SXDT Rewards moving to Monthlies

Over the last few months, driven by significant community feedback on rising gas costs in the Ethereum environment, we held two polls on whether or not there was community interest to migrate from weekly rewards issuance to monthly. The results are outlined here:

Token-holder poll via Telegram:

Token-holder/community poll via Email:

Based on the poll results (which were controlled for I.P manipulation), it is clear that there is an overwhelming support in favour of moving rewards distribution to a monthly frequency.

We will be therefore moving to monthly rewards distribution to SXDT token holders after the final issuing of rewards for August 2020 (30th August). This means the next time withdrawals will be possible are 1st October, 2020 and then ongoing on a monthly basis, on the 1st of every month.

For progress tracking considerations, the weekly figure in dollars and Ethereum will continue to be published in Spectre Exchange — our in-house exchange for the safe trading of SXDT and SXUT and in the Rewards portal, respectively.

Additionally, the hedging of volumes ($ into ETH) will continue on a weekly basis with the final monthly sum of ETH, ready to be withdrawn by SXDT token holders on the 1st of every month.

We expect the move to monthlies to reduce the gas cost burden of withdrawals by a factor of 4.33 or c. 77%. Furthermore, it will also reduce administrative burdens.

The group envisages no migration to another blockchain but continues to study ongoing technological changes in the landscape.

Team Spectre.ai

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