From 488a51933f4ed618b94dc41b1914e1bc50fbf753 Mon Sep 17 00:00:00 2001 From: Do Kwon Date: Fri, 9 Aug 2019 12:05:51 +0900 Subject: [PATCH] - Add Figment and StakeWith.Us as signatories - Delineated the names of TL validators --- MOTIVATION.md | 21 +++++++++++++-------- README.md | 22 ++++++++++++++-------- 2 files changed, 27 insertions(+), 16 deletions(-) diff --git a/MOTIVATION.md b/MOTIVATION.md index c141b8c..7746cd8 100644 --- a/MOTIVATION.md +++ b/MOTIVATION.md @@ -8,22 +8,27 @@ From a crypto-economics perspective, Terra has always been an ambitious experime While we remain strong believers in Terra’s value-centric reward model and its massive growth potential, given the youth of the network today not enough fees are being generated to offset staking costs. Besides server fees, there are many costs to running high quality validators: Marketing and BD costs from courting delegators, technical and operational upkeep from doing software upgrades, consistently improving operational security to prevent slashings and hacks, community building and growing the ecosystem. For token holders, the low transaction fee revenues have meant little incentive to stake given the liquidity cost of the 21-day unbonding period and the slashing risk. Moreover, Terra is operating in a crowded field of other Proof of Stake protocols and should offer solid returns to attract the best validators, get them to invest in the growth of the network and attract capital to the network. If rewards remained consistently low, it could adversely impact Terra’s network security and chance of success. -In the interest of increasing short term block rewards to offset validation costs, the signatory validators to this proposal, agreed to start Project Santa. Project Santa is a bot that distributes donations to network stakeholders in order to subsidize block rewards. To kickstart the process, the Terraform Labs validators generously agreed to seed Project Santa with 21.6 million Luna tokens to be distributed over the next year. This results in an approximate 10% staking yield on the 216 million tokens currently staked. Like other block rewards, these tokens will be distributed pro-rata to the amount of Luna staked. The Terraform Labs validators have further agreed to commit up to 100 million Luna tokens (total number of tokens allocated to Terraform Labs) for further block reward subsidies if block rewards fail to become competitive with the industry standard. +In the interest of increasing short term block rewards to offset validation costs, the signatory validators to this proposal, agreed to start Project Santa. Project Santa is a bot that distributes donations to network stakeholders in order to subsidize block rewards. To kickstart the process, the Ghost, Goliath, Marine and Wraith validators generously agreed to seed Project Santa with 21.6 million Luna tokens to be distributed over the next year. This results in an approximate 10% staking yield on the 216 million tokens currently staked. Like other block rewards, these tokens will be distributed pro-rata to the amount of Luna staked. The the Ghost, Goliath, Marine and Wraith validators have further agreed to commit up to 100 million Luna tokens for future block reward subsidies if block rewards fail to become competitive with the industry standard. The Santa bot will go live on August 8th, 2019, and will remain operational until such time that it is no longer needed by the Terra community. This is a wonderful example of the community rallying together to defend the security of the network security, and ensure sufficient funding in the development of the Terra ecosystem. We are committed to working closely together to help power Terra’s innovation of money! Santa Validators, -- Chorus One -- Hashed +- A-Team - Arrington XRP Capital -- Polychain Labs -- Certus One -- Terraform Labs - B-Harvest -- Node A-Team +- Certus One +- Chorus One - Dokia Capital -- Terraforming +- Figment Network +- Ghost +- Goliath +- Hashed - Healings +- Marine +- Polychain Labs - RockX +- StakeWith.Us +- Terraforming +- Wraith diff --git a/README.md b/README.md index 91eef8e..5835a2c 100644 --- a/README.md +++ b/README.md @@ -26,24 +26,30 @@ For example, in order to subsidize 21.6 million Luna tokens every block over 1 y An instance of Santa is currently being jointly operated and supported by several top validators in the network: ``` -Hashed +A-Team Arrington XRP Capital -Polychain Labs +B-Harvest Certus One Chorus One -Terraform Labs -B Harvest -A Team Dokia Capital +Figment Network +Ghost +Goliath +Hashed +Healings +Marine +Polychain Labs +RockX +StakeWith.Us Terraforming -Healings +Wraith ``` -To kick off the process, Terraform Labs has donated 21.6 million tokens to be distributed over the course of the next year, slightly above a 10% annualized return on currently staked tokens. You can see Santa hard at work here: https://finder.terra.money/columbus-2/account/terra13u66u4knssnws7n7w0n38mzyyqak5ygp807gyl +To kick off the process, the Goliath, Marine, Wraith and Ghost Validators have donated 21.6 million tokens to be distributed over the course of the next year, slightly above a 10% annualized return on currently staked tokens. You can see Santa hard at work here: https://finder.terra.money/columbus-2/account/terra13u66u4knssnws7n7w0n38mzyyqak5ygp807gyl Some details on future operations: - **IMPORTANT**: Santa will operate independently of existing rewards from fees and swaps. As Terra transaction volume goes up, expected rewards may well be significantly higher than that provided by Santa. -- Every time the number of staked tokens go up by more than 10 million tokens, Terraform Labs is commiting to deposit an additional 1 million Luna to Santa to prevent reward dilution for existing stakeholders. No tokens will be withdrawn in the opposite case where the number of staked tokens go down. +- Every time the number of staked tokens go up by more than 10 million tokens, the Goliath, Marine, Wraith and Ghost Validators are commiting to deposit an additional 1 million Luna to Santa to prevent reward dilution for existing stakeholders. No tokens will be withdrawn in the opposite case where the number of staked tokens go down. - Terra's validator community will actively monitor the network's reward dynamics and continue supporting Santa in the unlikely case that staking returns continue to lag behind the industry average. The Terraform Labs validator will commit up to 100 million Luna tokens for this purpose, which, at current parameters, sufficient to keep Santa running for the next five years. - Members of the community looking to support the network are either encouraged to either donate tokens to the [currently active Santa address](https://finder.terra.money/columbus-2/account/terra13u66u4knssnws7n7w0n38mzyyqak5ygp807gyl) or start their own instances of Santa.