StaFi Validator Incentive Program: The first batch of nomination and rules

StaFi_Protocol
Oct 14, 2020 · 4 min read

The StaFi mainnet has been running smoothly for nearly one month, thanks to the contribution of all validators and community members. We really appreciate that!

Currently, StaFi has opened a limited number of seats for nominators, and many validators who have contributed a lot to StaFi are still in the waiting list. To make up for that, the StaFi team launched a nomination incentive program to motivate validators who have made significant contributions. In the initial issuance of FIS, the StaFi team has allocated up to 40% of FIS in order to pay for those community members. For example, the rewards for Phase1 of Sitara incentive testnet and StakingDrop will be taken from this allocation. We will roll out more campaigns including StakingDrop or DevelopmentDrop to help the community grow. The token incentives for outstanding validators were also from the community incentives.

After careful observation and consideration, 46 validators were finally selected for the first round of nomination. Check here for the namelist.

Nomination rules for first wave

We favor those validators who

1. Actively participated in the Sitara incentive test network

2. Are willing to speak up and answer others’ questions in the community

3. Have experience in node operation

4. Attracted many votes from a lot of nominators, even in the waiting list

We may not consider a validator who

1. Is currently running multiple nodes, out of which at least one has been elected.

2. Got the nomination from too many nominators than what was allowed (A validator can be nominated by up to 256 nominators currently.)

We have been assessing validators based on the above criteria, and found that 46 of them have stood out. They, in total, were nominated by 3.76million FIS, over a nomination period of 90 days. However, the system will make final adjustment to the quantity of FIS each validator gets, in order to maximize incentives

We will make the above validators elected, but we will adjust the final seats of validators who got nominated because the total amount of staked FIS keeps continuously changing in the system. But don’t worry, we will publicly announce all the decisions and data to the community. With more seats of validators made public, and the Staking assets scaling up, we will keep adjusting all parameters to maintain the development of the network.

Withdrawal of nomination

We select and nominate outstanding validators to facilitate the development of StaFi. Therefore, we will withdraw the nomination even by the end of one cycle when a validator:

1. whose network is very unstable, fails to sign or drops out multiple times.

2. performs double-signature or multi-signature.

3. attacks the StaFi network.

StaFi Validators Contribution Details

We selected the above 46 validators because they contributed a lot in early days, even before these rules were announced. For example, some contributors developed Docker, and one of them (Ryabina) developed the open-sourced StaFi_Bot. Many participated in the “video-producing contest on nomination process”, generalizing knowledge on how to make profit through nomination. Therefore, this nomination can be regarded as an incentive for validators who have already contributed to StaFi. As more validator seats will be opened, our rules will be adjusted accordingly. The details are in this table.

Please noted that these rules only apply for validators in StaFi (who are running StaFi nodes). For community users who do not run nodes, we are developing a detailed Grant plan. Please stay tuned!

Validators can submit your contributions in Google Forms based on the form above, so that we can accurately and quickly evaluate what you have done. To facilitate our reading, please read requirements and make clear, detailed statements, in the form of a PDF file, and then upload it to Google Forms.

If you have submitted in the Google form according to our requirements, then congratulations, you have made a big step! We will carefully evaluate the contributions you have made by the above criteria and determine future nominations. For those excellent validators, we will reward them extra FIS as incentives. Of course, the aforementioned withdrawal also applies here.

The timetable for next round of submission and assessment

Submission period: December 1–15, 2020

Assessment period:December 16–31, 2020

Nomination and reward distribution: January 1–7, 2021

Generally, in each quarter, a validator can submit their contributions during the first half of the last month, and we will assess that within the next two weeks. Rewards and nominations are issued in the first week of the next quarter. We will also remind validators to submit through our Twitter andTelegram channels. The assessment results will also be released to the community promptly. If you have any questions, please send an email to sara@stafi.io and we will reply as soon as possible.

About StaFi Protocol

StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. FIS is the native token on StaFi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the StaFi chain, and mint & redeem rTokens.

Website: www.stafi.io
Twitter:@Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
Forum:https://commonwealth.im/stafi

StaFi

StaFi Protocol is the first DeFi protocol unlocking liquidity of staking assets

StaFi

StaFi Protocol is a decentralized protocol which provides the liquidity of the Staking Assets,such as XTZ, ATOM, Algo, etc,. StaFi solves the problem between token liquidity and Mainnet security by issusing a ABT token( Asset-backed token).

StaFi_Protocol

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StaFi_Protocol A Decentralize Protocol to Provide the liquidity of Your Staking Assets

StaFi

StaFi Protocol is a decentralized protocol which provides the liquidity of the Staking Assets,such as XTZ, ATOM, Algo, etc,. StaFi solves the problem between token liquidity and Mainnet security by issusing a ABT token( Asset-backed token).