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  1. This proposal is focused on expanding the Elrond staking economy. Please read the information below carefully in preparation for our feedback sessions. The changes we are proposing are meant to open a new era of growth for Elrond, specifically increasing the token distribution and decentralization, strengthening the security of the network, and enabling sustainable business models around staking-as-a-service providers. In short, by enabling more eGold to be staked, more people and validators will participate, more tokens will be locked, security will improve, potentially increasing the value of the locked assets. A secure environment will give confidence to more businesses to start building on Elrond, increasing the demand of eGold, in a perpetual virtuous circle. The following changes are proposed: Increasing the staking cap: increasing the maximum number of Validator nodes Increasing the amount of stake per node, and enabling compounding feature Enabling open delegation via system smart contracts 1. Increasing the staking cap There are 2,169 Validator nodes active in the Elrond network, each with a 2,500 eGold stake, totalling 5,422,500 eGold staked. This is 37.49% of the circulating supply. The Delegation Queue enabled additional participants to engage with staking and increase the amount of eGold locked to more than 8 million, or 55% of the circulating supply. We therefore propose to increase this staking cap by a) increasing the number of Validators and b) adding a compounding rewards function that enables each validator to increase the amount staked per node. Increasing the number of Validator nodes We propose increasing the maximum number of Validator nodes from 2,169 currently to 3,200. The number of shards will remain the same: 3 shards and one metachain. Also the number of eligible nodes per epoch remains at 400. What is changing is the number of nodes per shard that are not eligible but are on the shard waiting list that will increase from a maximum of 142 to 400 (not to be confused with the queue from Phase 1). The minimum number of nodes on the waiting list will be 80, instead of 142 as it used to be, so the minimum number of nodes will also change from 2169 to 1920. With 2,500 eGold staked per node, the total amount of eGold staked will be exactly 8,000,000 eGold, on par with the current locked amount. The change in the maximum number of nodes is more complex and will enable a variable number of active nodes on the Elrond network: 1920 minimum, 3200 maximum. The actual number will be driven by the market demand for eGold staking. Since the amount of rewards is fixed per year (2,16 Mil eGold in the first year) the change in number of nodes will directly affect the rewards earned by validators and delegators as well. Please find below the rewards for Validators & Delegators in the min & max scenarios: Validator Min. nodes: 1920 Current: 2169 Max. nodes: 3200 APR % 40.65% 36% 24.40% Delegator Min. nodes: 1920 Current: 2169 Max. nodes: 3200 APR % 32.75% 29% 19.65% What the limits mean: Minimum 1920 Validators: unStake is not possible when only 1920 Validators are in the network. Elrond Foundational nodes will be added in this (unlikely) scenario, to enable community validators flexibility Maximum 3200 Validators: creating a new Validator is not possible when 3,200 Validators are already staked. Elrond Foundational nodes will be progressively removed in this scenario, to allow more community nodes Increasing the amount of stake per node Another important part of this proposal is enabling people to stake an amount larger than 2500 eGold per node. The minimum value will remain 2,500 eGold, but the maximum value will be uncapped. Validators will be able to add more stake to their nodes and therefore earn more. The amount of eGold staked per Validator does not influence its chances of being selected as block proposer or consensus member, but rewards will be proportional to that amount. A diminishing returns mechanism will be applied, so it will be more profitable to i.e. run 2 nodes with 2,500 eGold each, instead of 1 node with 5,000 eGold. Please see the rewards system details taking into consideration top-up stake at the end of this post in the Appendix. Some simulation data can be found below. This is based on year 1 inflation (10.84%), considering 100% hit rate (no missed blocks) and the proposed values in Appendix. Scenario for 1920 Validator nodes in the network (minimum) Avg stake per node 2,500.25 eGLD 3,000 eGLD 4,000 eGLD 5,000 eGLD Total stake on the network 4,800,480 eGLD 5,760,000 eGLD 7,680,000 eGLD 9,600,000 eGLD APR base stake 40.67% 38.65% 35.43% 33.47% APR top-up stake 10.36% 10.12% 8.73% 7.20% Average APR per node 40.66% 33.89% 25.41% 20.33% Scenario for 2169 Validator nodes in the network (current) Avg stake per node 2,500.25 eGLD 3,000 eGLD 4,000 eGLD 5,000 eGLD Total stake on the network 5,423,042.25 eGLD 6,507,000 eGLD 8,676,000 eGLD 10,084,500 eGLD APR base stake 36.02% 33.99% 30.78% 28.81% APR top-up stake 10.36% 10.12% 8.73% 7.20% Average APR per node 36.01% 30.01% 22.51% 18.00% Scenario for 3200 Validator nodes in the network (maximum) Avg stake per node 2,500.25 eGLD 3,000 eGLD 4,000 eGLD 5,000 eGLD Total stake on the network 8,000,800 eGLD 9,600,000 eGLD 12,800,000 eGLD 16,000,000 eGLD Average APR base stake 24.40% 22.38% 19.16% 17.20% APR top-up stake 10.36% 10.12% 8.73% 7.20% Average APR per node 24.39% 20.33% 15.25% 12.20% This will be a powerful mechanism for Validators to compound their rewards on a daily basis, while further increasing the value of assets locked for staking and therefore the network security, with all the benefits detailed above. Increasing the stake of a node will be possible using eGold from any source, not just Validator rewards. Enabling open delegation Presently, everyone delegating eGold is doing so towards the Elrond Foundational Nodes. This interim solution was instrumental to securely bootstrap the Elrond blockchain. Our common goal is to decentralize the network and decrease the number of Elrond Foundational Nodes, in favor of more community nodes. Open delegation enables us to achieve that. Open delegation will be enabled at protocol level through system smart contracts. This enables Staking Providers to build a great business model around their services, creating very secure staking products without the need to invest in smart contracts programming resources such as developers and audits. Staking Providers will be able to tailor their staking terms according to the interests of their respective customer base. Staking through regular (non-system) smart contracts will be possible as well, and we look forward to these options gaining in popularity and complementing the system smart contracts