When originally launching the Tinlake liquidity rewards there was a delay in making the user interface available for users to claim rewards. The functionality to link a user’s substrate address to their Tinlake investments on Ethereum was only available in the UI after the launch of the program. For that reason we designed the rewards such that they would be allocated even if a user has not specified to which address they want to receive them. Users could link their address at a later point and receive the rewards earned to date.
This however has one major drawback: if an address never creates the link they are still minted and allocated. There are different reasons why an address would not link them. A user could simply not be interested in the rewards, or it’s a smart contract such as another DeFi protocol that is simply unable to link the the address.
Given linking of addresses is now well supported in the UI I want to propose that we change the rewards to only start accruing once a user has linked their Centrifuge chain address.
As of last week (2021-09-24) a total of 54 addresses who are eligible in the current reward program to receive rewards have not performed the account link. This is a total of 405’577 CFG in rewards that would under the new scheme not be eligible. That’s a total of 4.8% of the rewards issued to date.
My proposal is to slowly transition over to the new way of allocating rewards and giving any users who have not yet linked 60 days to claim this before making the change effective at which point any of the 405k CFG that have been minted today would be freed up for new users and users would be asked to immediately link their address upon investing. The main goal of this change is not to take away tokens from users who want to receive them but to avoid minting tokens for addresses that never will receive them.
In addition to avoid users losing rewards they did intend to claim, we would prominently display a warning to users in the Dapp whenever they connect with an address that has not yet linked their address.
I would love to get feedback on this idea. Specifically also around the implementation timeline (how much time should we give users) and any concerns that you might have.