In this post, we will cover the LND Boost rebalancing process, LND Rewards details and a general platform update. Let’s get started!
On Tuesday, 26th of October 2021, we will announce the required amount of LND for Gold, Silver and Bronze tiers.
As a reminder, all users were automatically upgraded to Gold tier for the month of October and starting from the 1st of November, the LND Boost perks you receive will depend on the amount of LND tokens you are holding in your account.
At the moment, we have around 200m LND tokens staked across c.360 users on our platform and below is a breakdown of the calculations we will use:
On the 26th, we will analyse how much LND has been deposited by users, and set the qualifying levels for November as follows:
Gold Tier qualifying LND balance will be the 90th percentile
Silver Tier qualifying LND balance will be the 75th percentile
Bronze Tier qualifying LND balance will be the 50th percentile
The qualifying LND balances will be emailed to all registered users and posted online the same day, after which users will have until 12:00 UTC on October 31st to deposit more LND if they wish to qualify for a higher Tier.
Based on user LND balances at this cutoff time, we will then update your Tier to the appropriate level effective for all of November.
LND Rewards program
If you have been Earning, Borrowing and/or Staking LND, then you can qualify for the LND Rewards program.
As the calculations are somewhat lengthy, we created a dedicated post outlining how your LND Rewards payout will be calculated. You can find it here.
The LND Rewards payouts will happen on the 1st of November and the new tokens will be visible in your LND balance then.
The airdropped LND will be locked for 1 month however they can be compounded and used for LND Boost & LND Rewards for the month of November.
From the technical point of view, we are focusing on the below priorities in the next 2 weeks:
- LND Exchange - our technical team are starting the process of enabling LND trading on the Lendingblock platform. Though we have our existing institutional exchange, there is significant work to be done, and our expectation is that it will be ready this side of year end, and hopefully before end of November if all goes well.
- SegWit and ETH 2.0 support – we are looking into supporting newer upgrades of the Bitcoin and Ethereum networks, and this task involves evaluating the required resources and timeline for SegWit and Ethereum 2.0 support.
- Add grace period to Borrow repayment – existing and new Borrow loans will have an additional 3 hours for repayment after the due date end time. This allows any users who locked up their borrowed USDT in an Earn to repay the Borrow in time and avoid liquidation.
- Minor tweaks in the UI and reworking the registration process (new flow will not require personal details like name and surname on signup).
Once again, we’d like to thank you for your support and we will be in touch next week regarding the new LND Boost requirements.
As always, if you have any questions, feel free to reach out to our support team here.