with innovative staking products. The Delegation System Smart Contracts will enable Staking Providers to register their nodes and define parameters related to their individual staking products, such as the maximum amounts to be delegated, and service fees. End users looking to delegate their eGold will be able to select their preferred Staking Provider and delegate their eGold towards them. Most importantly, every staking as a service provider will be able to start marketing Elrond, offering compelling and differentiated services to the Elrond investors and community, increasing their eGold amount delegated and growing their revenue, while at the same time significantly increasing the Elrond network exposure and overall security. The specific details about the Delegation System Smart Contracts can be found here: https://github.com/ElrondNetwork/elrond-specs/blob/main/sc-delegation-specs.md Outlook on Phase 4 The Phase 4 of the Elrond Staking mechanism will cover a soft-auction mechanism, but this will only come into play at a later stage, once the maximum number of 3,200 Validators is reached and most of them staked more than 2,500 eGold. A separate post will detail the mechanism and begin community discussion once components are ready. Appendix A copy of the proposal and the detailed formula for calculating the top-up rewards can be found in this document.
    5 points
  2. I'm not part of the team, but just my humble opinion. Need to recap a bit the history to understand the present. This blockchain has less than 7 months from the mainnet and is already in top 20 - 25 by marketcap. Inevitably the node price increased a lot. From technical perspective the project is rock solid (and this is reflected in the eGLD price as well), the validators community is also very strong, the same team with long term vision. You cannot change the rules during the game and need to let some time to digest the new economic environment and the current validators expectations. Growing organically is the key in a fully distributed environment if want to keep both security and safety. In this point, is very risky to change the node min amount, there are lot of validators which already made the setup for phase 3 with all the economic context in place. Starting with phase 4, the auction mechanism will be enabled, let's see what's happening after the voting. Also, from scalability point of view and taking in consideration the current overloading, 3 shards with one metachain with 3200 nodes is more than enough for running any kind of project. Elrond is one of the most distributed PoS project from the community from both the nodes distribution and from hw requirements perspectives. I understand your point, but need to wait at least to phase 4 or when the network will naturally request more nodes.
    4 points
  3. Hi Milan, 1. If you run a staking service (accept delegations) there is a delegation manager contract that allows you to create your own delegation contract with your preferred configuration (service fee, delegation cap, etc). For this you need to come with 1250 eGLD yourself, which will be the first delegated amount (your own delegation) and is required in order to keep your delegation contract active. Everything else can come from other delegators. 2. Yes the node will be deactivated by the protocol while the staked amount is below the minimum required. If in the meantime there is one delegation that causes the staked amount to exceed the min required, then the node will be re-activated. 3. Slashing is currently not enabled, but the intention is to have less impact on delegators (could be 0) and more impact on provider. This is still TBD and there will be a proposal before we activate the feature so we can discuss and reach the best decision. At point 3 could you explain which lock you were talking about? Is this about the requested features for delegation SC for min lock period, where in exchange for longer lock time the service provider could have lower fees? The way that will be designed is that delegators have a guarantee for lower service fees while they abide by the agreed lockup. The funds can be withdrawn any time nevertheless, with some penalties on the rewards for the last period if there is a breach of the agreed lockup. One thing we are trying to implement here is correctly defining the constraints for both parties, delegators and service providers. So if we have a breach of contract from the delegator, its rewards for the the last period have a penalty, while on the other side, if for example the service provider gets slashed, or changes anything with the agreed delegation contract parameters that negatively affects the delegation APR, then delegators can withdraw without any penalties.
    3 points
  4. The article looks like a promoting article for radix, so it should be viewed from that perspective. In regards to the numbers mentioned in the article for radix, I don't see in the article which kind of setup they ran, in order to make a comparison with elrond capabilities. Elrond has reached 263k TPS in a real world scenario, where the nodes forming the network were ran together with the community, with a good geographical dispersion, 50 shards, low end machines (some used the cheapest contabo machines, others used personal laptops, etc). The elrond binary used in this benchmark was the one we were testing in preparation for the mainnet launch, so all verifications (signatures, hashes, state, etc) were in place, with real operations and most transactions being cross shard. In the same real world scenario if we would have increased the number of shards to 200, elrond would have also gone above 1 million TPS, more so with the latest protocol improvements. Regarding the concern about breaking atomic composability, there are different models that enable defi applications to work well with the elrond asynchronous execution model. In addition to this, we have done an in depth analysis that ended with an internal proposal that would also enable atomic composability for smart contracts in Elrond that would also fit with the current architecture. This would allow smart contracts to specify the need to be executed atomically and the protocol would be able to ensure the execution of the Smart Contract calls as if all smart contracts "touched" by one call were in the same shard. In regards to the atomic composability for smart contracts in radix, I have read the paper and am assuming they do not have this working currently with nodes that are holding different subsets of shards. There are many limitations and drawbacks with their proposal that would only become visible in this scenario (which is actually the scenario where their sharding would start working, otherwise it is like running a single chain and no sharding).
