Aventus Bi-Weekly Update (March 9 – March 22)
March 22, 2022
In this edition of the Aventus Bi-Weekly Update you’ll find out how to receive your AVT staking withdrawal to Ethereum and get an update on the governance launch.
Inside this edition of the Aventus Bi-weekly Update, you’ll also find:
- Aventus Staking Program is Now 100% Full
- A reminder of the two staking withdrawal options
- ATTENTION STAKERS: Are any of the following wallet addresses yours?
- Aventus CEO Alan Vey panel discussion at Homegrown X Victoria: The Future of Consumer Tech
- Catch our CEO Alan Vey on ‘The Bit’ podcast by @BittrexGlobal 🎙
- Aventus Hiring News
- Aventus launches on TikTok
- New listing announcement coming soon 👀
Let’s get started…
Staking Program Is Now 100% Full 💪
We can now announce that the Staking program is 100% full! This means that the existing staking program is closing and will be replaced by a new, improved staking model.
To date, stakers have earned staking transaction fees totalling 144,125 AVT from 11.86m transactions — with a further 45m agreed yet to be processed.
We are, of course, on a journey to our first 1 billion transactions.
Therefore the new staking model will go live in April with no limit to the total AVT you can stake. This is part of our move to a Nominated Proof of Stake model following the Polkadot launch roadmap.
Reminder Of The Two Staking Withdrawal Options
As a staker, you have two options for withdrawing both your original stake and your share of earned rewards:
- Receive your full AVT stake and rewards to Ethereum, or…
- Receive your full AVT stake and rewards over the Aventus Network
It is important to note that opting to withdraw via Ethereum will involve you paying the Ethereum gas fees to unstake and again to re-stake at a later date should you wish.
By choosing to receive your AVT over the Aventus Network, you will avoid all fees and can re-stake as much as you wish.
We will make an AvN account and wallet available to you through a third party we are integrating with that we will reveal soon in April.
If you would like your AVT before then and are happy to pay the Ethereum gas fees, you can choose to receive your tokens via Ethereum on the 31st of March.
What is the process for receiving my funds and rewards over the Aventus Network?
Initially, funds were staked on Ethereum (layer 1) via the contract and that was all that was involved. Now that the AvN layer 2 is involved, we have transferred the funds from the contract to the AvN layer 2 in order to combine them with the rewards held in the AvN treasury. From this source, combined staking and reward amounts can be dispersed back to stakers.
In order for us to be able to disperse the funds, stakers will have to create a new AvN wallet. We can then transfer funds (including original stakes and rewards) from the treasury account to your AvN wallet.
When wallet functionality is launched in the near future, you could “lower” some or all of your AVT to withdraw on Ethereum. You will have the option to essentially do whatever you like with your AVT. You could either stake more AVT, or withdraw some or all of your AVT either via the AvN or onto Ethereum. It’s up to you.
What is the process for withdrawing my stake and rewards to Ethereum?
The process for getting back your funds on Ethereum starts in the same place, as your funds are still in this layer 2 treasury account. However, instead of sending the funds to the new account created on the AvN, what we’ll do instead is create a ‘lower operation’ for you, which destroys the funds on layer 2 and gives a proof that recreates them on Ethereum.
We will then send you this proof and you’ll be able to withdraw your funds by calling a single contract operation on our layer 1 contract.
- The Ethereum address you chose to stake with originally is the address that your funds will be returned to, so please ensure you can access this account. If you can no longer access this account, you must choose to receive your funds on the AvN instead. Once you are in possession of the funds on the AvN, you can choose to lower the funds to any Ethereum account you want.
- It can take up to 24 hours to withdraw your funds to Ethereum.
ATTENTION STAKERS: Are any of the following wallet addresses yours?
We have not been able to contact the owners of the above addresses with regard to which of the two staking withdrawal options they would prefer to receive their stake and earned rewards.
If you’re staking AVT and recognise any of the wallet addresses above to be one of yours, please get in touch with firstname.lastname@example.org to ensure that your wallet address is associated with a subscribed email address.
📢 Remember to Vote! Over 1M votes received for each Proposal on our Governance Application already 📢
There is still time to submit your vote on the six governance proposals that are live on our governance application. Please note that voting will end at midday on Wednesday 30th March.
This is your opportunity to have a say as part of the Aventus community and have your voice heard! Remember, in order to vote you must have been holding or staking at least 1 AVT at the time that the proposals were submitted.
You can find more information on how to vote by heading over to our blog post here.
To vote now, head over to gov.aventus.io.
Aventus CEO Alan Vey panel discussion at Homegrown X Victoria: The Future of Consumer Tech
If you missed our updates, Aventus CEO Alan Vey was invited to speak during the panel discussion for Homegrown X Victoria: The Future of Consumer Tech. Alan was joined by experts including Pippa Lamb, Sweet Capital; Eleanor Warnock, Deputy Editor of Sifted; and E Eshita Kabra-Davies, the Founder of By Rotation.
All of the speakers shared their stories as to how they’ve got to where they are today, from the spark that inspired them to start their business, to the challenges they have faced and their thoughts on the future of consumer tech and beyond.
Following the panel discussion, Alan joined the other speakers and guests for a networking session to answer any questions regarding Aventus and to learn more about the challenges other entrepreneurs and experts are facing in the tech industry.
Catch Our CEO Alan Vey On ‘The Bit’ By @BittrexGlobal 🎙
In case you missed it, our CEO Alan Vey recently featured on ‘The Bit’ by Bittrex Global, the podcast that provides you with an insider’s perspective on everything crypto, from some of the biggest players in the space.
During the podcast, Alan speaks about all things Aventus Network, the expanding use cases for layer-2 blockchains and even gives the origin story for how and why we exist! 🙌🏼
You can listen to this insightful podcast using either of the links below:
Aventus Hiring News
We are currently hiring for two roles within the company, both within the tech team:
If you are interested in the roles, the requirements for application, and potential salaries on offer, please click the job title of your preference above.
Catch Us On TikTok!
Yes, we’re now on TikTok! Click here to head over to our TikTok page and hit that follow button for more Aventus and blockchain-related content as we look to maximise our reach with the growing crypto community on the video platform.
New listing announcement coming soon 👀
Pssst… whilst we are still unable to share all of the details, we wanted to make sure that you keep an eye out for news listings. We’ll be listing $AVT on a new exchange very soon…