Today I noticed one of the better performing validators, SUMOAPS (based in Singapore), “adjusted” his commission.
Turns out there’s a lot of nominators who don’t mind.
Or maybe they haven’t noticed yet.
As one of XX network validators, I have a few things to say about this.
If you want to raise commission above 20%, that’s a problem because it’s unusual. But it’s your node, so you have the right to do it.
The next question is how to do it without making it a confidence trick.
In my opinion validator should announce it and if you’re going to a thievery-level commission (which is what 50% is), at least give your nominators a fair chance to get the hell out.
As I’ve often emphasized here, I NEVER make unannounced increases. Usually I’d announce them on this site, and at least one day ahead in chain ID. And I’ve never went above 19% (on the self-sponsored node, I had 19% for one era as I was trying to see if anyone looks at those settings and adjusts nomination based on validators’ commission).
To go from 18% to 50% requires at least a two week announcement. And you should hike in no more than 5% increments, and for a while kick all all nominators from your node, so that they notice there’s something unusual going on.
You don’t have to do their job - they should watch their nominations (at least once a week would seem reasonable) - but going from 18 to 50 percent without any consideration for nominators seems shockingly inappropriate and unethical to me.
I checked the validator’s site (from on-chain identity properties) and there are no announcements about commission increase. I also looked at the node commission history, current era (194) is the first with a 50% commission - it jumped from 18% to 50% overnight.