    2 points
  5. I'm Lucian from Romania. I've started using crypto back in 2014 by selling my online services and receiving crypto payments. In January this year I bought my first share of eGLD. Since then I'm always adding some, every 1-2 weeks! I'm currently staking it and so far I love it. There is no crypto I've seen with this level of implication form it's creators. It haven't even been 1 YEAR yet, and it looks like it's already a standalone network. I love that it's not based on another cryptos/blockchains. It features every part of the spectre to make it a global go-to for everything. from the blockchain to the wallet, to the exchange, launchpad and everything, it's the best all-in-one. I trust Elrond and the Elrond team and I respect them. That's why all my other investments are now in eGLD. It's worth it for sure. See you here in the next years! And thanks to the team for making this network a reality!
    2 points
  6. April 7 - the first rewards from the new Validators On April 7 ~14:30 UTC at epoch 251, these nodes distribute their rewards towards their stake owners, whether directly staked or delegated, in effect producing the first rewards for Staking Phase 3. Also at this date and time, the next 320 new nodes become Active Validators, and so on.
    2 points
  7. Hello, I am in a bit of a situation. I advanced in the waiting list so much in the last days that I can become an active delegator in about 24 hours if it keeps the same speed. Calculating the APRs in Phase 3, a Phase that I understand will last for about 5 months, please tell me what are your exact plans with the community nodes. Will you force delegators out at some point or will you wait for people to undelegate and shut down the nodes as that happens? Giving the little price cartel SPs created in the last few days, there is nothing attractive in going with them for Phase 3 instead of going with the Elrond nodes. At least you don`t change your fees from one day to another like they do and their fees come closer to yours. At this point for Phase 3 I am inclined to enter the active delegation to get a 29% APR for the next 3 weeks and 5 months of 17.XX% during Phase 3(if I got the duration of Phase 3 right)... than going with a SP and only get about 18.XX% APR for 5 months - (3200 nodes + 2 mil eGLD top-ups calculated). I know the focus is on decentralization and I wanted to go to a SP, but please give me, and others in my situation, some real reasons to go with the SP at this point. I asked some of the SP managers why should I choose SP instead of Elrond nodes in my situation and not even one gave me plausible reasons. I only get political answers and no real facts. If the decision should be a no brainer in favor of SPs, please tell me what details I am missing at this point. Thank you!
    2 points
  8. Hi Emi, Thanks for the feedback! The team already pushed a work-around and tomorrow will be pushed the official fix. I tried from my Mac/Safari and it's working as expected now. Best regards, Marius P.S.: Kindly please let's keep English using on this forum
    2 points
  9. The Economic paper we are publishing today presents the economic principles governing the Elrond Network, and how they keep everything aligned Read the full paper here: https://elrond.com/assets/files/elrond-economics.pdf Reasoning and overview Through Elrond we propose a bold vision for a post-capitalist world, providing a new economic model and language specifically designed for the information age. The Elrond token, eGold (eGLD), will have an expected bootstrapping duration of roughly three-to-five years. The Elrond token is inseparable from the Elrond Network, and thus intrinsic to it. Some of eGold’s intended use cases include staking, delegation, payments, fees for storage rent and for smart contracts deployment, as well as rewarding the validators that contribute to the Network’s performance, stability and security. During the first few years, our focus will be to establish Elrond as a global public utility within the internet ecosystem, offering a highly scalable, efficient, and interoperable blockchain architecture, with a growing economy built on its native eGold tokens. All activities within the network, such as processing transactions, running smart contracts, providing services like staking or running a validator node will be fueled by our native token. Both startups and large scale enterprises will be able to build decentralized applications on top of Elrond's Network or to integrate Elrond as part of their infrastructure solution for products and services. In this first phase, gaining access to a recurring value stream generated by the network is conditioned by owning the eGold token, as the native asset of the Elrond Network. Following this first period, we expect that eGold will naturally temporarily lend itself to becoming a currency or payment token as well, complementing conventional currencies thanks to its flexible programmatic mechanism. This means that eGold will likely become an efficient medium of exchange for various goods and services, since its owners will be able to send and receive eGold directly, globally, and inexpensively via transactions. Once Elrond becomes a thriving global ecosystem and public utility, one might expect the token to become a robust store of value, owing to compounding programmable incentives and strong underlying network effects governing blockchain architectures. Its quality as a store of value will be a function of the underlying economic incentives amplified via real world adoption, defined conditional transition to a deflationary economic model, and accrued trust in the Elrond Network. The Elrond Network, on the other hand, is a proof-of-stake based blockchain platform where a set of validators, who have staked eGold, produce blocks by reaching consensus. Validators are rewarded for their work and staked eGold. However, if a validator decides to intentionally depart from protocol instructions, they stand to lose part of their staked eGold due to slashing. The set of nodes elected as validators and their assignment to shards changes constantly (in each epoch, i.e. around once a day), and this number is limited depending on the current needs of the network in terms of security and throughput. Any number of eGold holders can participate in staking indirectly by delegating their eGold to existing validators, usually professional validators (staking-as-a-service providers), that choose to accept delegations. An eGold holder indicates which validator candidates they trust, and puts some eGold at stake to support their delegation. If one or more of their candidates are elected as validators in an epoch, they will share with them any economic rewards or punishments, proportional to their delegated stake. Delegating eGold is a way of investing one's eGold, and contributing to the security of the system. The larger the total amount of eGold staked, the higher the system security, thanks to the increasing amount of stake needed by an adversary to get any nodes elected as validators. Why Validators