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Through the last few weeks, the Panther community and DAO have set the stage for this release with Panther Improvement Proposals (PIP) 6, 7, 8, 9, and 10. These proposals have covered everything from democratic procedures related to who is allowed to vote on DAO proposals under certain circumstances to the release of code so that it can be deployed by anyone in the Panther community. Furthermore, PIP-9 & 10, which set out to launch Advanced Staking, formalized the terms for our upcoming staking program and allowed the community to deploy it independently.
As we get closer to this release, today we want to give you an overview of Panther’s v0.5 interface, as well as step-by-step walkthroughs on:
- Checking your balances —available $ZKP, staked $ZKP, rewards, and PRPs (both “Expected” and “Unrealized”, see below).
- Staking $ZKP
- Unstaking $ZKP
- Looking at your zAssets
- Early $zZKP Redemption
Let’s get started.
What is Panther’s v0.5, aka Advanced Staking?
Advanced Staking is a progressive step toward the development of the core technologies surrounding the Multi-Asset Shielded Pool, in particular, the way UTXOs are created, managed, and tracked. Within Advanced Staking, users will be able to shield assets and receive them as rewards but not transact with them until v1’s launch.
What kind of rewards are issued in Advanced Staking?
The number of tokens to be released as rewards in Advanced Staking is 6,000,000 $ZKP.
The formula for distributing rewards is the following:
Reward = Amount * APR * Period / 365 APR - 15% Period - 60 days
- Reward: reward for a stake ($zZKP)
- Amount: amount staked ($ZKP)
- APR: Annual Percentage Rate (%)
- Period: rewarded period (days)
In addition to regular staking rewards, Advanced Staking stakers receive Panther Reward Points. PRPs are non-transferable points associated with a user's wallet address. The mechanisms that generate PRPs will also be employed on MASPs in Panther v1. When Panther v1 is launched, PRPs will become redeemable for $zZKP through a one-sided Automated Market Maker.
There are two types of PRP rewards:
- Expected PRP Rewards: The first 2000 stakers will be rewarded with 2000 PRPs per stake, as decided by the community through PIP-9. These rewards will not continue growing or change (i.e., they are “flat”). Users will be able to see them on the Balance Card on the Staking page. This type of PRPs will be awarded automatically and is not forfeitable.
Users that qualify for this kind of rewards will receive a “stake-proof” NFT allowing them to access their Expected PRP Rewards once v1 is launched.
- Total Unrealized Privacy Rewards: These will be calculated and accrued based on the Privacy rewards APR, which will be decided by the community through a Panther Improvement Proposal. This APR will be set through a PIP before v1 is launched. This kind of PRPs will only be awarded when v1 launches and only in case a user has kept their $zZKP rewards in the pool until v1. If $zZKP rewards are redeemed via early redemption mechanics, the user will lose all of his accrued PRPs of this kind.
All PRPs will be available to exchange for $zZKP via the single-sided AMM at the time of v1’s launch.
Accessing Advanced Staking
The Advanced Staking app will be accessible through a fully decentralized front-end, routed through a Panther subdomain, at the time of release.
IMPORTANT NOTE (Dec. 8th, 2022): Currently, Advanced Staking is only accessible through the "Launch app" button on Panther's Home page. Eventually, an ENS domain will be enabled. For now, only access through this button. If someone attempts to send you a direct link to the staking solution, please report them.
To use it, you must connect your MetaMask wallet. To do so:
- Click the blue button on the top right.
- Select the account (wallet) where you have $ZKP and click “Next.”
- Click on the “Connect” button to allow the app to see your address and balance, and suggest transactions for you to approve.
- Select the network where your $ZKP is (Polygon or the Ethereum Mainnet) from the drop-down menu in the top right. A MetaMask pop-up might ask you to confirm this change.
If you can’t see your $ZKP balance on MetaMask, it could be because of three possible issues:
- You might not have any $ZKP in your wallet.
- You might have the wrong account or network selected.
- $ZKP may not be added as a tracked token in your MetaMask.
The Advanced Staking interface provides an “Add ZKP token” button that facilitates addressing the third issue. After you click this button and accept the prompt, your $ZKP balance will be displayed in the wallet’s interface.
