Newdex Staking Pool has launched. What is it, how does it work and is it vote buying?

Published by illuminati.e 26 Jun 2019

Newdex Staking Pool has launched. What is it, how does it work and is it vote buying?

Today, we’re going to be talking about newdex’s staking pool called Newpos which just recently launched.

So what exactly is it?

It is a combination of earning REX rewards and Block producer rewards. So when you join/mine the newpos staking pool, you are essentially buying REX and automatically delegating your votes to the Newdex proxy which obviously votes for themselves as well as other BP’s. As a result of this, you earn the REX rewards by resource lending as well as some of the block producer rewards of Newdexbp.

When users join the Newpos staking pool, their EOS is divided among the multiple proxy accounts that Newdex has which votes for themselves and other BP’s which results in Newdexbp’s ranking to go higher up which in turn generates higher BP rewards for them. There is no proof that Newdex is selling positions on their proxy but it’s better to assume that they are. I'm sure without a doubt that there are good BP’s in the proxy list who are not buying votes at all but it could be to disguise what’s going on.

Below are the links to the proxy accounts where you can see for who exactly Newdex is voting for. It seems like a mix between the top 21 BP’s, some BP’s from other countries and BP’s who are lower in rank after Newdex themselves. A scary observation is that most of the BP’s in those proxy accounts are Asian and there is currently a lot of talk about EOS being partially centralized due to the top 21 block producers being in the eastern side of the world.

Newdex proxy accounts:

Newposproxy1 —

Newdexproxy1 —

Newdexproxy3 —

Newposproxy5 —

Newposproxy3 —

Newposproxy2 —

Newdexproxy2 —

Newdexproxy4 —

Newdexproxy5 —

Newposproxy4 —

Some of you may be thinking the more users that join the staking pool, the lower the rewards will be right? Well not really because as Newdex rises in the BP rankings, their rewards rise and they are in a position to keep the user pay stable or even higher if more and more users join the pool. They may ask for higher pay from the positions they are selling because the BP’s they’ve voted for are also earning higher rewards as their rankings would have gone up as well.

I’m going to state again that there is no proof that any of this is happening this is just what is being assumed.

If you have a look at the infographic below it shows graphically how the Newpos staking pool works.

If you need to refer to a video, then I recommend checking out HodlEOS’syoutube videos.

Video 1 —

Video 2 —

Newdex is definitely becoming a force in the EOS ecosystem. Before launching the stake pool they were somewhere in the 70–80s in BP rankings and within less than a week of launching newpos, they’ve entered the 30’s which is remarkable.

I’m not pointing fingers saying that vote buying is happening or the selling of positions on proxies is happening but from the looks of it it’s something that should be monitored to ensure sufficient decentralization on the EOS mainnet takes place and that this doesn’t go too far.

Ultimately, users can do what they like with their funds. If they want to earn more profit at the cost of geographic centralization or cartel influence, then so be it.

As always guys, stay safe and don’t get rekt.

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DISCLAIMER: This is not to be taken as financial advice. My views in this article are personal opinions based on my research and should not be considered as financial advice. Always do your own research.