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Tendermint Inc is unbonding all of its ATOMs — but there’s no need to panic

[APR 22 2020 EDIT] There’s been an update to this announcement that you can find here on the Cosmos Forum.

Shortly after the launch of the Cosmos Hub, Tendermint Inc selected a set of validators to delegate its ATOMs to. Since there was little information regarding validators’ setups or community contributions available at that time, we based our assessment on the results of Game of Stakes and whatever little additional data we had at that moment.

Many of the validators we selected during that exercise in June 2019 have since dropped off the map while others have become more prominent players. Additionally, the number of genesis slots has grown from the original 100 to 125 since then.

Suffice it to say, our original list got stale.

First things first — we’ll need to unbond ATOMs ⚛️

This time around, we are about to undergo a sweep of all ATOMs currently bonded to the old set of validators that were selected in 2019 in order to then delegate those ATOMs plus the ATOM rewards that accumulated over the year to a new set of validators for 2020.

This exercise is being done while we undergo a multisig account migration as old signers get deprecated and new signers get onboarded over a 21 day unbonding period. We plan to start the unbonding process on Friday April 17th and complete the new delegations by May 8th.

We are currently in the process of evaluating a list of validators that we’ll be delegating to, based on the overall contributions that they have brought to the Cosmos ecosystem.

🚨 📝 🚨

Think you should be on the list? Fill out this quick Google form and tell us why!

We will be accepting submissions until April 26th, so make sure to submit the form by then!

Tendermint Inc’s Delegation Criteria

There will be 4 primary levels of delegation from Tendermint Inc:

  • 100,000 ATOMs: represents the minimum amount of delegation, given to validators that generate value in the network but are part of the top 5 validators based on Voting Power.
  • 300,000 ATOMs: This is the baseline amount and every validator on this list has contributed in some meaningful way to the Cosmos Network. Former Tendermint Inc employees fall into this category.
  • 500,000 ATOMs: After much discussion, we ultimately decided that, while validators with large amounts of voting power have supported the ecosystem immeasurably, we wanted to support the lower 60th percentile validators who we knew pass the robustness test but who, for one reason or another, may not yet have as much “brand recognition” as bigger validators. The majority of our delegations will go to those validators at this amount. Current Tendermint Inc employees also fall into this category.
  • 700,000 ATOMs: This tier follows the same line of thinking as the 500K tier, except the validators at this tier have really stood out as outstanding Cosmos Contributors and have moved the dial for Cosmos user and developer adoption through the tools, integrations, meetups, UIs, and other awesome artifacts that they’ve created.

We’ve cross-validated this initial set of criteria with a maximum amount of delegation based on validators’ current Voting Power in the Cosmos Hub:

We won’t be sharing this list until it’s been finalized in roughly 4 weeks’ time after this work is completed. Going forward, we will be performing this process regularly, on a quarterly basis, to keep this list fresh as we track Cosmos Contributors over time.

The world is going through difficult times and we are doing what little we can at Tendermint Inc to support hard working Cosmos Contributors so that we all can continue to collaborate and push the ecosystem forward.

Live long and prosper 🖖

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