matter In order to secure the network, Elrond will utilize a Proof of Stake model. Network participants bring value to the network. The more validators, the more eGold staked, and the greater the security and decentralization of the network. Given that sharded networks such as Elrond require a necessary number of validators to form several well secured shards, we have developed a validator client that runs on average consumer hardware and that is easy to deploy and maintain. Validators ratings As with any decentralized and permissionless network, we are expecting to see participation from many validators, from different locations, using different hardware specs, infrastructure setups, internet connections, bandwidth, etc. This will lead to different performances in terms of up-time, response time, computation time, etc. While these variations are acceptable and expected, the more decentralized the network is, the clearer it becomes that specific actions are more desirable, while others actions are not. Through the rating mechanism, we are rewarding desired performance (such as uptime and correct proposal of a block), but we’re also penalizing undesirable actions affecting the performance of the network (such as missing block proposals). The higher the rating of a node, the higher the chance to be selected as a consensus validator in a round (which implies having the opportunity to earn rewards). Conversely, the lower the rating , the lower the chance to be selected as a validator. The reward or penalty is performed merely through an increase or decrease of the node rating, so no slashing is involved. Slashing Actions taken by validators, such as running other clients or modified code from the official client, can be detrimental to the operation of the network, and so require some punitive measures to be taken in the context of a PoS system. The security of a PoS system is held together through incentives in the form of reward and penalty. By requiring validators to put skin in the game via a locked eGold stake, they will have a strong disincentive to act maliciously due to their economic value being at risk. Slashing is not yet active but we are considering and researching different approaches: We might consider gradually increasing the amount slashed, as the time pass and the network becomes more mature We might consider increasing the amount slashed based on the number of other validators slashed at the same time, so that we further discourage coordinated actions by multiple malicious actors Staking rewards Staking rewards, possibility of slashing, or increasing/decreasing a node rating, are a set of incentives that encourage token holders and validators to secure the Elrond Network. In return for security, the validators can increase their relative share of token holdings in the network. There will be a minimum guaranteed reward amount per year, that is decreasing every year so that in the 11th year it reaches 0, meaning the network by that time should become self-sustainable only through fees. The minimum guaranteed reward amount will come from fees, while the rest will come from inflation. So the maximum inflation rate per year, if fees are 0, is: If the cumulative sum of fees during one year is higher than the minimum guaranteed rewards, inflation rate becomes zero and the rewards distributed will be higher than the minimum guaranteed rewards. Otherwise, total fees will just decrease the inflation by the corresponding amount. By adopting this approach, we have created the premises for the transition to a deflationary monetary system. Un-staking If a validator wishes to un-stake, he initiates a transaction that indicates he wants to unstake a number of nodes, including the BLS public key of each node. The transaction is generated by the validator and sent to the metachain. At the end of the epoch, when nodes are re-shuffled, those who un-staked during the just-completed epoch will be shuffled out first. Unbonding The unbond period is set at 10 days, after which the node will be able to retrieve its previously staked funds. Delegation as a second staking option Since not everyone will be able to be a validator and run a node, those who still want to stake, can delegate their stake to other validators or Staking as a Service providers, and split the rewards between them. Usage and Fees A sustainable value stream for the network can come from transaction fees and asset inflation. Since the success of the network is reflected by the adoption and usage which will generate transaction fees, the economic model will be able to finance the growth and maintenance of the network without the need of inflation. The calculation and distribution of rewards and fees is done at the end-of-epoch, and added to the start-of-the-epoch block by the block proposers, verified by all the validators. For all blocks produced in each round, by each shard, 10% of the block transaction fees go directly to the block proposer. The other 90% of all transaction fees of a block are added in a pool and are distributed to all validators at the end of the epoch. Just the block proposer takes 10% of the fees in the current block. After reviewing initial simulations, we have decided that transaction fees will start with 0.00005 eGold per transaction. Transaction fees are calculated using a gas model. This takes into consideration: the quantity of resources used per transaction, including: CPU Bandwidth Storage This list provides 584 operations and their associated gas amount that will be used at Genesis. Storage fees Storage should be considered separately from computation or bandwidth, because each smart contract transaction that will require storage across all validators going forward, is not just subject to a one time fee at the execution of the transaction, but also a storage cost. Elrond will introduce a state rent for smart contract transactions, where there will be a fixed price per each byte that needs to be stored (in the future this fixed price can be adjusted via governance), a price that will be paid periodically. The state rent price is applied only to smart contracts and not to normal balance accounts. We will also introduce a mechanism to temporarily clear the state of an account (unable to pay the rent), to hibernate the account, and restore it once needed. Developers fees and monetization In order to significantly accelerate developer adoption, we will provide developers with a built-in protocol monetization solution. Thus 30% of the fees directly associated with a dApp, will go to the developer. So when processing a smart contract transaction, 30% of the fees from that transaction will be added to the smart contract balance. eGold, the native Elrond currency The native Elrond eGold token is opening a new growth phase for the Elrond economy. It is a natural step toward enabling native Elrond services such as staking and delegation, and native DeFi options. Here’s an overview of the most important eGold premises: The eGold currency is designed for simplicity and global adoption The eGold currency is