Hi all ! The node is running smoothly currently and is ready for the implementation of Binance smart chain. This news is huge and should bring a ton of news users 🙂
Like you noticed some other validators increased their fee last weeks. The drop in rewards compromise the server cost maintenance considering too the time needed to update the node (I spent some hours during the last month updating the node, and a lot when the switcheo chain halted).
As a consequence I will increase the fee with a +0.25% fee on all tables level. This increase will take place on March 22nd.
Yesterday was a special day, two big holders joined the node for a total of 8M SWTH. The validator rank went from 17th to 14th place. Now the node is in a safe place and should have increased the fee but like I mentioned in my last post the fee will stay at zero until October 15th cause of the wednesday’s upgrade issue.
I read on Telegram some of you are confused about the fees. I want to clarify : from 16th to 31st October the fees will stay at 0.1% whatever the rank is. The fees will increase following the table (if ranked 15th or better) only on 1st November. Please notice that the zero fee isn’t sustainable over the long term cause of the server cost, reason why the commission have to increase later.
We are currently “fighting” with O3 and Everstake for the 12th place into a 1M range. (fighting is a big word, validators are pretty friendly with each others)
On top and bot side, Neo and Huobi are far and we are at a safe distance to 16th place in case of a Binance join. On next week the zero fee should allow more people to join. and reach this 12th place. (Like in Formula 1 let’s consider I’m wearing Soft tyre compounds and rivals race with Medium).
The node upgrading issue is fixed. The jail caused many delegators to lose 0.1% of their stake, as compensation the fee will stay at 0% until October 15th included and then will be locked at 0.10% whatever the rank is until October 31th included.
This kind of event shouldn’t happen in the future because next updates will be automatically processed with the package installed in 1.80 update.
Sorry again for the inconvenience and thanks for your support.
We now have a 1 Million Switcheo margin of safety. Solid Stake won 1M SWTH in 5 days. If you check my last post you will notice Everstake and io have only slightly increased their stake, we should achieve 16th in about 10 days if conditions remain the same. Thank you all for your support.