The community has spoken and we have listened. Therefore, we will be increasing the commission rate of the top 5 validators to 5%.
Reason:
- By increasing the top 5 validators to 5%, this will hopefully change the dynamics of delegations in the ecosystem and result in the outflow of delegations from validators with higher commission rate to those with lower commission rate. We hope that in doing so, delegations to the top 5 validators will redelegate some of their FX to public validators.
- This increment will also give existing validators a chance to increase their own commission rate.
Plan:
- We plan to do this in stages because of parameter limits ie maxratechange parameter is only 1% per day.
- And also we want to monitor if there are any drastic changes to the ecosystem especially with regards to the outflow of money from the network so we will slowly increase the commission rate to 5% by next weekend if there are no drastic changes to the network.
Message to public validators:
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This of course comes as great news but also do take note that we want to promote the correct behaviour in that we want each validator to be secure and stable. The narrative has not changed and our goal is still network security and decentralization.
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I do implore any new public validators to try setting up on the testnet first before deploying a validator on the mainnet. This will ensure you know how to do the setup, test out certain commands and features. There will be support and help.
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For existing validators, do yourselves a favour and promote your validator. Provide more transparency like how you monitor your nodes, what is your track record, do you have any programming background (better still if you have a Github as stacked as @kenob), implement and show how you will reward delegators who have staked with you for a long period of time, implement and show how you have contingency plans in case your validator runs into some down time
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Additionally for those who have gone through the testnet phase with me and would like my endorsement, kindly let me know where and how and I will do it
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This is a perfect competition market, we can do what we can from our side, but we want you to set up secure nodes with contingency plans and ways to incentivize your delegators to join you!