designed as a digital reserve standard and robust store of value Built-in scarcity to reinforce value and demand Strong staking incentive for validator adoption paired with a max supply limit: Adoption reduces this theoretical inflation and increases scarcity A sustainable adoption model growing the entire eGold economy and reinforcing deflation Protocol sustainability The protocol sustainability address will receive 10% from the total generated rewards, in order to provide the necessary resources and funds to further develop, maintain and promote the Elrond protocol. The specific rules for managing these funds will be presented in a different paper, together with the governance information. Future work A promising direction for future work will investigate using an algorithmic stable token for fees. Also, by enabling a new set of tickers with an e as a prefix, like eGLD, we make things simple and intuitive to understand, but perhaps even better, enable a flexible and coherent derivation path based on the E prefix, compatible with listing an unlimited set of new currencies on top of the Elrond Network. Moreover, eGold, besides being locked in staking and delegation, could be used to stabilize the value of Elrond stabilized assets, becoming a reserve component. The reserve might consist of a basket of cryptocurrencies that helps the protocol to reduce the supply of future Elrond stable-assets. In order to read more details and in-depth information about the Elrond economic model please read the Economics paper here: https://elrond.com/assets/files/elrond-economics.pdf --- This paper is the first public draft of the Elrond economic model. The individuals and companies contributing to this paper operate in a dynamic environment where new ideas and risk factors emerge continually. Thus, we are constantly looking for feedback, with new assumptions that could challenge and improve parts of our model. We encourage you to share your feedback in this thread. Disclaimer Nothing in this paper or elrond.com website is an offer to sell, or the solicitation of an offer to buy, any tokens. Elrond is publishing this paper solely to receive feedback and comments from the public. Nothing in this paper should be treated or read as a guarantee or promise of how Elrond’s business, services or the token will develop or of the utility or value of the token. This paper and elrond.com website outlines current plans, which could change at its discretion, and the success of which will depend on many factors outside Elrond’s control, including market-based factors and factors within the data and cryptocurrency industries, among others. Any statements about future events are based solely on Elrond’s analysis of the issues described in this paper or elrond.com website. That analysis may prove to be incorrect. Elrond eGold (eGLD) incorporates no connection to physical gold or gold derivative instruments. eGLD is not a "stablecoin" and may be volatile and/or may lose value. No recommendation is made herein as to the advisability of purchasing eGLD; notwithstanding, do not purchase eGLD if you cannot bear the loss of the entire purchase price.
    2 points
  10. Hi Marius, The removal of Elrond foundation nodes is not yet in discussion for the phase 3 release, this will be further down the line and will be announced beforehand. But just for the sake of discussion, the mechanism should be fairly simple, one option (which in my opinion would also be elegant) would be to keep the extra stake from the removed keys(nodes) as TopUp stake on the remaining nodes. This will indeed cause the return per staked token to decrease on average a bit, since the topUp stake APR is always below the base stake APR, but will also allow SaaS providers to become a more competitive alternative the more nodes are removed. This mechanism will make the migration process from elrond foundation nodes to SaaS more organic, so if delegators see a better option out there with some SaaS they will migrate. For your other questions: 1. It doesn't really matter which keys are unregistered. 2. Only delegators themselves can move their funds to other staking partners if they see a better option, and if they move or not depends probably on the advantages offered by the staking partners, but as explained above, since the APR will decrease a bit by unregistering elrond nodes, this will make the SaaS options look more competitive. 3. There will be no specific delegator greatly affected, this affects all delegators by a small degree, but this is already to be expected with the V2 proposal. Until keys are unregistered from the elrond foundation nodes, the APR for the elrond foundation nodes will be the highest possible (fees aside), so up to a certain number of unregistered keys keeping the funds delegated to elrond foundation nodes will still be one of the better options, out there, as long as the ratio of (topUp stake)/(base stake) for elrond foundation nodes is better than the same ratio for SaaS providers (again not considering fees). As soon as this ratio falls below what staking partners have, there will be an incentive to move. Hope this clarifies a few things, this is not yet decided to be the way to go, but I think it is one of the better options. If anyone has other ideas we can discuss.
    2 points
  11. Hi folks! I have some questions please. My understanding is that (soon) starting with the phase 3, the max no of validators will be increased up to 3200. Also, some of the Elround Foundation nodes will be removed letting some space for some external nodes. So far so good. My questions: 1. How are selected the nodes to be removed? Just random? 2. What's happening exactly with the tokens delegated to those Elround Foundation nodes? Will be moved transparently to some staking partners? 3. The affected delegators will be announced and can decide for themselves? Thank you, Marius
    2 points
  12. small fish hi all, well im a small fish here and i only run one validator node, at the moment i dont want to go into becoming staking as a service provider untill i could become more comfortable with the smartcontracts etc so untill then im quite happy running my node, if i could i would had run more nodes but i do not have the funds for this, so im just going to put this out their, i understand the proposal to increase the stake per node but putting the amount up too much may price even more people out and a few people/comapanies could end up running a majority of the nodes, this to me is not decentaliaztion as you might as well stay with the Elrond bootnodes, this is just me speaking up for the small single node operators, i would also like to say that any increase should not be more than 500egld per year and this figure is purely based on the fact i only have 3000 egld :) so if the price does go above i hope one of you staking providers will give me a good deal to delegate hehe!, as for josefcoap proposal i also agree that their needs to be a secure lock in period like he mentioned to create continuity for the validators and staking providers. all the best ken.
