Syntropy
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Syntropy

ERC20 Validator Smart Contract & Staking Dashboard Goes Live

We are entering a two-week grace period where whitelisted validators can transfer stakes to the smart contract using our staking dashboard portal.

Following the release of Amber Chain, the entire Syntropy team is excited to announce that NOIA validator staking is entering its next phase. We’ve successfully built and deployed the Validator smart contract for NOIA tokens, achieving another key tech milestone. To provide a better user experience for our token holders, we are launching a new staking dashboard portal with Metamask integration.

With the launch of our node software and Validator smart contract, we are now entering a two-week grace period. Registered validators are required to transfer their stakes to the smart contract using the Syntropy Staking dashboard. Those who move their stakes within this grace period will retain their accumulated rewards and validator slots; those who do not will lose their accumulated rewards and validator slots.

❗️ DO NOT SEND YOUR TOKENS DIRECTLY TO THE NOIA TOKEN OR NOIA VALIDATOR CONTRACT ADDRESSES

Doing so will lead to losing your assets irreversibly. A two-step procedure must be done to deposit the tokens: approval on NOIA token contract and deposit on Validator contract. Use the Syntropy Staking dashboard to perform any staking actions.

We will integrate the node software with the staking infrastructure in the next phase, transitioning us towards NPoS consensus.

Validator Staking

Designed to initiate the token economy and support a nominated proof-of-stake (NPoS) blockchain, registration was initially open for 500 validator slots, with maximum stakes of 200,000 tokens each for a total of 100 million tokens.

While you can still register for the waitlist, those slots are now almost 100% filled with maximum stakes. At the same time, there are more than 100 additional stakeholders on the waitlist seeking to occupy those slots. Therefore, we expect validator staking to launch at full strength. Rewards accumulated during the pre-smart-contract phase and this transitional period will only be available to claim after node software is integrated with ERC-20 staking architecture.

⚠️ BE WARY OF SCAMMERS

The chances are high that there will be new scam schemes related to staking. Only rely upon the information which you can find in the official Syntropy social media channels. Our admins will not send you private messages related to staking and nodes. You are responsible for the safety of your assets.

The staking dashboard portal is launching alongside the Validator smart contract, giving users the ability to connect their wallets via the Metamask plugin. Support for an additional WalletConnect plugin is planned for future updates. By connecting your wallet, you can deposit and withdraw your tokens to and from the smart contract directly via the website, view your accumulated rewards and position, as well as monitor your historical activity. Some features, such as claiming rewards and the Nominator section, will be closed at the launch but will open up as the staking program progresses.

Click here to launch Syntropy Staking Dashboard

Syntropy Staking dashboard makes it easy for anyone to manage their stakes and rewards

Smart Contracts

Three smart contracts were developed, two of which have been deployed to facilitate the validator staking program.

Validator smart contract

Validator smart contract allows users to accumulate and claim staking rewards. Rewards are based on a whitelist of 500 slots, managed by Syntropy and the oracle service, which connects the node software to stakes. With all slots staked up to the maximum, the return earned by stakeholders is 25% APR.

Custodian smart contract

Custodian smart contract allows Syntropy to conveniently manage the reward pool attributed to the Validator smart contract. It also provides increased security to the whole architecture through a multi-signature solution.

Nominator smart contract

Nominator smart contract will be used to initiate the Nominator staking program, which will begin after Validator staking is fully running and Validators start redeem their rewards. The nominator staking program will be permissionless, allowing anyone to stake and earn returns. APR is meant to be lower than the Validator program since stakeholders have no requirements to run Syntropy node software. More details will be announced separately.

Smart contracts audit

Independent auditors audited all three smart contracts: there were no critical issues, while other issues identified were introduced into the smart contracts by design. Our Validator and Nominator smart contracts calculate rewards off-chain to support scalability, allowing many wallets to act as stakeholders simultaneously. If reward calculations were attempted on-chain, they would hit the gas limit with fewer stakeholders than planned. Additionally, Syntropy uses the state-of-the-art multisig solution for the Custodian smart contract, which can easily unauthorize compromised Validator or Nominator contracts.

Click here to see the audit report.

Continuing to the third phase

After the grace period concludes, we will start integrating new off-chain services during the third and final phase of the staking program.

Reward claiming

The first off-chain service will be implemented to calculate the rewards and store proof of those rewards on-chain. Reward calculations are performed off-chain as it would be very costly and impossible in practice with this many stakeholders to perform them on-chain. This off-chain service will regularly update the Validator smart contract so that stakeholders can redeem accumulated rewards through the last update.

Performance tracking

The second off-chain oracle service will be used to track the performance of validators who run node software. An algorithm decides when a stakeholder can be whitelisted and must remove them for not complying with performance requirements. A validator that is removed from the whitelist stops accumulating rewards until it is whitelisted again.

Get involved

You can still secure your spot as a Validator, and enjoy 25%+ annual interest rate. Keep in mind that more than 98% of the Validator program is already staked.

You can register as a validator here. Feel free to dive into our staking one-pager, open economy one-pager, or our full tokenomics paper if you wish to learn more.

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Syntropy is an open project providing next-generation connectivity technology for the Internet, powered by $NOIA ⚡️

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Domantas Jaskunas

Domantas Jaskunas

COO at Syntropy Network

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