Delegations Selling Service Update: Extend Delegations

in #steemit3 months ago (edited)
It is now possible to extend duration of the SP delegations bought from @Bank.SBD service. Let's see how to do it.

Extending Delegation

To extend the duration time of the existing (ongoing) delegations, simply send any amount of SBD to @bank.sbd with memo: extend

How This Works

Whole process is fully automated. After receiving the extend command, the service will check the user's existing delegations. It will pick delegations that are closest to end in and extend their duration for next 4 weeks from current moment.

It will start from delegations that are ending as first ones (closest to end), charge the payment and move to next delegations (remember that you can have multiple delegations at once). It will repeat the process until there are no more delegations to extend or the whole payment was used.

If any part of the payment was not used, it will be automatically refunded.

All of this may sound complicated but it's really simple - to extend your delegations, just send any amount of SBD to @bank.sbd with memo extend

Extend Discount

Extending delegations is 5% cheaper than buying new delegation for the same amount of time. This is done to encourage users to extend their delegations as it removes the need to wait 5 days for the SP to come back to the service.

Customizing Extend Duration

By default the service will extend delegations to last for next 4 weeks exactly. You can also choose this weeks period by using memo like this: extend to 6 weeks

This will make the service extend delegations to last 6 weeks from the current moment.

You can use any weeks number from 1 to 10.

Quick Info about @Bank.SBD

The service tries to bring back the SBD-USD peg by providing cheap loans (STEEM POWER delegations) and accepting only SBD as payments. Each SBD paid is valued at 1 USD so any time time SBD price is below USD, the delegations are cheaper compared to other services ( is taken as the reference point here). Check out the recent daily report to learn more.

This sums it up, if you have any questions let me know in the comments! Next post will be about investing ;)

So I tested the feature.
As you can see on the picture the extension with 5 SBD doesn't return extension details like the older 0.2 SBD extension but by sending 0.2 SBD again after that there is no longer any delegation to extend so I assume all delegation has been successfully extended by the 5 SBD.

Why details weren't being sent? Is it because the memo gets too long?

Very possible, will check it in a moment :)

If I recall correctly memo has max length of 2048 characters on Steem.

Thanks, will slice the string and try to shorten the overall message. Cheers!


To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Congratulations @bank.sbd! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You received more than 10 as payout for your posts. Your next target is to reach a total payout of 50

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Vote for @Steemitboard as a witness to get one more award and increased upvotes!