    2 points
  13. Should we also have a flow in the main DSSC where people will choose lock commitment for a higher APR comparing with no lock commitment ?
    2 points
  14. About Delegation System Smart Contracts: I suggest by default to have some variables that helps to define: standard fee (without lock commitment) 3 months fee 6 months fee 12 months fee If a provider only "fill" the variables standard fee and 12 months fee, only this 2 options will be available in the SC This change will cover a lot of scenarios for staking providers
    2 points
  15. I think it's time for a small presentation. My name is Kevin and i'm from France :) My interest for cryptocurrency really started in March and i discovered Elrond quite late in June. I am autodidacte and passionate in web-technologies and i believe that Elrond will occupy myself for the years to come. I am used to work with API and im fluent in SQL. Who know may be one day i will write some smart contracts on Elrond I feel like i'm taking part in history and i'm glad to help the french community in telegram and on medium as a translator :) Have a nice day !
    2 points
  16. Official guide for setting up a node: https://docs.elrond.com/start-a-validator-node/start-the-network Community enhanced official scripts: https://github.com/ElrondNetwork/elrond-go-scripts Community tutorials: “FAQ running Elrond Network node for the first time” by Jose F. Aznar https://link.medium.com/4ime0uLMn0 “Fast Install & Update Elrond Nodes” by Jose F. Aznar https://link.medium.com/pQxZjzOMn0
    2 points
  17. Claimable MEX info available! You can now go to the Maiar Exchange website and input your public address to see how much MEX you will be able to claim, based on the Week 1, 2, and 3 snapshot data. Reminder: the first 4 weekly snapshots are super valuable and earn you more MEX. We’re now in Week 4. Check balances: https://maiar.exchange/
    1 point
  18. there is a fee for every transaction. "Claim rewards" also generates a transaction. The "missing" ~0.0004 EGLD should be the fee for the claim rewards
    1 point
  19. Legacy delegation means that you delegate/stake your funds for "elrond community nodes" that are run by the elrond foundation Stake - you stake your funds in a staking pool for nodes run by a staking provider The legacy delegation currently cannot accept more active delegation (that actually earns rewards). You can still send, only it gets into a waiting list and in case some place is freed in active delegation it can become active delegation (but probably right now not many chances for places to be freed up). There are some though some staking pools still accepting delegations and giving rewards (check the APR for annual percentage returns)
    1 point
  20. Hello, I have succesfully delegated my EGLD to SIKKA and i can see the validated transaction under the "transaction" tab. But there is nothing under the "staked" tab and if i click on "unstake" nothings appear. I have tried to unlink/link my wallet but the problem is still appearing. Can you help me please? Romain
    1 point
  21. Stake Capital was in the situation described in my previous response: Tomorrow I think it will be the first day with distributed rewards from Stake Capital (~14:30 UTC), as they already have nodes participating in consensus (first day today I think).
    1 point
  22. Yes, the 10-day unstaking period is a little intense, since so much can happen to the market in that time. I’m giving it until tomorrow afternoon, then taking the advice support gave me. Hopefully it doesn’t come to that, though.
    1 point
  23. Hey, the delegated EGLD from the web wallet doesn't appear in the app because Maiar doesn't have any delegation (legacy) section, it only has access to staking. If you stake your tokens instead, you will see them in both apps. The delegation (legacy) will go away anyway. And to use the same wallet, you can for example in Maiar say you already have an account, and input the 24 words secret key of your wallet there. And vice versa, on the web wallet, you can also input the 24 words secret key and transfer there. Now you will have both accounts with the same private key (same account basically)
    1 point
  24. Someway forums are less trendy than immediate response platforms like Telegram. thousands of daily messages on Elrond Telegram 40 channels. It may be good to have more activity here in the forum, but we can't change easily user preferences, you know.
    1 point
  25. I believe the project has done in 2 years more than others in 4-5. They are active and very polyvalent on multiple platforms of communication but community has to step in as well not check charts all day. Anything that grows healthy needs time. Keep up the amazing work!
    1 point
  26. Hello. The Elrond forum is not dead, is at the beginning of the journey, from my point of view. Right now we try to redirect all the interesting technical questions from the Telegram groups to the forum. I hope you will change this belief soon. Thank you for being part of the forum community.
