Successful HBARX Launch

Thank you #HBARbarians.

On 8th April 2022 at 10AM ET, Stader’s staking contract on Hedera went live. We are humbled by the overwhelming response from the community with 10mn HBAR staked in the contract within 90 mins of launch.

As of writing this, we have 40mn+ HBAR staked and our contract has been tested across 40k+ transactions. We are delighted to announce that staking is working as expected.

We would be remiss not to mention the amazing support and encouragement we have received from The HBAR Foundation team, without whom, it would not have been possible to bring staking to HBARbarians.

As with every launch, there were a few minor issues, here are a couple and explanations for each:

Why Did the Exchange Rate on the Stader dApp Change During Launch?

Due to the overwhelming response at launch, there were a lot of transactions taking place. On some occasions, the exchange rate update on the dApp ran in between a transaction — when the HBARs were added to the contract but the minting of HBARX was still in process. Due to this the exchange rate formula appeared to be higher than 1. This was a transitory frontend issue, only related to the display of exchange rate (not affecting the actual calculation of HBARX) and we have verified that all transactions took place at the correct exchange rate.

Transaction Stuck on Executing?

This was another transitory issue related to traffic and was related to the HashPack wallet’s connection and feedback link with the Hedera Network. In most cases, the transaction did go through and execute but the feedback link to the wallet did not work as expected. The problem went away when users refreshed their browsers, HashPack is investigating the issue.

You can find out more on Hashpacks support channels on Discord.

Next Steps:

With the performance of the contract thus far and the overwhelming response from users, we are happy to announce that we will be lifting staking caps on 12th April 2022 at 10AM ET. Users will be able to stake any amount they want and the emission rate will be set to 300,000 HBAR per day.

Thank you again for all your support and Happy Staking!