In March 2024, Stasis Network will be migrating to a new token and will begin using the BlockCentral name uniformly with its parent company, BlockCentral Inc., which is registered and operating in Panama.
The team will make this process as pain-free and convenient as possible for users. Most of the work will be with yield farmers; the team will ensure any fees associated with the migration are removed during the time of change.
Client Services
BlockCentral will establish and grow a service for private investors in 2024 to utilize a version of their portfolio strategy and increase their revenues. Client fees will be used to benefit the core protocol and holders.
In exchange, the DeFi protocol (Stasis Network) needs to be trimmed down and simplified to improve the protocol’s learning curve for new holders and decrease the staff’s time required to maintain the protocol.
These changes don’t mean fewer rewards; quite the opposite. Despite reducing features, the protocol will continue providing holders with sustainable returns. The team expects to see an increase in long-range APYs and token value increase as the organization scales and revenues grow.
Timeline
When to expect: Second half of March 2024 into early April. There will be several updates and long runways provided for users. ONLY get information and updates from official sources, like Discord/Telegram. Any other information should be disregarded and flagged.
Remaining on Polygon
BlockCentral will remain on the Polygon network. The speed and cost-effectiveness of the transactions are vital to maintaining the functions of the protocol, including the very popular Dynamic Strategies.
1 STS = 1 BLOC
To make the transition as easy as possible, the new BlockCentral utility token (BLOC) will have the same value as the current Stasis Network utility token (STS). Current value parity will remain true from old to new.
One Liquidity Pool
Currently, STS’s liquidity is split between the MATIC and STS+ pools. This complicates transactions, requires arbitrage for price parity, and can be a time drain. By combining them into one liquidity pool, the perceived health of the token is strengthened, price impact and slippage are improved, and arbitrage and maintenance are no longer required.
Paired with wETH
STS is paired against MATIC. This will switch to wETH with BLOC. The largest liquidity pools with the most trading volume on L2s, like Polygon, are assets paired against wETH. Arbitrum, Optimism, and even Polygon, the biggest liquidity pools, are paired with wETH.
MATIC continues to be volatile and underperform against the market. Volatility is great for traders; however, it is not so great for pegging another asset’s value. The team prefers to have a backing that is more normalized so we can grow value against it, not only with it.
Reduced Taxes
The current protocol is designed on a tax system with a 5% Buy Tax and a 10% Sell Tax. In theory, rewards come from collected taxes. However, in practice, this system relies more on selling, pressuring the value of the token downward.
The Buy Tax will be reduced from 5% to 3%.
The Sell Tax will be reduced from 10% to 3%.
Instead of being a source of rewards, BlockCentral will reduce the taxes and turn them into more of a ‘ticket to entry.’ This change will make the protocol more accessible to new users, and increase the perceived liquidity of holder’s tokens.
Reduced Taxes ≠ Less Rewards
In practice, the protocol’s rewards have primarily come from revenue, not taxes. Reduced taxes don’t mean users should expect fewer rewards. The percentage of tokens allocated for staking/farming will be increased. The projected reward increase is +50% for staking and +25% for farming from current levels.
No More Protocol Sells
In the current system, 40% of taxes collected and distributed are sold for MATIC and sent back to the protocol. That capital is always used by the team to repurchase tokens. Therefore, this does not need to exist. In BLOC, zero taxes/fees will be sold on behalf of the protocol. This will reduce the mechanical sell pressure on the token.
Token Burn % Increase
Currently, 10% of the tokens distributed are burned. In order to supercharge the deflationary goals of the token and reduce the need for manual burns, the team will increase this percentage to 50%.
Example: 40,000 tokens sent to the receiver, 20,000 will be burned.
NFTs Remain the Same, New Name
Stasis Viking Collection will become the BlockCentral Viking Collection. The liquid-decaying NFTs will feature everything you love about them. The passive income will continue. The redeemability will remain. Autostaking rewards into single staking is the same.
The clans, features, artwork, and attributes will be the same for each holder, but the # on the NFT will change. Once migrated, the team will drop the new NFTs to each owner. The BVC lore will be updated to retcon the meaning of the ‘S’ logo in the artwork.
Future updates will be shared by the team in the coming weeks. If anyone has any questions, please join the Discord community and contact the team. This is a very exciting time of change for BlockCentral. Scaling into a larger organization, driving revenue to the core protocol.