The Plomin Hard Fork is likely to be ratified as a governance action by the 24th of January at the start of epoch 536, and then enacted by the next epoch 537 on the 29th of January. During this time the way staking rewards are claimed will be changing due to the full enactment of the new Cardano governance system. In short staking rewards will accumulate as normal but can only be claimed if the address staking is also delegated to a delegated representative of the Cardano governance system.
What this means for our customers
For our customers, this means there will be a delay after the Hard Fork where customers will not be able to withdraw rewards from Cardano Staking on our platform. Rewards will still accumulate as normal and you can also withdraw in advance of the Hard Fork being potentially enacted on the 29th of January. You will be able to withdraw any accumulated rewards after we have implemented an update where when claiming rewards you are also delegated to an abstain DRep.
NBX Intends to continue to offer platform staking
NBX intends to have a policy of delegating to the auto-abstain delegated representative so that platform staking does not affect Cardano governance any further. Our Terms of Service will be updated with this policy on platform stake voting. We believe having platform staking on NBX has several benefits for the Cardano ecosystem going forward as well:- Serve as an onboarding of new customers to the benefits of Cardano staking.- Ease taxation reporting as all staking earnings on our platform have a taxation report generated for them.- Allow quicker transition from staking to market transactions by being part of the customer's wallets on our exchange.- Help support the NBX Cardano ecosystem where we are building a USDM marketplace and are supporting the launch of Cardano Native Token (CNT) trading pairs with USDM the Cardano USD-backed stablecoin we are the co-issuer of. In the future, we might launch other CNT-related staking projects on our platform as well such as Midnight.
We will keep our customers updated on when staking rewards will be claimable again after 29th of January if the hard fork is enacted
We apologize for any inconvenience and we will keep our customers updated on when an update is available for staking rewards to be claimed again. We hope for understanding that we need some time to integrate our new services and assure you that customer satisfaction on staking through our Platform is a priority for us. We are exited for the future journey with Cardano and as a reminder of our engagement with the Cardano ecosystem we launched USDM trading in Q4 2024 and annocuned we are launcing USDM minting and Hosky / USDM in Q1 2025.
