Hive Construction: Revamp of Tiers
Update 1: Provide an example on how pool weight will be prorated
Update 2: Update sales phase duration timeline
Update 3: KYC flow rework
Update 4: Update sales phase duration timeline and KYC flow
We are proud of how fast our first sales was sold out, which would not have been possible without your tremendous support — the Waggle Family!
The Waggle team has been taking your feedback very seriously and working hard to further improve the platform.
This week, we just gave a makeover to many parts of Waggle Pollinate to
- Maximize benefits for all Tiered stakers while retaining an appropriate privilege gap
- Streamline the whitelist and sales process
- Lay the groundwork for pre-IDO token sales
We will break down our improvements as below. These changes will become officially effective by the time you read this article.
New Tier System
1. Eligibility
Your Tier status will be defined by the minimum amount of WAG you are staking on the Waggle platform, with at least 1 month to 1 year of locking period.
To register for the Waggle Pollinate whitelist with your current Tier status, your amount of staked $WAG must remain unchanged until a snapshot is automatically taken by our system by the time the whitelisting period closes.
During the whitelisting period, you can still upgrade your Tier by increasing the amount of staked $WAG before the snapshot.
2. Privileges
Minimum Staking Requirement: The total of staked $WAG you need to be eligible to participate in a particular Tier group
Guaranteed Whitelist:
-Non-Tier:
- Lottery-based for Community Round
-Mini & Worker Bee Tier:
- Lottery-based for Tier Round and Community Round
- Worker Bee Tier will have better lottery win-rate than Mini Bee Tier in Tier Round
-Drone & Queen Bee Tier:
- Guaranteed whitelist for Tier Round
- Lottery-based for Community Round
Guaranteed Allocation:
-Non-Tier:
- Max allocation for Community Round
- Compete on an FCFS basis in Community Pool
-Mini & Worker Bee Tier:
- Max allocation for Tier Round and Community Round
- Worker Bee will have greater allocation size than Mini Bee in Tier round.
- Compete on an FCFS basis in both Tier Pool and Community Pool
-Drone & Queen Bee Tier:
- Guaranteed max allocation for Tier Round
- Compete on an FCFS basis in Community Round
Sales Phase
We have decided to divide the sales period of each token sales into separate rounds. This promises to provide a smoother experience for all users when participating in Pollinate.
Normally, Sales Phase will occur with 2 rounds:
- Tier Round starts first and usually takes around 24 hour
- Community Round only starts after Tier Round ends.
- In some rare events, we might decide to open unlimited allocation for all participants in the Community Round.
1. Tier Round
This round is exclusively dedicated to Tiered participants, including Mini Bee, Worker Bee, Drone Bee, and Queen Bee.
Tier users will have access to 90-95% of the total allocation. An example of how pool weight will be prorated:
- Mini Bee: 10% pool weight
- Worker Bee: 10% pool weight
- Drone Bee: 25% pool weight
- Queen Bee: 50% pool weight
Please kindly keep in mind that the New Tier System and Pool Weight proportion won’t be set in stone. We will gradually explore more avenues to take the Waggle platform to the next level, which may result in possible modifications.
Mini Bee and Worker Bee Tier will register to be whitelisted based on a lottery system. Then in Tier Round, these Tier users will compete on an FCFS basis to purchase up to their maximum designated allocation. Worker Bee will have better win-rate and more allocation than Mini Bee.
Drone and Queen Bee will be whitelisted by default after registration and will have a guaranteed max allocation to fill up.
Example 1: Snow registered for Project A and won the whitelist with her Worker Bee tier status. She will receive an X max allocation to compete on an FCFS basis in Tier Round with other Worker Bee users.
Example 2: Sand registered for Project A with his Queen Bee tier status. He will receive an Y max guaranteed allocation to purchase up in Tier Round as same as other Queen Bee users.
2. Community Round
The Community Round welcomes both Non-tier and current Tier users to participate. 5-10% of the total allocation will be dedicated to Community Pool.
Whitelist winners in Community round will be selected based on a lottery and compete on an FCFS basis to fill up their designated allocation.
In the event that the Tier Pool isn’t sold out, any left-over allocation will be spilled over to the Community Pool.
Example: Rock registered for Project A with no Tier status. If he won the whitelist slot, he would receive an Z max allocation to compete on an FCFS basis in Community round with other whitelist winners. At the same time, Snow and Sand could also register to participate in this round.
3. Project Staker Round
This round is only available upon each project’s request, with a decent amount of allocation exclusively reserved for the project’s early supporters (pre-IDO) or long-term holders (post-IDO). To register for this pool, you need to meet particular requirements. More details will follow in upcoming launches.
Whitelist & KYC Process
To facilitate registration, we already redesigned the whitelist flow to cover all possible cases of current Tier and KYC status when users connecting their wallets.
By simply following a few requests, your KYC and Tier status will be automatically recognized. It’s effortless.
Update: KYC has been moved to Waggle Dashboard, you can now KYC anytime you wish.
KYC Guide: https://nunet-io.github.io/public/how-to-pass-kyc-v3-synaps.pdf
KYC Period: We have moved KYC section to users dashboard. You can now verify KYC anytime you wish
About Waggle Network 🐝
Waggle Network is a decentralized multi-chain platform that helps projects with further fundraising from the community, at the same time empowering the community with primary market exposure. Built by industry professionals, Waggle is here to reform the fundraising landscape.
As we continue to innovate for you, we are also preparing many exciting activities for the Waggle community. Look forward to our pools and staking, or participate in our community events which you can win WAG tokens from.
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