Razor Network
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Razor Network

Razor Network Community Update: July 2022

The last month has been exhilarating for the team as well as the community. In the past month, Razor Network surpassed multiple milestones, gaining visibility and strengthening its position as the one-of-a-kind, completely decentralized oracle solution for the DeFi ecosystem.

In this monthly update covering the latest developments in the Razor Network ecosystem over the last month, let us outline things as they happened in July 2022.

Curtains Down for Razor Incentivised Testnet — Phase 2

The second and final phase of the Razor Network incentivized testnet campaign ended on June 24, 2022. As promised, the rewards comprising 1,000,000 $RAZOR tokens were distributed to eligible testnet participants at the beginning of July 2022. With over 110 participants always running more than 70 active nodes over the SKALE testnet, the campaign was successful at stress testing the capabilities of the Razor Network ecosystem in a controlled environment. The well-balanced community participation in the incentivized testnet campaign included over 80 validators to achieve a healthy split between stakers and delegators.

The assigned rewards for participation in the incentivized testnet campaign were divided into two categories — participation and performance. The eligible winners were decided based on a snapshot of participating wallets with their respective $TESTNET RAZOR token holdings a day after the campaign officially ended. Everyone participating in the campaign but having less than the initial airdrop of 100K received a share of 10% of the total rewards pool, i.e., 100,000 $RAZOR. The remaining 90% totaling 900,000 $RAZOR was proportionally distributed among the participants whose $TESTNET RAZOR balance exceeded the initial airdropped amount. The successful outcome of the testnet campaign signaled the preparedness for the mainnet launch, fuelling the decision to conclude the testnet campaign for good.

$RAZOR Page on Crypto.com

The growing community interest in $RAZOR with the mainnet launch around the corner gained the attention of many. In recognition of the ever-increasing popularity, Crypto.com included a dedicated token page on its platform to offer its users the latest updates and $RAZOR price-related data. Razor Network integrated the $RAZOR price feed widget powered by Crypto.com on the RazorScan dashboard.

Community Engagement in July

As a part of its community engagement initiative, Razor Network conducted a Razor-themed sticker-making contest on Discord. Designed along the lines of a previously held Telegram sticker-making contest, the 10-day event had the community creating some impressive sticker packages for use on and beyond Razor Network’s official Discord channel. The top three winning entries received a portion of the $500 worth $RAZOR prize pool.

The winner of the Razor Network Discord sticker-making contest got $300 worth of $RAZOR, while the first and second runners-up will get $120 and $80 worth of $RAZOR, respectively. (https://polygonscan.com/tx/0xbf79c37d4528d3a1901ca6bdc8cdd6ed31f2b382ed54b16b7ae3c51ac5915e62)

Updates from the Tech Front

Razor Contracts, Razor-Go node package, and RazorScan dashboard received upgrades on the tech front. In Razor Contracts, the epochLength now stands updated at 20 minutes while setCollection logic received some fixes based on internal audits.

To make deployment more straightforward, the team has published updated instructions on the README file for Razor-Go to simplify the building process from source and docker quick start. In addition, the auto unstake and withdraw option from the vote has now been removed along with the minStake check in Initiate commit, reveal, and propose.

We are hoping for August to be another exciting month. Keep an eye out on our channels as we prepare for the mainnet launch.

About Razor Network

Razor Network is a blockchain agnostic, truly decentralized oracle platform designed to meet the diverse requirements of Decentralized Finance. At Razor Network, we are working on creating the next-generation oracle system focusing on maximum game-theoretical security and fully permissionless complete decentralization.

Stay updated with the latest developments by following us on GitHub.

Website | Twitter | Telegram| Discord

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