Management of SIN on Midas

After the launch of Midas exchange, which offers shared wallets with the Midas Investments platform, we needed to find a suitable solution for the management of SIN.

As SIN investors know, when SIN is included in nodes, those SIN are burned. On the Midas platform, the burned SIN still appear in your account for the 12 month life of your node. This presented a minor issue: shared wallets meant that investors could effectively trade/sell burned coins.

How have we solved this

We have created two SIN shares on the Midas platform.

  1. Locked Share: A SIN share to hold coins locked/burned in nodes, or coins that an investor wants to include in nodes.
  2. Live Share: A second SIN share for users to trade and hold coins that they do not want to include in nodes.

When you purchase SIN from InstantBuy or Midas exchange or deposit through the Available Shares list, this will go to your ‘Live Share’.

At the moment SIN nodes are closed, but expect them to reopen in January. If you want to invest those coins in nodes, move them to your ‘Locked Share’ by withdrawing them from the ‘Live Share’ to the deposit address of the ‘Locked Share’.

For rewards generated by nodes, these will appear in your ‘Locked Share’ if you have selected the 100% reinvest option and will therefore be included in new nodes. If you want to trade rewards, set the withdraw address on your ‘Locked Share’ as the deposit address of your ‘Live Share’ and set to 0% reinvest and your rewards will appear in your ‘Live Share’ as these are generated.

After discussion within the team, this has been the most suitable solution for handling SIN for the platform, exchange and InstantBuy, however if anyone has any questions please direct these to #platform-support on our Discord server.

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