Port3 Network is unveiling its groundbreaking Layer2 solution, leveraging OP Stack technology to revolutionize Web3 data handling and transaction efficiency. Positioned at the heart of Web3’s evolution, our Layer2 not only promises to enhance the Port3 ecosystem but also significantly reduce costs, making it a pivotal leap towards a more efficient Web3 world.
Before the launch of the testnet, we will kick off the Delegate election for Nodes — a chance for deep engagement, decision-making, and impressive mining rewards!
1. What does it mean to be a Port3 Network Layer2 Delegate?
As a Delegate on Port3 Network’s Layer2, you’re at the forefront of decentralized innovation. By staking PORT3 tokens, you gain the power to shape the network’s future, support its nodes, and secure its operations. It’s not just about maintaining the network; it’s about reaping rewards with an 8% APR on your stake and playing a pivotal role in a thriving Web3 ecosystem.
2. Why Run PoS Delegates on Port3 Network’s Layer2?
Port3 Network’s Layer2 offers a unique blend of advantages for those interested in the blockchain space, making it a prime choice for becoming a PoS Delegate. Here’s an overview of the key benefits:
- Cost Efficiency & High Throughput: Enjoy lower transaction fees and faster processing speeds, further improved with the upcoming 2024 Cancun upgrade.
- Web3 Integration: Our Layer2 is built to support the burgeoning demands of Web3, providing a solid foundation for data-driven applications.
- Security & Rewards: Participating as a PoS Delegate enhances network security and decentralization. In return, Delegates receive substantial rewards, contributing to a healthy ecosystem and increasing token value.
3. Rules for the Port3 Network Layer2 Delegate
Joining as a delegate on Port3 Network’s Layer2 opens up opportunities for individuals, communities, influencers, and projects to actively participate in our ecosystem’s growth.
Here’s a streamlined guide to get you started:
3.1 Requirements and Eligibility
- Open Invitation: Whether you’re an individual, part of a community, or a key opinion leader, Port3 welcomes you to become a delegate.
- Verification: Complete a straightforward verification process to ensure a secure and trustworthy environment.
- Token Holding: Hold a minimum of 100,000 $PORT3 tokens on the BEP20 network to qualify.
3.2 Application Process
- Apply: Visit the https://port3.io/layer2 website, click on ‘Apply To Be A Delegate,’ and submit the necessary details, ensuring you meet the 100,000 $PORT3 token requirement.
- Review: Submit your application and await evaluation by the Port3 team.
- Approval: Once approved, a dedicated staking pool will be set up for you, open for user votes.
3.3 Delegate Voting Rules
Delegates can set their own incentives(rules), such as additional rewards, to attract and retain voters.
3.4 Delegate Reward Rules
Engagement and Decision-Making: Participate in ecosystem growth and governance.
Mining Rewards: As an Ecosystem PoS Delegate, earn competitive mining rewards.
- Fixed Earnings: Receive an 8% APR on nodes with over 500,000 votes. Nodes below this threshold do not qualify for rewards.
- Top 3 Bonus: The leading three nodes enjoy additional bonuses, with up to +8% APR for the top node, contingent on meeting minimum staking and ranking duration requirements.
Enhanced Reward Structure for Top Delegates on Port3 Network’s Layer2
In recognition of the vital role our delegates play in the Port3 Network, we’ve designed a rewarding system to honor the top performers. Here’s an overview of the enhanced incentives for our leading nodes:
- Gold Tier Rewards: Secure the top position with a minimum of 5 million $PORT3 staked in your node pool and maintain it for at least 20 days within the month to earn an additional 8% APR.
- Silver Tier Rewards: Achieve second place with a minimum stake of 3 million $PORT3 in your node pool, holding your rank for 20 days or more in the month, to receive a 6% bonus APR.
- Bronze Tier Rewards: Land in the third spot with at least 2 million $PORT3 staked in your node pool and keep this rank for a minimum of 20 days within the month to gain a 4% bonus APR.
Reward Distribution
- Monthly Bonuses: The extra rewards for the top three nodes are calculated and distributed at the month’s end, ensuring that our most committed and successful delegates are adequately rewarded.
- Delegate Autonomy: Node Delegates have the freedom to set their own reward distribution rules for their supporters, allowing for tailored incentives that best suit their community.
- Calculation Basis: The bonus amount is determined by the node’s average staked $PORT3 for the month, ensuring a fair and equitable reward for sustained performance
3.5 How Users Participate in Staking and Voting
Stake to Vote: Users back their chosen node by staking $PORT3 tokens, with each token equating to one vote.
- Rewards for Duration: Longer staking periods yield higher rewards, with special bonuses distributed monthly to top-ranking nodes.
- Lock-up Period: Staked votes are locked for 3 days to ensure stability and fairness in voting.
⚠️ Important Notes:
- Early Movers Advantage: The initial top 3 delegates will lead the first batch of Port3 Network Layer2 nodes, with subsequent rankings influencing future delegate positions.
- Security Measures: A 3-day lock-up period on votes prevents rapid, speculative changes.
- Withdrawal: APR earnings can be directly withdrawn, akin to standard staking features.
3.6 Impact of Your Vote
From Holder to Contributor: Transition into a role where you actively support network operations, governance, and security, enhancing the Layer2’s overall efficiency and resilience.
By becoming a delegate, you’re not just staking tokens; you’re investing in the future of the Port3 Network, contributing to its security, governance, and the flourishing Web3 ecosystem.
📍About Port3
Port3 Network is the 1st Web3 social data layer & NLP on-chain workflow executor. Port3 is building a protocol to aggregate and standardize both off-chain and on-chain data to build a Social Data Layer that is universally accessible and powerful for Web3 use cases. Port3 token $PORT3 has been listed on UniSwap, Bybit, Gate.io, KuCoin, CoinEx, etc in Jan 2024.
Currently, Port3 has established an interconnected set of products, including SoQuest, SoPad, and BQL.
✦ 𝗦𝗼𝗤𝘂𝗲𝘀𝘁: 𝗪𝗲𝗯𝟯 𝗤𝘂𝗲𝘀𝘁 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺
SoQuest is a trendy Web3 Quest platform. It has covered a total of 4 million users, 5000+ projects, and DAU 30–50k.
✦ 𝗦𝗼𝗣𝗮𝗱: 𝗦𝗼𝗰𝗶𝗮𝗹 𝗟𝗮𝘂𝗻𝗰𝗵𝗣𝗮𝗱
SoPad is a Social Launchpad, empowering Your Launch with Data-Driven Excellence.
✦ 𝗕𝗤𝗟: 𝗕𝗹𝗼𝗰𝗸𝗰𝗵𝗮𝗶𝗻 𝗤𝘂𝗲𝘀𝘁 𝗟𝗮𝗻𝗴𝘂𝗮𝗴𝗲
BQL is a language that automates complex on-chain operations. Empowered by BQL Workflow, Port3 Aggregator transaction volume exceeded 900 million.