The Advanced Staking App
The Advanced Staking app has two pages, one for Staking and one for managing zAssets. Our top Menu also links to Panther’s snapshot.eth space, where Panther’s governance proposals are voted on. On the right side, the blue “Connect Wallet” button allows the user to give permission for the app to see and interact with their MetaMask wallet. This is necessary for the app to suggest transactions in which the wallet interacts with the Advanced Staking smart contracts.
The Staking page is the app’s homepage. It allows the user to:
- Stake or unstake $ZKP.
- Check their balances of unstaked $ZKP (available for staking), staked $ZKP, $zZKP rewards, and Expected PRP Balance.
- See how much unclaimed $zZKP rewards are left for the Advanced Staking program and the current staking APR.
- The time remaining until the staking program ends.
On the zAssets page, the user can:
- Check their total balance per zAsset (through Advanced Staking, the only zAsset available will be $zZKP).
- Inspect their $zZKP, Unrealized Privacy Rewards balance per individual stake, and total.
- Redeem $zZKP before v1 is launched.
Let’s take a look at the different features and displays of each page:
The Staking page — Staking and Unstaking
On the left side of the Staking page, you will find the Balances Card. This panel shows the user’s available $ZKP, staked $ZKP, zZKP rewards, and Expected PRP Balance. Next to each $ZKP or $zZKP balance, an approximate USD value is provided.
The panel also displays the user’s MATIC/ETH (depending on the network they’re connected to) balance in the top right corner. Make sure you have enough MATIC/ETH to pay for the transaction fees required for some steps of the staking, unstaking, and rewards redemption processes.
To refresh the values, click on the refresh icon to the right of “Available ZKP balance,” and a MetaMask signature request will pop up. You will need to accept it, which does not incur gas fees.
Note: Data updating can take time. Please keep an eye on the spinning wheel inside the “Available ZKP Balance” field in the top right corner. As soon as the wheel stops, data should be up to date (but you might need to refresh the page).
Located to the right of the Balance Card, the Stats panel displays the amount of Advanced Staking rewards already distributed, the percentage of the total they represent, and the total rewards offered. It also shows the time left until Advanced Staking closes and its current APR.
Note: Staking APR and Privacy rewards APR are two different parameters.
The tab for staking $ZKP in Advanced Staking is located below the Stats panel on the Stake panel.
You can input the amount of $ZKP you intend to stake on the box on the top or click the “MAX” button on the right side next to the Panther logo to insert your entire $ZKP balance automatically. The minimum stake size is 1000 $ZKP.
The warning below the amount box refers to the lockup period of 60 days set on PIP-9 to which all stakes in Advanced Staking are subject. Only after this period can you unstake your originally-deposited $ZKP. The lockup period doesn’t apply to the rewards from staking, as we will address on the zAssets Page session.
After the warning message, you can see a preview of the $zZKP and Expected PRPs staking rewards your stake will entitle you to. This preview is just a forecast, and final numbers may vary slightly.
If you’re satisfied, you may click the blue button. This step requires $MATIC/$ETH (depending on the network you’re on) to cover gas fees.
After clicking the blue button, three MetaMask windows will appear in quick succession. The first one will prompt you to approve Panther’s Advanced Staking contract to be able to move your $ZKP. The second window will ask that you accept the actual staking transaction. Gas fees apply to both steps.
After staking, you will be able to see your updated balance on the Balances Card and the zAssets page.
IMPORTANT: The difference between unstaking and early redemption
It’s important to understand the distinction between unstaking (of staked $ZKP) and early redemption (of $zZKP rewards). Unstaking and redeeming are separate functions of separate smart contracts.
A user can unstake $ZKP after their stake’s lockup period ends (60 days per individual stake). By doing so, only their original $ZKP stake is returned to their wallet. The accumulated staking rewards need to be redeemed separately.
A user can redeem their $zZKP rewards from a specific stake after 120 days since the launch of the Advanced Staking program. Doing so before the launch of Panther v1 necessarily entails forfeiting all Unrealized Privacy Rewards (one of two types of PRP rewards) associated with that stake.
The Stake panel has two tabs: Stake ZKP and Unstake ZKP. You can switch between them through the buttons on the panel's top. The Unstake ZKP tab allows you to inspect and unstake your individual stakes.
