MAP Community Update: $MAP Staking and Voting Clarification
MAP Mainnet has been officially LIVE for a month, and a lot of things have happened since then:
- Ankr has joined our validator network
- CertiK is collaborating with us for safeguarding Web3
- $MAP staking competition kicked off
- MAP team members joining NEARCON2022 in Lisbon
- MAP presenting Web3 007 Gala at Token2049 in Singapore
- 🎉 New chains — the first non-EVM and several EVMs — are underway to integrate with MAP
Among them, $MAP staking is asked most often by the community. Here are our top five community questions for $MAP Staking.
🧑💻 1. How does the rotating committee of validators work in MAP?
The rotating committee is selected from validators and changes every 5000 blocks (approximately 3 days). Only those who get the most votes among all validator candidates can join the rotating committee. Thus, the amount of delegated votes is key for a validator to join the committee.
⏳ 2. How long do I have to wait to get my staking rewards?
As the rotating committee in MAP Mainnet changes every three days, the rewards will be distributed every three days as well. However, when a member stakes for the first time, the rewards will be distributed in four to six days, because this first-time staking will be active in the next committee, not the current one, and the rewards will be calculated accordingly as well.
💰 3. Are staking rewards always the same regardless of the validator I choose to vote for?
Staking rewards are weighted based on the staking amount of the validator and the status of node signatures. Ineffective validators who don’t work in a consistent manner or who rarely work will get fewer rewards, and members who have voted for ineffective validators will be affected accordingly. For this reason, it is recommended that members should choose a validator based on the rate of return (APY) and the validator’s online time, thus selecting effective ones that can work consistently and stably.
⏰ 4. Can I revoke my vote? If so, how long do I have to wait for withdrawal?
Vote revoking is available 24/7. However, there is a 15-day pending period from locking to unlocking. After the pending time, you will be able to withdraw.
🪐 5. The vote page only shows 30 validators. Is that all the validators that MAP has? How can MAP ensure security and decentralization?
To become a validator, there’s an entry threshold: staking at least 1,000,000 $MAP and being able to set up their hardware. Although there could be an infinite number of available validators for MAP, the number of validators in a rotating committee has a limitation. Currently, at the initial Mainnet launch stage, the limitation is set at 30 so that no one can control the whole network. Coincidentally, the number of available validators at the moment is also 30, which explains why the voting page only shows 30 validators. But this will change as more validators will become available.
In the future, via on-chain governance, the number limitation on validators in a committee will gradually increase based on the number of available validators and the staking amount. By then, only validators that work with long-term stability and that have the most votes can join the committee, thus achieving maximum security as well as maximum decentralization.
💙 Huge thanks to the MAP community for raising those important questions. We hope the answers above will help members gain more clarity on $MAP staking and voting. As the MAP ecosystem is actively expanding beyond the current chain, the team is also working on a full set of documentation available for public consumption.
At the moment, if you have any questions related to the MAP network or $MAP staking, please reach out to us in our Telegram community or our Discord channel to get immediate help. Again, thank you for betting on $MAP. Let’s keep building the future of the internet and make omnichain a reality!
About MAP Protocol
MAP Protocol is the ultimate omnichain layer of Web3 with provably secure cross-chain communication built on Light-client and zk technology. MAP provides seamless communication with all chains and connects EVM with non-EVM. Developers can access a full suite of SDKs so their DApps can easily become omnichain applications.
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