Over the past months, we have been working diligently to create a new dividend model that is more CPU efficient, scalable, and balances profit distribution appropriately. This has been an incredibly difficult process. Unfortunately, we have not been able to finish the new system before the start of the Chinese New Years holiday as we have been striving. We have completed the most difficult parts and are only a few days from completion, but as CNY has already began, all of our developers are already off. It is a very big holiday here in Hong Kong, where everyone spends time with their families. We truly apologize that because of the holiday, we need to delay a few more weeks.
That said, we are confident in announcing the following timeline:
7-FEB: New Dividend system will be released.
14-FEB: DIVIDEND PAYMENTS RESUME
As a reminder, the distribution of the dividends accrued since upgrades began will be BASED ON DICE STAKED AT THE TIME OF DISTRIBUTION. This means if you unstake immediately prior to the distribution on February 14th, you will receive NO dividends. Please prepare accordingly!
We appreciate your patience, understanding, and loyalty.
We’re also grateful for your involvement in this process, through feedback provided in our various Telegram channels over the past year, and the recent poll distributed across all our channels. Many of the changes are a direct result of this feedback. We couldn’t do this without you.
- Instant, continuous dividend payout
- Similar to Bank system, dividend payouts are distributed immediately when a wager is placed. There is no longer a “distribution period” once an hour, no delays to being able to stake DICE, and no delays in being able to withdraw your dividends
- Paid to your Dice wallet to be withdrawn at your convenience
- Option to pay a 1% fee to unstake DICE immediately
- Unstake fee will be distributed in the same manner as all other profit
- More statistics and graphs
- Reduced CPU burden
- Tokens are withdrawn individually, which drastically reduces the CPU cost to claim
- Approx 75% of respondents indicated they favored allocating more profit to Dividends
- Of those that favored change, the most popular option was 70% Dividends / 30% Bank
- Approx 25% of respondents indicated they favored no changes to the system
As a team, we share the feeling of the community that Bank rewards are too high in comparison with rewards for staking DICE. The ratio of profit split between Dice Stakers and Bankers will be adjusted to mirror the most popular result in the poll, 70% Dividends / 30% Bank. We believe that the Bank APR will not be greatly affected, as we expect some users will withdraw funds as a result of this change. We have more than enough funds, so this is not a concern.
We apologize to those of you who felt the bank ratio was good as-is. While we feel the change is necessary, we understand that it may be frustrating to some users. Because we do not want users to feel as if we have lured them into deposting funds into the bank, only to decrease the ratio and trap their funds because there is a withdrawal fee, THERE WILL BE A GRACE PERIOD OF ONE WEEK AFTER THE NEW SYSTEM GOES LIVE WHERE ALL USERS CAN WITHDRAW FROM THE DICE BANK WITHOUT PAYING A FEE.
We have also been approached by many of our investors who expressed concern that we are no longer allocating any profits to cover company costs. Initially, we wanted to treat ourselves no differently than any other Dice holder. However, as many pointed out, our responsibilities are much greater than that of a normal Dice holder. By removing the percent allocated to cost, we created a large limitation on development and marketing. Upon reconsideration, we have decided to increase the proportion of profits retained to cover costs. We believe allocating profit towards our growth and expansion is in the interest of all parties. We feel 2020 will be the best year in crypto to-date, and we’re excited to have additional funds to ensure we are prepared for the next bull market. The more funds we have, the more we can do!
New Profit Distribution:
We’ve simplified the model to calculate each pool based on Theoretical Gross Profit.
(previously there was “Theoretical Net Profit”, which was the remaining profit after Referral and Lucky Draw Jackpot, and that remainder, Theoretical Net Profit, was then split 50/50 between Staked DICE holders and bankers. It was too complicated).
- 50% Staked DICE holders
- 20% Dice Bankers
- 20% Cost and referrals rewards
- Referral reward is variable, between 1% to 10%
- Previously, referral was between 5% and 50% of profit
- Remainder after referrals are allocated to Cost
- Between 10% to 20% of profit, depending on Referral
- Staker and Banker rewards are not impacted by Referral anymore
- Referral reward is variable, between 1% to 10%
- 10% Lucky Draw Jackpot
- No changes from previous system
“Wasn’t it 50% Staked DICE Holders, 50% Bankers previously??”
- Yes, and no. That was the ratio of Theoretical Net Profit that was allocated to Staked DICE Holders and Bankers – AFTER Lucky Draw Jackpot and Referral Bonus were removed. These are now calculated simultaneously using Theoretical Gross Profit, which results in a higher payout for staked DICE holders. Looking at the example, staked DICE holders receive 0.75 EOS in the new system, where they previously received 0.6375 (and that was based on a 5% “Normal” referral; if it was a 50% “Premium” referral, DICE holders would only have received 0.3 EOS in the old system).
“Wait, I thought you said the Staked DICE / Bank ratio would be adjusted to 70/30?”
- It is.
- 50 (DICE Stakers) / 70 (Total) = ~71.42%
- 20 (Bankers) / 70 (Total) = ~28.58%
- This is the ratio between Staked DICE holders and Bankers, not the ratio of profits (it excludes Referrals and Lucky Draw Jackpot). Confusing, I know. That is why we have now changed Staked DICE holder and Banker rewards to fixed percents that don’t calculate of the remainder of another pool.
- DICE Stakers will receive more dividends
- In the example of a 1.5 EOS wager in the Dice game, dividends increase from 0.6375 to 0.75
- Bankers will receive less interest
- In the example of a 1.5 EOS wager in the Dice game, banker interest decreases from 0.6375 to 0.3
- Referral will receive a decreased bonus
- Decreased from (5-50%) to (1-10%)
- Cost Account will receive more funds
- Increased from 0% to (10-20%)
Here’s the OLD graphic, so you can compare the numbers and understand the change more easily.
(link to new graphic for comparison)
We’re working to create an account system that will allow users to play on-chain third party games via the Dice wallet. This includes creating proxy accounts for each user, and is also a critical step in our path to mass adoption, easy user on-boarding, and accepting non-EOS tokens. This also means our users won’t need to cover CPU costs when playing 3rd party games on the Dice platform!
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