Please look at my plan and tell me if there are any errors.
My plan to (almost) double my rewards of staking:
- Move all (or a lot) of my ADA from Bitvavo to a wallet that delegates the ADA to a pool just before the beginning of a new epoch (say 30 minutes or so) so it will be included in the snapshot.
- After the snapshot, move all that ADA back to Bitvavo (say, after 5 minutes).
- Receive 5% staking awards on Bitvavo (those are calculated on a DAILY basis) AND receive staking rewards from my staked wallet.
- Move the ADA back to my staking wallet just before the snapshot of the new epoch and continu this process over and over again.
Is this going to work?
I know I’ll pay a little fee (hurray for Cadano) for the transactions each time, but those will be small in comparison to the extra staking rewards that I’ll receive. And probably, the people of Bitvavo might get pissed.
Besides the fact that I don’t like this idea since it is against my values and does not help the network, I wonder if bitvavo doesn’t have any other requirements for a daily staking rewards. They don’t require your ada to be in their wallet for a certain period?
Furthermore, I would always choose to support the single operator spos for their work in the way it was meant to be used. Instead of staking with big exchange pools.
You’re right about that it is against common values. I’m just wondering if this a kind of a loophole, or if I don’t understand the staking of ADA.
Actually, to me it would seem more logical not to take a snapshot in the beginning of an epoch, but take the minimum amount that is in your wallet during an epoch. Although that might be pretty hard to keep track of for the network.
Bitvavo have terms of service. If you do this, I doubt they’d let you continue or even possibly come after you for breach of terms of service who knows. Anyway you should see if this is OK with them. From their own site:
“ You are only allowed to participate in the staking program with digital assets that are initially bought or deposited for the purpose of trading digital assets on the Bitvavo platform.”
Hope this helps.
also, remeber bitvavo, as any other exchange runs the same nodes in the background.
either the guys there are ut of touch how economics work , or the stake you move cant be at 2 spots at the same time.
arguably the bitvavo snapshot and the daedalus snapshot are the same thing, run by the same protocol.
I can advise you though, as i assume you are dutch, to come Stake with us, STAYK, as we offer a ‘double rewards’ promotion in the form of native tokens.
hit me up on email@example.com
If you check under staking… it says your staking rewards are based on the lowest amount you have during a day. If you move your coins, you will reduce the amount. I’m sure that will be noticed at any moment even during an epoch.
Instead of doubling, you will lower your staking reward.