    1 point
  27. Hi, The most important ones are listed to http://elrondpartners.com/ and others will follow.
    1 point
  28. Hi, You can read a this article [1] and take a look around the attached pictures - you'll understand better the diff comparing with the actual NFT Eth support. Elrond will bring a lot of value. Best regards, Marius [1] https://medium.com/everstake/what-is-esdt-in-the-elrond-blockchain-a-simple-explanation-6b2efcdadd8f
    1 point
  29. Sent 500xEGLD devnet -> https://devnet-explorer.elrond.com/transactions/4ed12448c66293c94b1cc0f4359c2de1cccf1379fa7949dc6c67dd2854c297be Best regards, Marius
    1 point
  30. Hi Andrew, 1. Yes, staking via ledger is already possible. 2. All the SPs will be officially listed on both wallet.elrond.com and Maiar. 3. The SPs will make materials, video, presentations and will support a flawless onboarding for the delegators. Today will be a new blog post released will all the details around the phase 3 preliminary dates and other specific details. Best regards, Marius
    1 point
  31. Hi, please find all the details related to phase 3 here [1]. Read also the comments, are very useful. Both delegation and validator list will remain up and running for tech purpose, but will not be any longer incentivized. The delegation mechanism will remain in place - if you're in the delegation waiting list you have chances to be swiped out to the active delegation (is someone exits) or you can delegate to a SP (Staking Provider) agency. Best regards, Marius [1]
    1 point
  32. No automatic delegation, you need to undelegate from the waiting list and delegate to a staking provider yourself. In waiting queue there is no unbonding time so after unstake is processed, you can immediately delegate to a staking provider. Should be Last In First Out
    1 point
  33. Hi Alexandru, The DelegationManager SC was verified and strongly tested by the team Elrond team. As you maybe already know, they use also formal verification on those for the safety part. Most of the staking agencies were very active on our Elrond Validators Telegram group, very technical guys and good professionals. Basically 2 things can happen: 1. If the staking agency will not maintain properly the nodes (shut down, doesn't upgrade etc): these will get jailed and stop earning rewards. Everyone on those nodes stops earning rewards. 2. If the staking agency will use the nodes to attack the network or by mistake will make double signing (using the same BLS key for 2 different nodes) or just they loose control of the nodes (and others will use them to attack the network). The protocol notices is and the entire pool gets slashed - (some of) the funds are lost. As far I know the slashing mechanism is not yet enabled. But taking in consideration the staking agency need to make the heavy lifting and come with 1250eGLD per DelegationManager SC to enable the stake function, for sure his own interest is to make things going reliable. Best regards, Marius
    1 point
  34. There is a waiting list for both delegation and staking. For staking we have capped number of seats (with update will be 3200) so having a node in the waiting list when all seats are taken will allow you to replace a validator when it becomes jailed (if you are next in queue) or replace it when it unstakes. Same will be for active delegation with the community delegation smart contract. There will always be some that will want to undelegate at some point, so first in queue will take their place. Of course if you are able to delegate with a staking provider that still accepts delegations and get into active delegation faster this way, it would be a better option, otherwise there will still be the option of waiting in this list until someone undelegates.
    1 point
  35. One thing that worries me about Elrond is high staking rewards. Staking gives 25-29% annual returns depending on scenario. This is significantly higher than for other PoS chains, like ~5% for Cardano and 7% target returns for ETH (or even less?). What is the rationale behind high rewards? They will sure lead to inflation and compromise investment attractiveness.
    1 point
  36. Hi, So what will the waiting list`s purpose be in phase 3? If we don`t want to go with the service providers we will have the option to remain in the queue for delegating with you, or am i missing something?
    1 point
  37. There will be no automatic assignments, the owner of the funds (you) will have to withdraw from the waiting list and choose a service provider (we cannot decide for you the service provider and we can not move your funds) The ones in the active delegation are not affected. They can remain in active delegation, or if they so choose they can undelegate and move to service providers. The active delegation receives rewards from the protocol so they will continue to receive rewards after the update as well.
    1 point
  38. Hi cneazul, The reward pool for the combined waiting lists (staking/delegation queues) is already 5000 eGLD. With phase 3 you will be able to delegate your funds to staking services providers or run your own validator, as 1031 validator seats will be opened (from 2169 total number now to 3200 in phase3). This means that there will be an extra 1031*2500 = 2,577,500 eGLD that can become active delegation or active stake. Currently there are already 339 out of the 1031 seats filled in the staking queue (you can see that in explorer). For the validators that fill the 1031 seats, or active delegations for those seats, they will earn rewards as described in the phase 3 proposal. Phase 3 will also enable top-up, so extra to those 2577500 eGLD there can be an uncapped amount (actually limited by the circulating supply) staked/delegated, but with lower APR. The APR for the active stake/delegation that cover the base stake for those 1031 seats, as well as the APR for the top-up stake will change dynamically based on the total stake in the network, but it will always be guaranteed that the return for the base stake (2500 per validator) will be higher than the return for the top-up (extra stake, above the 2500 per validator). The queues for delegation and staking (currently also called waiting lists, but we decided to change the naming as to avoid confusion since we also have waiting nodes in the system used to buffer the shuffling between shards of active nodes) will still work but as you mentioned will no longer be incentivized. These will be used for providing easy replacement for undelegated and unstaked amounts.
    1 point
  39. I'm assuming you mean sending it as argument to an already deployed smart contract, using erdpy. There is no built-in "date" type in either C or Rust smart contracts. You will have to use unix timestamp as a u64. As for string, you'll have to hex-encode the bytes. There are plenty of tools online that do this, I personally use https://www.rapidtables.com/convert/number/ascii-to-hex.html Make sure you add a "0x" in front and use "None" as delimiter.
