Preparing for Public Mainnet: Congestion Expectations, Pricing Changes, and Improvements
The ADA Handle Team is proud to announce that our Public Mainnet launch date is scheduled for March 12th!
We have had our nose to the grindstone the past couple of months since Beta Sale, and have made some incredible optimizations to the minting mechanics and platform overall.
As we near the launch of Public Mainnet, we wanted to take this time to set expectations and make sure our community is entirely informed on changes since Beta Sale before the Public Mainnet platform goes live.
Payment & Minting Enhancements
First off, we’ve made significant changes to how we handle both minting and payment. In particular, general chain congestion prompted us to do several improvements on the payment front, but we also made enhancements to the queuing system.
- 1 Hour Access Window instead of 30 minutes.
- Unlimited Handles can be minted during that window, but still only 3 pending Handles at a time.
- Each Handle has 240 minutes (4 hours) for the payment to confirm. This way, even if your access window expires before payment was confirmed, you have a high likelihood of still receiving that Handle.
- The payment address provided by ADA Handle for this transaction is only monitored for 24 hours. If a purchaser fails to make payment within 24 hours, the reserved handle will not be minted and sent to the purchaser. If a purchaser makes payment after 24 hours, they will need to open a support ticket with “email@example.com” and our staff will process a refund if appropriate.
A big downside of the Beta Sale was getting access to the minting portal. Since then, we’ve made improvements on several fronts to this mechanism:
- We’ve migrated to hosting our own email servers, which has decreased access links ending up in the spam folder as often.
- We’ve increased our throttling to 10,000 access links every minute. This means that you’ll likely receive an access code within 10 minutes (dependent on the throttling size, of course).
- We migrated to generating our own access codes, thus increasing the validity of those access links to 1 hour instead of the 10 minutes used during Beta Sale!
Minting mechanics have been improved to batch image generation, effectively minting Handles within their respective tiers in groups. While we were doing batch minting during Beta Sale, having different tiers in the batch created additional memory bottlenecks on our servers since we couldn’t optimize those processes according to their tiers.
This has been adjusted and we can now scale our minting process on-demand by simply adding more servers if needed.
We’re excited to announce our new Stable Pricing model!
It is important to remember that, unlike other NFT mints that you may be used to on Cardano, our minting engine will run perpetually once Public Mainnet goes live. Considering that the market is volatile, this can cause incredible deficiencies in minting costs for both the project and users alike.
Our solution to this problem is to move from static prices to algorithmically stabilized prices, providing the fairest and most predictable value to our community.
The new Stable Pricing algorithm safeguards the adoption of the Handle Standard by keeping the prices of the most bought rarities as low as possible during volatile market conditions and offsetting cost difference to the more expensive tiers (generally bought by collectors and investors).
How does this work?
Stable Pricing uses an ADA/USD peg to reflect current market value. A simple way to think about this is:
- If the USD value of ADA goes below the peg, you can expect Handles to be priced higher in ADA.
- If the USD value of ADA goes above the peg, you can expect Handles to be priced lower in ADA.
This allows the price of Handles to maintain low barrier-to-entry and high accessibility in USD even when ADA reaches higher prices.
Upon analyzing the Beta Sale numbers, we noticed that nearly 93% of our community minted Handles in the Basic and Common tier.
The Stable Pricing model protects our largest cohort of community members by minimizing the price changes in their tiers and offsetting that cost difference to the rarer tiers (with maximum and minimum caps in place). The algorithm uses the purchase weight of each tier from Beta Sale to define the parameters of percentage for the Rare and Ultra-Rare tier. This means that you may see the Rare tier absorb the price difference in order to contain the price spread between Rare and Ultra Rare.
To better understand the difference and how the algorithm might work during different market conditions, consider the chart below:
In the future, we plan to offload the bulk of this work to a stablecoin like DJED or USDC. But until these solutions are available on Cardano, the new Stable Pricing model will ensure both a more predictable cost basis for users and a longer, more sustainable operation timeline for the project developers.
If you are a Cardano ecosystem influencer and your Handle was reserved, we will be personally reaching out to each of you individually in the coming week to secure a payment address for you to claim your Handle (if still desired).