOR tokens in pending rewards (from H, F, T, and O nodes) and 11 $THOR tokens in your MetaMask wallet — You will now be able to combine those pending rewards to compound an Odin node.
EXAMPLE #2 (God Mode NOT enabled): You have 11 $THOR tokens in pending rewards from your Thor tier nodes and 2 $THOR tokens in your MetaMask wallet — You will now be able to combine those pending rewards to compound a Thor node.
We appreciate every Asgardian reading this article, we ask for you to remain in your seats as this is only the beginning of the journey we are set to embark on.
Best Regards,
Thor Team
