In a community call ( Sovryn Community Call #31 December 9th, 2021) some weeks ago the idea to allow SOV stakers to move from one wallet to another was discussed.
My personal situation is that I have SOV staked for 3 years but on Metamask and that address has interacted with other smart contract platforms in the past, although I have stopped using that address for anything else but it will cost me a fortune to remove past permissions, even after doing that I would still feel uncomfortable being on that address as its Metamask. I would prefer to move to a new address on a hardware wallet that has no other history. I am sure there must be other people in the same boat as me.
In that call the devs seemed to like the idea of a a small window to allow such a move to happen. Perhaps some kind of penalty can be introduced if someone doesn’t restake the same amount as before or any other measure that the community thinks is the appropriate punishment.
Would be great to get some feedback on this, I just dont want to wake up to a nighmare scenario.
Adding that it would be equally as nice to have Vesting SOV moved to a new address.
I think I have heard some other people in the chat forums mention this before.
I have the same situation. How could one move “everything” to another (better secured) RSK address?
You cannot do that at this time without taking a huge penalty. So the idea is that the devs allow this one time event to occur in some kind of amnesty period so the people who have staked can unstake and move to a secure new address on a hardware wallet without losing a bunch of there SOV.
If enough people want this happen than I am sure we can work out a solution.
In May last year there was a post on Discord from @TheGimp, where he pasted short instructions from James Howlett, on how to transfer your staked SOV to different wallet.
I don’t think anyone has tried it because of very complicated process and I believe, it’s a high possibility of loosing your funds by doing it (if you make a mistake in the process).
Here is a screenshot of post:
My thoughts on this subject:
If your wallet gets compromised the best thing to do at this moment is to take 30% slashing penalties for unstaking a 3 year stake.and transfer your all remaining funds to new wallet versus the loss of all your assets.
At the time of writing, RSK (Rootstock) chain is relatively poorly known to the wider crypto community including scammers and hackers. That’s why compromised wallets get drained on ethereum and not “yet” on rootstock chain.
It would be nice if we could get step-by-step instructions on how to transfer our staked funds from one wallet to another - more secure one.
Could our beloved devs reserve some of their precious time and come up with a solution for less tech savvy, to do this process more user friendly?
Upon reconsideration, that might not be a good idea, because scammers would get the same instructions and easier way of stealing your funds. Hmm…
My wallet has not been compromised, however as mentioned in the original post I did interact with some other smart contract platforms on ethereum in the past. So I would just like to protect myself before Sovryn/RSK attracts more attection.
Would be great to hear from the devs on this topic as they seemed to be in favour of this idea in December.
The instructions in the screenshot refer to vesting contracts, not staking, and the instructions only apply to an owner of a vesting contract (usually Exchequer). Seems like there was a misunderstanding or miscommunication of the original question.
Thank you @light for clarifying.
I think this type of function would be a great way to help people achieve self custody, which Sovryn does a great job of promoting. Super nice feature for new users trying out Sovryn on a software/browser wallet that then find themselves liking the protocol and wanting to graduate to a hardware wallet.
I understand the devs are busy with the roll out of other features, but could we please get some update on this? I think there is enough interest and if necessary it could be offered to only a few wallets if not every wallet wants to move.
i would to hear more about this
i wouldnt mind moving my funds to a safer one as well
if possible at all
Given my stake is long-term and getting sizable. I would also like to have this as an option if possible.
Same here, it would be really good to have the option (one-time-only?) of moving a staked position to a more secure adress.
Thats a great idea, It would be nice to introduce this on the platform. Looking forward to move staked SOV to a clean HW wallet. This will definitely remove stress from many people having staked in Metamask and similar wallets out there.
Since I dont know the technical changes that would be required to implement such a solution, I didn’t want to write any suggestions earlier. However, writing some possible ideas might be good to start brainstorming and maybe make the devs job easier.
Here is my exmple of a possible solution, lets say a user has 100 $SOV staked for X weeks, the penalty to ustake is Y%. During the “Amnesty Period”, the user can only unstake and receive 100-Y% of the tokens, Y% remains locked, the user moves the tokens to a new address and locks again for X weeks, only if this condition is met the Y% can be claimed by this new address. After claiming, the Y% tokens are automatically staked for the same X weeks. This is a basic idea I had that would make sure that users dont abuse this option.
I dont know how the connections between the old and new address would be managed though, and there must be other things I have overlooked, perhaps someone technical can give some suggestions.
Posted this in the user feedback section, would like to add this here as well:
Some people have called this “Fractional Staking”.
A slightly differnt way of proceeding might be this:
Current LP and other protocols that generate vesting tokens continue as before.
Any new investment into these protocols are made with a different SC which pays out liquid SOV.
Do we write a SIP proposal ?
From an end-user perspective the need is to be able to migrate 100% of the staked/vested SOV from one adress to another one - by strictly copying the staked/vested context.
As an enduser :
Step 1 - I click to the “migrate” link in the Sovryn page
Step 2 - Then a screen asks me for the destination @
… and Bob’s the uncle …
= Step 3 - I log to my destination @ and I can find back my current stakes/vests (same locked amount + same staking/vesting periods, same voting power…)
Would we need anything else ?