Lyra is a DPoS (Delegated Proof of Staking) blockchain. The current implementation allows anyone to vote on any account, so we have the maximum possibility. But this mechanism has some drawbacks. For example, we know that staking has a time promise is more valuable than the one that hasn’t.
The new staking has many advantages.
- A stake has an expiration date. Users can redeem freely after the time expires.
- If a User redeemed before the expiration, a 1.2% fee would be charged to the staking amount.
- Users can stake/vote for any profiting account if there are seats available.
In Lyra ecosystems, a profiting account is an account that generates revenues, such as as a daemon node, an Oracle instance, etc. The account owner set a share ratio of profit and the number of seats (staking). If profit comes into the profiting account, it will be redistributed to every seat automatically.
An upgrade with the new staking to testnet is scheduled for next week.