Mainnet commission plan for XXV ¶
While I reserve the right to update this page (change log will be updated if that happens), I plan to stick with my values and my plan and select a competitive commission rate.
Update (Dec 26) ¶
While principles of what I had in mind still apply, I’ve changed my plan and will try to stand up another node with a lower commission.
New plan (Nov 17) ¶
- New facts I learned today, partially in community chat, and partially by observing validator wannabes in Waiting prior to the first election
- Our xx (coins) can’t be moved until various vesting periods expire, so the current holders cannot use them to nominate other validators
- We can either use the full amount to nominate own node, or let part of the coins sit there doing nothing
- Once set, the commission cannot be changed (source: xx network Discord, announcements channel)
- Prospective validators are therefore motivated to maximize both the validator commission and stake for their own node
- There are two ways to do that: block 3rd party nominations (which would also block the XX Team Multiplier stake), or
- Increase the commission to the maximum allowed (to discourage 3rd party nominations)
- Other prospective validators with a lower stake currently have their commission set to 10% or even higher
Due to these significant and unexpected changes, it makes no sense to start with a low commission and lower my stake later. I will start with a high but competitive commission rate, and stake only my own node until I have a choice (that is, until coins can be vested and used to nominate other nodes).
I set my commission to 10%, which is more than two percent less than the maximum I could set for my stake. It cannot increase (according to the detail from Discord announcement channel), so it is meant to give up some commission to nominators because my node isn’t performing that great. I will watch the situation and lower it further to remain competitive.
I checked at Thu 18 Nov 2021 01:49:12 AM UTC, and apparently I was elected in the first election.
Old plan (first version) ¶
- First 30 days of MainNet - higher own stake, with lowest commission in East Asia (potentially as low as 1%)
- After 30 days - slightly lower own stake and increase commission, but not higher than other nodes in East Asia with similar quality of service.
Change log ¶
- 2022/02/22
- Update this page to fix a link
- 2021/11/17 (Wed 17 Nov 2021 04:32:36 PM UTC)
- Update two hours prior to the first validator election for MainNet v2
- Fill in the final rate (Wed 17 Nov 2021 07:01:06 PM UTC) one minute before validator election
- 2021/09/08
- initial version