Moonriver Delegators need worry about Missed Rewards no more!
Ever noticed that columns sometimes go missing on our block charts?
A missing column means one of two things. The collator was either out of the active set in that round, or the collator’s node was down and didn’t produce any blocks. There is actually a third reason — the collator might have been extremely unlucky — but I have only seen that happening once.
So, what does a missing column mean in practice for the delegators of that collator? Simply put, it means that they won’t get any rewards for that round. In other words, delegating to a collator that has lots of missed rounds is bad business for the delegator.
At the end of the day…
Delegators want to stake their tokens and not have to worry about rewards.
Collators want loyal delegators that won’t leave if the collator misses a round or two.
The Staking Rewards Cover smart contract
StakeBaby’s solution to this problem is called “Staking Rewards Cover” — an insurance smart contract that guarantees to delegators that they will receive their rewards even if a collator misses a round, for whatever reason.
Here is how it works in a nutshell.
Collators lock a deposit in the contract. A group of oracle services, operated by a consortium of collators, queries the parachain for staking data and sends it to the contract on every round. The contract checks the data, and if a participating collator is found to have missed a round (0 blocks) it credits the accounts of its delegators. Delegators can then claim their missed earnings from the contract.
Problem solved!
Delegators don’t have to check back every day to make sure they are not missing out on staking profits!
Collators can reward their loyal delegators by paying out of their pocket should they miss a round or more.
Details, details…
For now, StakeBaby is operating the oracle service by itself, but we will gradually decentralize operation by adding new Oracle members.
The cover contract is currently covering only StakeBaby delegators. We plan to test the contract on the field for about a month and then gradually open it up to more collators.
Delegators will be able to interact with the contract from stakemovr.com. The homepage of stakemovr.com will also show “Rewards Cover” badges for participating collators.
We plan to also deploy this contract on Moonbeam in the near future to offer the same level of protection to Moonbeam delegators.
You can find the contract’s repo here:
https://github.com/ioannist/moonriver-delegator-cover-contract
, and the oracle service here:
https://github.com/ioannist/moonriver-delegator-cover-oracle
