It has been over a year since the start of Amber Chain, and many things have changed since.
23 Nov 2022, 07:20
It has been over a year since the start of Amber Chain, and many things have changed since. Due to our plans, we are pausing the Validator staking program until we migrate to a new blockchain ecosystem.
No immediate action is needed. The Validator contract is deployed and remains on the Ethereum mainnet, meaning that your tokens will remain secure until you decide to withdraw them. The Nominator staking program continues to stay open. We encourage and expect most of the current Validators to continue staking on the Nominator contract. Be wary of any potential fraud events conducted by scammers.
The Substrate framework presented significant stability issues for our use case and complicated the blockchain development process. Throughout extensive testing this year, we have realized it was time to shift blockchain networks and use a framework that better fits our needs. Syntropy is committing to a new blockchain network, with a public announcement following early Q1 2023. Once the Validator program is resumed on the new network, current Validators will have priority access to the revised Validator staking program.
The Validator staking program was close to unsustainable in these market conditions, with the cost of the virtual private server taking a significant amount of the Validator token rewards and leading to substantial token inflation. This decision will have a favorable effect on the token economy in the short and long term. Our team calculated an approximate 65% decrease in total token rewards distributed if all current Validators migrate to the Nominator staking program. This results in 30 million $NOIA tokens less distributed yearly. The Nominator staking annual percentage yield is expected to decrease to approximately 5,6% at 270 million tokens staked.
The Uniswap Liquidity Program also changes - the reward is reduced to 1.75 (± 0.25) NOIA tokens per Ethereum block. With 0.25 points of leeway to adjust for any market or LP pool changes in the short-term.
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1SyntropyNOIA #502
23 Nov 2022, 07:20
It has been over a year since the start of Amber Chain, and many things have changed since. Due to our plans, we are pausing the Validator staking program until we migrate to a new blockchain ecosystem.
No immediate action is needed. The Validator contract is deployed and remains on the Ethereum mainnet, meaning that your tokens will remain secure until you decide to withdraw them. The Nominator staking program continues to stay open. We encourage and expect most of the current Validators to continue staking on the Nominator contract. Be wary of any potential fraud events conducted by scammers.
The Substrate framework presented significant stability issues for our use case and complicated the blockchain development process. Throughout extensive testing this year, we have realized it was time to shift blockchain networks and use a framework that better fits our needs. Syntropy is committing to a new blockchain network, with a public announcement following early Q1 2023. Once the Validator program is resumed on the new network, current Validators will have priority access to the revised Validator staking program.
The Validator staking program was close to unsustainable in these market conditions, with the cost of the virtual private server taking a significant amount of the Validator token rewards and leading to substantial token inflation. This decision will have a favorable effect on the token economy in the short and long term. Our team calculated an approximate 65% decrease in total token rewards distributed if all current Validators migrate to the Nominator staking program. This results in 30 million $NOIA tokens less distributed yearly. The Nominator staking annual percentage yield is expected to decrease to approximately 5,6% at 270 million tokens staked.
The Uniswap Liquidity Program also changes - the reward is reduced to 1.75 (± 0.25) NOIA tokens per Ethereum block. With 0.25 points of leeway to adjust for any market or LP pool changes in the short-term.
It has been over a year since the start of Amber Chain, and many things have changed since.
It has been over a year since the start of Amber Chain, and many things have changed since. Due to our plans, we are pausing the Validator staking program until we migrate to a new blockchain ecosystem.
No immediate action is needed. The Validator contract is deployed and remains on the Ethereum mainnet, meaning that your tokens will remain secure until you decide to withdraw them. The Nominator staking program continues to stay open. We encourage and expect most of the current Validators to continue staking on the Nominator contract. Be wary of any potential fraud events conducted by scammers.
The Substrate framework presented significant stability issues for our use case and complicated the blockchain development process. Throughout extensive testing this year, we have realized it was time to shift blockchain networks and use a framework that better fits our needs. Syntropy is committing to a new blockchain network, with a public announcement following early Q1 2023. Once the Validator program is resumed on the new network, current Validators will have priority access to the revised Validator staking program.
The Validator staking program was close to unsustainable in these market conditions, with the cost of the virtual private server taking a significant amount of the Validator token rewards and leading to substantial token inflation. This decision will have a favorable effect on the token economy in the short and long term. Our team calculated an approximate 65% decrease in total token rewards distributed if all current Validators migrate to the Nominator staking program. This results in 30 million $NOIA tokens less distributed yearly. The Nominator staking annual percentage yield is expected to decrease to approximately 5,6% at 270 million tokens staked.
The Uniswap Liquidity Program also changes - the reward is reduced to 1.75 (± 0.25) NOIA tokens per Ethereum block. With 0.25 points of leeway to adjust for any market or LP pool changes in the short-term.