    1 point
  40. Hi Ikosov, For the ActiveDelegation the APR is fixed currently at 29% and you need to manually claim the rewards using the ClaimRewards button (right side). This is paid daily. For the WaitingList Delegation the APR is dynamically and can vary based on the no of eGLD in the queue (which evident can be different from week to week). Last week the APR was ~ 6.7%. This reward is coming by default in your main wallet (from where you made the delegation process), so no need for manually ClaimRewards operation. Also you can see the transaction in the transactions list. This is paid weekly (on every Monday) - you can receive fractional parts of it if you don't have a full week in the List, but is mandatory to still be in the List in the Monday to receive the rewards. The rewards buffer for both Delegation and Validators Lists is 5000eGLD per week. Best regards, Marius
    1 point
  41. 1. The queue/waiting list will no longer be incentivized, but at the same time more "seats" will be available for staking and the delegation manager will be available for staking providers. At this point we might see some migration from active delegation and/or waiting list delegation to active delegation for staking providers. The nodes for the community nodes delegation will not be supplemented, so active delegation will only become available on the community delegation smart contract if someone with active delegation withdraws. 2. The option for staking providers to choose different lockups of 12 months, 24 months is not yet finalized and will not be available in the first phase3 release, so the behavior will be similar with the community delegation, with maybe different fees per staking provider. When the different lockup period will be activated, then you could still undelegate within the 12/24 months, but there will be some penalty on the rewards. The unbonding time will be the standard 10 days, no matter if you did the undelegate within the lockup period or after.
    1 point
  42. The deposit will accrue rewards for the SP only if it becomes part of a node stake. If for example the delegation amount + SP deposit <2500 eGLD then it would not receive rewards, as there will be no eligible node to earn rewards. As soon as there is at least one eligible validator with stake from the delegation SC, then the original deposit will also accrue rewards just as you mentioned.
    1 point
  43. Most probably sometime in February (I estimate end of February - early March). The date is not fixed as we have been focusing mostly on testing the features required for Maiar launch which comes first. The implementation for phase 3 is already done and some testing has been performed but we still need/planned more testing and it also depends on what kind of issues we still find.
    1 point
  44. As long as we don't change the number of shards, this should stay. Increasing the number of shards will only be triggered when we reach a high enough block fill ratio and implicitly TPS (one block has a capacity of 1.5 *10^9 gas). I would not expect to have the change before we reach ~40% average fill ratio of the block capacity, which would mean 10k-12k regular transactions/block (~6k TPS for the current network setting) It would be amazing to reach this in the next one year, but very difficult. Also unregistering elrond foundation nodes will not affect the maximum number of nodes.
    1 point
  45. my point is to reward more people who are committed to the project, and want to secure the system for the long term. and it's a way to keep gambler away
    1 point
  46. It's a good idea to remove the fixed number of Elrond needed for a node. We can compound our rewards.
    1 point
  47. 1. The APR for validators will remain fixed at 36% as long as number of validators remains fixed at 2169 and the stake per node is fixed, at 2500 eGLD. So during mainnet bootstrapping phases 1 and 2 it will stay like this as the stake and number of validators is fixed. Phase 3 and 4 will permit the number of nodes and stake to increase so it means the APR will change as well (as the amount of rewards per year is fixed). 2. The validators queue will follow the same logic as the delegation queue, first come first served.
    1 point
  48. Howdy folks, my first post, and the forum is a welcomed attribute, one most companies avoid, so embrace this! A brief note: I am an entrepreneurial software dev: having built a $30B budeting tool, been CEO of my own startup (which did not viralize), and been involved in crypto for years. Chatting with Elrond about a significant involvement with validotors due to an investment stream i am soon to be involved with. I see where Elrond can go, and will do what i can to help. I believe firmly that many larger players bought in early in order to keep killing the upswing in market prices, although i have zero proof of this other than the unbelievably low price of ERD in relation to what is being achieved. I know the swap bothers some, and perhaps rightly so, but i also suspect most who are bothered have not researched stock-to-flow ratios. I have worked in numerous crypto consulting capacities, and run a private crypto div fund and have experienced years of challenges in movement of money, and onboarding of people, in real life. It is a daily challenge. Elrond seems to be the solution to EVERYTHING that challenges my world, and i push it accordingly. My suggestion: find reasons other than price to promote this, and the price will then be your friend. Try not to want to get rich by next week, instead find the basic utility that eGld brings to the world.
    1 point
  49. Hi, I got this sorted. Saw your post while I was looking for a solution so came back to help you guys. You have to first add Elrond as a token (under Custom) in Metamask. To do this, click Metamask to open it, then click on the three dots to the right, then click View On Etherscan. In the Overview section on Etherscan, use the dropdown box and select Elrond. Then copy the CONTRACT ADDRESS over on the right. Go back to Metamask, scroll down and click Add Token, the select Custom Token. Paste the contract address into the field there, then "erd" in the token symbol field. The rest should auto-populate. Click Next and Elrond should be added in your list of Assets. Now just click on it and click Send, and send it to an ERC20 Elrond wallet address (I did it successfully sending back to Binance - choose the ERC20 wallet not the BEP20 wallet). Do a test send, then if confident send the rest. Boom. Ready for mainnet. Metamask is an Ethereum wallet, therefore your Elrond tokens are ERC20 if they are in Metamask. They have to be sent back to an Ethereum wallet.
    1 point
  50. Good point. Should have another AMA in the next 2 weeks.
    1 point
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