SWARM Intelligence #31
Long time no hear!
Time waits for no person, but the Swarm community has waited patiently for this latest release of the Swarm Intelligence series. Thank you for that patience and trust ongoing.
Positively there’s been some incredible developments taking shape over the last year.
We’re excited to share some of these updates with you!
Swarm Network Council
A solid foundational change: the development of an updated voting platform on Snapshot, this now allows for voting with no Ethereum gas cost, it has opened the door to a flood of new proposals and development on Swarm Network.
Impressively the platform was put to use right away, and since the last version of this newsletter we have had three new SNC (Swarm Network Council) members approved by ballot, senior professionals from across the globe, bringing with them talent and skills to help promote adoption on Swarm Network.
Welcome aboard Felix Wiegandt, John Gallagher and Daniel Faria. Looking forward to your respective contributions.
Goodbye Masternodes and welcome SWM Staking
The Swarm Masternodes programme was very successful in building traction amongst the Swarm community, reaching over 400 individual nodes and greater than 20m SWM staked.
However, the core use case of nodes processing MAP transactions (Market Access Protocol) never materialised, technological innovation in the space also has moved the sector forward. The gas cost to distribute Masternode rewards was also unsustainable for the Network, but innovation has always been at the heart of Swarm Network, and this was evidenced by the solutions to distribute all prior unpaid rewards — utilizing an L2 solution xDAI and building a new UI to claim due rewards.
With this solved, the community made the decision by ballot to retire the Mastenode programme and redistribute rewards in a new fashion to holders who stake SWM and or stake SWM/ETH Uniswap LP tokens. There are now zero constraints on amounts a wallet can stake, and of course no ongoing VPN costs like those associated with Masternodes software.
The fee model for minting SRC20 was also changed by ballot, it moved from a stake model to a straight fee, 80% of this fee being distributed to SWM stakers and 20% going back into the treasury wallet to maintain and grow the Swarm Network ongoing.
Impressively the Swarm community has already added over $400,000 of liquidity to the Uniswap pool, creating a much healthier exchange process for Swarm.
To further reward community members who stake SWM/ETH LP the rewards are x4 the rate for SWM being staked solely.
SWM staking contract has been deployed and an entirely new open source app built on top. This new and simplified way to stake and earn rewards is now live: Swarm Staking App
Come build with us
Swarm Network welcomes the principle of open technology and has long advocated for others to leverage the Swarm Network’s open source tools. Positively, we are also seeing community members now doing just this with the new MySwarm decentralized application.
Continued updates of the build out of entirely new complimentary technological solutions that leverage the Swarm Networks plethora of smart contracts including the SPF (Swarm Powered Fundraise) all of which is entirely ‘Powered by Swarm’ have been warmly received.
The blockchain/crypto space in 2021 appears to be rapidly expanding, Swarm Network is also experiencing significantly increased levels of activity — we look forward to sharing more updates in the near future.
