Important stZEN Update: Immediate Action Recommended
Dear Horizen Community,
On July 27th, we were notified by the StakeHound team of an update regarding an unfortunate event involving one of their custody providers that affected stZEN (Please read our announcement about this issue for details). The StakeHound team has now decided on the event. Stakehound will discontinue the distribution of staking rewards for all staked tokens (except for stETH), including StakedZEN (stZEN), starting August 2nd, 2021.
Please read StakeHound’s statement for further details.
Actions to Take for stZEN Holders
We strongly recommend that all stZEN holders should begin offboarding their stZEN by converting it to ZEN as soon as possible. We are committed to continuing to support the current stZEN:ETH pair for the next 3 months. We recommend that stZEN holders offboard during this timeframe. It is recommended that you offboard your assets through the StakeHound/Altcoinomy stZEN:ZEN bridge (requires KYC and AML) on a 1:1 basis or through existing DeFi pools.
For questions and issues regarding the usage of stZEN or converting stZEN to ZEN, please contact StakeHound at support@nullstakehound.com
Please follow StakeHound on Twitter for the latest updates regarding this issue.
FAQ
Will I lose my stZEN?
No, all of your stZEN is safe and stZEN is still available for swapping even after August 2nd. You will not receive any staking reward after August 2nd by holding stZEN, because StakeHound is discontinuing the distribution of staking rewards. Off-boarding stZEN is strongly recommended.
Can I withdraw my stZEN?
Yes, stZEN withdrawals are still available and it is recommended that you offboard your assets as soon as possible.
How long do I have to offboard my stZEN?
We committed to continue supporting the current stZEN:ETH pair for the next 3 months. We recommend that stZEN holders offboard during this timeframe.
Will I receive my stZEN staking rewards?
Stake rewards will no longer be available for stZEN as of August 2nd.
Can I still use stZEN?
Yes, however, stZEN users will no longer be incentivized to hold stZEN starting August 2nd because StakeHound will stop reward distribution. We recommend that you offboard stZEN for now until StakeHound resumes their normal staking reward activities.
I am part of an stZEN:stETH pool, what do I do?
We recommend that you remove your stZEN from the liquidity pool at this time.
Is stZEN tradeable?
At this time stZEN is tradeable through Sushiswap.io, StakeHound, MetaMask, Totle, and 1inch, but support may eventually stop depending on liquidity providers.
For more information:
