Razor Network
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Razor Network

Razor Network Phase-II Incentivized Testnet Concludes, All Eyes on Mainnet Launch

1,000,000 $RAZOR rewards were distributed to all eligible participants of incentivized testnet phase-II campaign.

We have some great news to share with the community. Thanks to active participation by the enthusiastic Razor community, the second phase of almost a month-long incentivized testnet campaign has ended on a successful note. With better-than-expected results on the tow, all eligible participants in the campaign got their share of 1 million $RAZOR delivered straight to their wallets.

Few Highlights of the Program

Phase two of Razor Network incentivized testnet on SKALE network officially kicked off on May 27, 2022, at 13:00 UTC with 113 participants and ended at 13:00 UTC, June 24, 2022. As expected, the entire campaign duration went without a hitch, with a healthy split of 82:31 between stakers and delegators continuously operating at least 98% active nodes.

During the campaign period, the testnet performed better than expected, with correct blocks proposed at every epoch. While there were no significant issues on Razor-Go or RazorScan, the team did perform stress tests with the help of validators in a few instances to ensure that everything is operating as per the specifications.

With the successful conclusion of the testnet campaign, rewards were calculated based on specific parameters as explained below.

$RAZOR Phase-II Incentivized Testnet Rewards Allocation

As mentioned during the initial announcement, Razor Network had allocated a 1,000,000 $RAZOR reward pool for distribution among eligible participants. The eligibility to receive rewards was determined based on the snapshot of TESTNET RAZOR balances taken on June 25, 2022, at 13:00 UTC, one day after the testnet campaign ended. Based on the snapshot, reward allocation is split across two categories.

The first category includes accounts that have participated in the campaign but have a balance lower than the initial airdrop amount of 100,000 TESTNET RAZOR. They received participation rewards of 10% (100,000 $RAZOR) of the reward pool.

Meanwhile, the second category includes participants whose TESTNET RAZOR balance was greater than that of the initial airdrop. Anyone qualifying under this category was offered surplus rewards which are 90% (900,000 $RAZOR) of the reward pool.

Any selected applicants who didn’t participate in the testnet program weren’t included in the rewards list. You can refer to the rewards calculation here. According to the calculations, the rewards were distributed to eligible participants over Polygon Mainnet, transaction details of which can be verified here.

Preparation for Mainnet Launch Now in Full Swing

Following extensive in-house and community testing, Razor Network is preparing itself for the mainnet launch. More internal audits are currently underway, whose findings will be published along with additional details about the impending mainnet launch soon.

You can expect more information about the minimum staking requirements, rewards calculation, and other critical information relevant for community participation on the mainnet. Validator node operators do not have to worry about KYC or limits on minimum delegation amounts, enabling anyone pitching in the minimum $RAZOR stake to run a validator node.

That’s not all, there are more exciting things on their way. Watch out for new updates on our official channels for more information.

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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