The Web3 Foundation (W3F) has introduced a significant proposal, RFC-0092, to improve the staking experience on the Polkadot network. The proposal aims to reduce the unstaking period from the current 28 days to just two days. This move is designed to enhance user convenience and maintain the competitiveness of the Polkadot network.
The proposed mechanism introduces a new system for managing unstaking requests, where the duration is dynamically adjusted based on the queue size. When the queue is empty, the unstaking period can be as short as two days, providing users with much-needed flexibility. Importantly, the system ensures that the unstaking time will not exceed the current maximum of 28 days, even during periods of high activity.
One of the key motivations behind this proposal is to address the challenges posed by Polkadot's long unstaking period. Despite offering high annual percentage yields (APY) for staking, the lengthy unstaking process has been a deterrent for many potential participants. By reducing the unstaking time, Polkadot hopes to attract more users who prefer quicker liquidity.
The empirical analysis accompanying the proposal indicates that the average unstaking time would decrease to approximately 2.67 days, while still being able to handle large-scale unstaking events without surpassing the 28-day limit. This change is expected to make the network more attractive to both current and potential stakeholders.
The proposal is currently in the discussion phase, and if it passes through the voting process, it will mark a significant improvement in the user experience on the Polkadot network, balancing speed and security in its staking process.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