To unstake one of your stakes, click the “unstake” button on the right side of said stake. This will prompt you with a MetaMask window where you can confirm the transaction —gas fees apply. Your $ZKP will be returned to you once the transaction is confirmed by the network.
Exactly as with staking, you will be able to see your updated balance on the Balance Card and the zAssets page.
The zAssets page — Inspect your Unrealized PRP Rewards, and manage your zAssets
The zAssets page allows you to view and manage your shielded assets and Unrealized PRP Rewards, and redeem your $zZKP rewards. Extra functionalities will be available when Panther’s v1 launches.
Checking your zAssets balance
As you can see, the Total Balance panel displays the balance of all of your shielded assets (zAssets) in USD, as well as your Unrealized PRP rewards balances.
Attention: in your very first time inspecting your zAsset and PRPs balances, the app will automatically prompt you to sign a message with MetaMask. Click the blue “Sign” button on the pop-up window to allow the app to scan the Panther Wallet and reveal your current balances to yourself only.
On your subsequent visits, click the “Refresh Private Balance” button on the right side of the panel and sign the message to get updated data to be displayed in the interface.
Private zAssets list
The panel below the Total Balance panel is the Private zAssets panel. It allows you to inspect the balance of each private zAsset you have, as well as the Unrealized Reward PRPs each stake has accumulated.
Each zAsset line (for v0.5, only $zZKP is available) can be expanded to see and inspect the list of stakes that generated zAssets –just click the Expand button in the left of the zAsset icon.
The best way to optimize the rewards you can get from Advanced Staking is to wait for the release of Panther’s v1 to redeem them. However, by clicking “Redeem zZKP,” you can unshield the rewarded $zZKP into $ZKP and forfeit any further PRP rewards.
Early Redemption of Staking Rewards
At the time Panther’s v1 launches, all $zZKP rewards for Advanced Staking will be moved into a Panther Pool. Upon launch, the user will receive their Unrealized Rewards PRPs, and redeeming PRPs for $zZKP that you can transact within the MASP will become possible.
Stakers can redeem their rewards as ERC-20 $ZKP before the Advanced Staking period is finished through the Early Redemption mechanism. By doing so, they forfeit their Unrealized Rewards PRPs –Expected PRPs cannot be forfeited– receiving just the $zZKP provided upon staking. The Early Redemption mechanism will become available 120 days after Advanced Staking opens, 60 days before the end of the program.
To initiate an Early Redemption, click on the blue “Redeem zZKP” button on the right side of one of the entries in the list.
The app will warn you that using Early Redemption forfeits Unrealized Rewards PRPs rewards for that stake. You must tick the “I understand I will lose a part of my PRP rewards.” checkbox in order to continue. Then, if you want to proceed, you can click the blue button to redeem your $zZKP as $ZKP.
A MetaMask prompt to sign a message will appear. Click “Sign” to confirm.
The next step requires waiting 24 hours for your $zZKP to be available for redemption. After the time has passed, click again on the “Redeem zZKP” button. A pop-up will appear where you can click the “Redeem ZKP” button.
After clicking the blue button, two MetaMask windows will appear in quick succession. The first one will prompt you to sign a message exactly as before. The second window will ask that you accept a transaction —gas fees apply. Once the network has included your transaction, you will receive the redeemed $zZKP as $ZKP in your wallet.
After completing your transaction, please make sure that it was successful. Also, make sure to complete it within 24 hours of initiating it.
Want to learn more about the mechanisms behind Advanced Staking?
If you’re interested in learning more about the mechanics of Advanced Staking, upcoming blog posts and documentation will provide a complete breakdown of Panther Reward Points, including their importance, how they’re calculated, redeeming PRPs, and their relation to Advanced Staking.
For the extra curious, you can check out Panther's documentation, where we will be documenting the technological components of v0.5
Panther is a decentralized protocol that enables interoperable privacy in DeFi using zero-knowledge proofs.
Users can mint fully-collateralized, composable tokens called zAssets, which can be used to execute private, trusted DeFi transactions across multiple blockchains.
Panther helps investors protect their personal financial data and trading strategies, and provides financial institutions with a clear path to compliantly participate in DeFi.