Energy Web Token (EWT) Consortia Relay Staking Snapshots Insights part 2
This update provides additional insights on the results of the “snapshot” mechanism currently being used to track the consistency of staked Energy Web Tokens (EWT) in the Consortia staking pool. Patrons staking EWT can use the tools provided at https://consortia-stake-ewt.io/ to check the status of their wallets and snapshots if applicable.
Snapshots and Variable EWT rewards
We published this blog post that includes a detailed technical analysis of the previous 2 snapshots, together with an explanation of the snapshots mechanism and variable staking rewards. To summarize the mechanics, the Energy Web Consortia staking pool tracks the consistency of staking by taking snapshots of staking balances at random points in time.
Users who stake consistently, based on the snapshot date, will earn additional rewards from the staking pool. The additional rewards are designed to incentivize consistent staking, as EWT staking will be a major contributor to the cybersecurity of upcoming Energy Web solutions for enterprises.
Snapshot 3 Balance Analysis
Snapshot 3 was taken on block #19190154 generated on July 29th at 09:24:50 PM +2 UTC. At this block, there were 6,822 wallets staking, which is 181 more wallets compared to Snapshot 2 and 414 more compared to Snapshot 1. The total balance of all EWT staked in the pool was equal to 6,047,363 EWT, an increase of 316,401 EWT compared to Snapshot 2 and 506,775 EWT more than at Snapshot 1.
Here are the balances of Snapshot 3 (in green), 2 (in orange), and 1 (in blue). Wallets on the bottom, balance on the vertical axis:
The green spikes are wallets adding more EWT between snapshots 1 and 3. The dips are wallets withdrawing EWT. On the far right of the chart, there are green lines and no blue lines: these are the completely new wallets that didn’t participate in snapshots 1 or 2.
During Snapshot 3, there were 181 more wallets staking EWT compared to Snapshot 2, and 414 more wallets compared to snapshot 1. Interestingly, there are 5 wallets that were staking EWT during Snapshot 1, withdrew their stake during snapshot 2, and are now staking during snapshot 3.
Here’s the balance distribution comparison between snapshot 1, 2, and 3 balances. Bounds on the bottom, number of wallets in each category on the vertical scale:
We can see a slight increase in each category, except for the <1,500–2,500) bound. The highest increase in staking occurred in the highest, <2,500–3000> bound: 84 new wallets staked between 2,500 and 3,000 ETW. For comparison, there were only 42 additional wallets staking under 500 EWT.
Snapshot 3 insights
EWT staking in the Consortia pool continues to be consistent, which is exactly the intention behind the design of the snapshot mechanism. This is evidenced by the balance distribution of all snapshots and EWT balances in the staking contract:
Such consistent staking will provide a high degree of economic cybersecurity to all enterprise-grade Energy Web solutions (for more information on the connection between consistent staking, cybersecurity, and Energy Web solutions, please review our announcement on the upcoming Consortia chain).
Before the end of the year, there will be 3 more Snapshots taken at random blocks. Patrons who receive at least 1 Snapshot will qualify for additional rewards. The rewards will be calculated and distributed after the Consortia staking pool ends. Again, since variable rewards are impossible to predict, the best strategy for all patrons is to stake as high a balance as possible and do so consistently.
About Energy Web
Energy Web is a global non-profit accelerating the clean energy transition by developing open-source technology solutions for energy systems. Our enterprise-grade solutions improve coordination across complex energy markets, unlocking the full potential of clean, distributed energy resources for businesses, grid operators, and customers.
Our solutions for enterprise asset management, data exchange, and Green Proofs, our tool for registering and tracking low-carbon products, are underpinned by the Energy Web Chain, the world’s first public blockchain tailored to the energy sector. The Energy Web ecosystem comprises leading utilities, renewable energy developers, grid operators, corporate energy buyers, automotive, IoT, telecommunications leaders, and more.