Razor Network
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Razor Network

Razor Network Community Update: September 2022

We are down to the last quarter of this year, and the previous month has been exhilarating for us, maybe for many of our community members as well. Having left September 2022 behind, let us provide you with the highlights of last month, as we always do in this community update.

Let us start with one of the critical milestones we recently achieved — the launch of Razor Network Alpha on SKALE Network, beginning September 1, 2022. Our invitation to the community to become part of the Alpha launch received a great response, with many coming forward to participate as validators and delegators.

200,000 $RAZOR Giveaway as Part of Alpha Launch!

Celebrating the successful Alpha launch on SKALE mainnet, Razor Network organized a campaign for its community, giving away a total of 200,000 $RAZOR tokens. As part of the campaign, participants had to perform tasks, and in return, 200 lucky winners received 1000 $RAZOR each. The rewards were paid out soon after the campaign. Check out the pay-out transaction hashes here, and here.

Staking Rewards up to 89% APY

With the launch of Razor Network Alpha, $RAZOR network staking went live, offering an APY of up to 89% (please note: APY is subject to change with time and increase/decrease in TVL), and the total value of $RAZOR locked in the contracts surged to 86.61 Million $RAZOR in no time. Check the real-time staking stats here. Meanwhile, those who are planning to stake $RAZOR can refer to the detailed instructions provided at this link.

The Razor Network team officially kicked off the Alpha launch only after ensuring the integrity and security of smart contract and node implementations. Apart from analyzing every bit of code for flaws and putting the product through extensive testing, the GoLang Node and smart contracts were also audited by third-party security audit firms. Halborn Security was one of them, and our oracle protocol passed the audit with flying colors. Following their assignment, Halborn Security conducted an AMA with Razor Network’s Tech Lead, Skanda Bhat, for the entire crypto community’s benefit. In the AMA session, Skanda responded to questions about security best practices followed by Razor Network, the staking mechanism, the need for an external audit, and more. Wish to know how he fared? You can watch the entire session below.

Razor Continues to Add New Partners

With the product development going full steam, our team didn’t forget about partnerships and collaborations. The latest partner to come onboard last month was Fiberblock, which joined as an institutional validator. Fiberblock’s experience in developing and operating web3 solutions, including validation service, not only paves the way for the participation of a reliable node(s) operator but also presents an opportunity to drive adoption among new and existing projects handled by Fiberblock.

From the Tech Side

During the last month, our tech team came up with plenty of minor fixes and improvements to enhance the overall performance and experience. With the latest updates, RazorScan shows total inactivity penalties incurred by stakers, date, and timestamp against all $RAZOR transactions, detailed unstake flow information including inputs on epoch-related actions, and more. One can also see real-time network APY and verified staker names now.

Changes to Razor smart contracts made over the last month include Merkle updates, while Razor-go received minor bug fixes and logs improvements.

That’s all for now. We will continue working on making Razor Network better. In the meantime, keep following our official channels for the latest developments with the project.

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.

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