We are updating the minimum staking requirement to better align with current market conditions and long-term goals.
Current Requirement:
1,000 XX coins
New Requirement (Effective January 1, 2025):
30,000 XX coins
This adjustment reflects the council’s decision to strengthen validator commitment and maintain a robust network. Originally, the minimum was set at 14,000 coins when the coin’s value was significantly higher. The update provides validators ample time to meet the new requirement and demonstrates the dedication of the community to the network’s growth and stability.
Future Plans:
The council intends to gradually increase the minimum staking requirement, targeting 100,000 XX coins in the long term. However, this strategy will be reviewed regularly and adjusted as necessary based on market conditions and community feedback.
Thank you for your continued support and commitment to the network.
That is ridiculous. Anyone who isn’t willing or able to put 30K XX (approximately 10% of the going amount of an elected node today, which is the cost of a mid-range PC) has no business running a node on a network on which people bet their privacy.
That aside, I’ll make a wager on a decentralized market for anyone who wants to bet on these outcomes before new rules take place.
A few key terms should be defined first to eliminate any confusion…
Existing validator is an account that has expressed the intention to be a validator as so done via Account Actions tab and therefore listed in the Targets tab
Elected or waiting validator == existing validator.
Chilled is when a validator has intentionally or unintentionally stopped validating and is no longer an exisitng validator, an elected validator, nor a waiting validator.
If by “shutdown” you mean chilled or kicked, then …
No existing validators are chilled automatically after the value of minValidatorBond is updated.
If an existing validator has less than the minValidatorBond after the update, it will continue validating after the update. It will NOT be chilled as a result of the update.
However, if an existing validator is chilled (intentionally or unintentionally) after the update of minValidatorBond, it must meet the minValidatorBond requirement as noted in the Substrate Documentation…
NOTE: Existing nominators and validators will not be affected by this update. to kick people under the new limits, chill_other should be called.
370 validators take 31% of all node earnings. What about the nominators? Nominators get the rest - 69%.
Now, let’s see: nominators nominate the 370 validators with 124 million XX for 69%. Validators have 20 million XX and take 31%.
In many cases validators and nominators are the same, but as the chart shows, the situation is not “stable” in the sense that validators take 30% more than early in the year and my post from earlier today shows how - it’s become very lucrative and tempting to serve yourself rather than the network.
I think it will be proposed in and voted on by the Council.
If you recall, originally minimum validator bond was 14K XX, and that was inexplicably cut to 1K XX, also by the Council (as I recall; I can’t find that announcement on the forum, but here’s a similar one) (Edit: this one was a democracy proposal, but I think others were done by the Council).
As a generic reminder how it was supposed to be when the token was 5 times more expensive, see here - 10-50 K XX stake…
That’s what socialists say about capitalists, or anyone who “has enough” in their opinion, which includes savers.
So I have $50K in lifetime savings, put it in a bank, the CB says “Inflation is 3% but we’ll keep interest rates at 0.25% because reasons”, the saver says “but now I get almost nothing compared to $2.5K/year” and the CB says “everyone is suffering, and you have no cost”.
