BUILDTEAM Token and Staking Migrating from Bitshares to Hive Engine
On Saturday, Aug. 22 at 00:30 AM UTC all staked BUILDTEAM tokens on the Bitshares platform will be migrated to Hive Engine. Under the current BUILDTEAM tokenomics model, BUILDTEAM tokens have to be sent to the @buildteamvest Bitshares escrow account with a memo indicating which Steem/Hive account should receive the staking rewards, this is not trustless as you do not own the keys to this escrow account.
In an attempt to decentralise staking, we have migrated the BUILDTEAM token to Hive Engine and enabled natively available staking features; so you will now hold the keys to your very own staked BUILDTEAM tokens which will appear as an asset on your Hive Engine account!
As an example, if you currently have 1000 BUILDTEAM tokens staked in the @buildteamvest escrow account, these tokens will be made void on Bitshares and you will receive 1000 BUILDTEAM tokens airdropped to your Hive Engine account in a staked (non-liquid) form. Tokens that are liquid (not staked) on the Bitshares platform will not be airdropped on Hive Engine, you control the keys to those liquid tokens and you are free to use the gateway to send them across to Hive Engine.
Bitshares staking discontinued
Bitshares staking support will be disabled after the aforementioned changes. Any BUILDTEAM tokens / staking instructions sent to @buildteamvest will NOT be processed after this time and will require manual refunds if sent by mistake.
Sending your liquid BUILDTEAM tokens from Bitshares to Hive Engine
While we will take care of sending your staked tokens over to Hive Engine for you, there may still be liquid tokens in your Bitshares account or open market orders you may wish to cancel and send accross to Hive Engine.
The Bitshares <-> Hive Engine conversion process detailed in our previous post will remain operational for now to enable you to migrate across any remaining liquid tokens you may have on Bitshares, however, we can't guarantee how long we will keep it open. It is recommended that you stop trading on the Bitshares market and and migrate your tokens to trade on Hive Engine instead.
Hive Engine Staking
Hive Engine staking will work the same way as Bitshares staking for the purposes of receiving staking rewards, and the unstaking period will stay the same at 13 weeks with weekly payouts.
Once the migration is complete, a new staking spreadsheet will be introduced to provide a summary of current stake information to token holders. The link to this spreadsheet will be published after the migration, and the old spreadsheet will be discontinued.
Following the migration, BuildTeam executives will be eligible to participate in token staking. Previously they had been restricted from doing so, but this restriction will no longer apply. BuildTeam executives agree not to purchase any tokens from the market, with intent to stake, until the migration is completed, @raycoms is the exception because he is a new addition to the executive, having come from a working developer role already receiving staking rewards for his contributions.
How to stake on Hive Engine
If you have liquid BUILDTEAM tokens on Hive Engine or have sent tokens over, using the Bitshares gateway and you now want to stake them, here is what you do:
Step 1: Visit https://hive-engine.com/
Step 2: Click the SIGN IN button and Login with your username and posting key, alternatively use Hive Keychain or WhaleVault keychain if you have either one installed and your keys added to it.
Step 3: Click on the WALLET menu button.
Step 4: Look for the BUILDTEAM token and click the staking button which looks like a lock.
Step 5: Enter in the number of tokens you want to stake and hit the STAKE BUILDTEAM button.
Step 6: Sit back, relax, and enjoy receiving staking rewards on the 1st and 16th of each month!