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How To Transition Between 2 Staking Contracts

Short article about the ways to go move from 1 staking contract to the next

PreviousWhat are the different staking programs?NextHow To Set Up a Multiplier Contract

Last updated 2 years ago

Sometimes, as a project, there is a need to cancel the old staking contract and create a new one. There are many reasons why one might do such a thing. For example -

  1. Creating a custom SPL token after going live with the vault and wanting to start giving out this token.

  2. Wanting to migrate from custodial staking to non-custodial staking.

  3. Changing the staking duration of a contract

There are 2 ways to transition between staking contracts:

  1. An aggressive approach -

    1. Go live with the new staking contract by toggling on the "Public & Live" toggle on the new contract.

      1. All holders coming to stake will be able to stake under the new contract.

    2. Shut down the old staking contract by toggling it off the "Public & Live" toggle

      2. By shutting it off, new stakers will not be able to choose the old staking contract while the current stakers under the contract will continue with the same terms (duration & Daily rewards) until the end of their staking duration.

    3. Force un-stake all the staked NFTs under the old staking contract by contacting DiamondVaults' support team.

      1. all stakers will have to manually re-stake under the new contract

  2. A Subtle approach -

    1. Go live with the new staking contract by toggling on the "Public & Live" toggle on the new contract.

    2. Shut down the staking contract by toggling it off the "Public & Live" toggle.

    3. New stakers will be able to choose only the new contract while old stakers will naturally move to the new contract at the end of their duration.