Firstly, we want to thank the community for sharing the indispensable feedback that will allow us to improve our protocol significantly. During the past few weeks, we have also discovered many limitations of the Substrate framework, given the unprecedented scale we are putting it under. As a result, we have a clear path forward in offering a much better farming experience. However, to minimize unnecessary stress for the community and achieve the desired step-function improvement, we decided it is best to end the current Gemini phase so our core engineers can implement all the new features in the shortest time.
We know it takes significant effort to follow the network bootstrapping process and get your farmer up and running. That is why we are fully committed to ensuring it is also a worthwhile undertaking, in addition to the fantastic community vibe and camaraderie we have seen so far.
We are allocating 0.3% of the total token supply for Gemini Phase 1 to reward early adopters. The reward distribution is proportional to the amount of tSSC credits earned during this phase.
For example, suppose you ran a farmer and successfully farmed 10% of all tSSC credits of Gemini Phase 1. In that case, you will be receiving an expected reward of 0.03%, which is the percentage of the total token supply for the entire network at the mainnet launch. Please be mindful that it is not a 1:1 conversion ratio for the mainnet token.
Gemini Phase 1 End Date
We want to thank all the farmers participating in our Gemini Phase 1. After long deliberation, Gemini Phase 1 will end the following Monday, June 27, 2022, at 5 pm UTC. We will share the actual block hash for the final block afterward and take a snapshot of the reward addresses.
Glad to see it end. The way things are today, some farmers are able to sync by sheer luck and a bit of voodoo, while those having issues get nothing, all while spending time and resources trying to make things work, chase the team about documentation issues, etc. This has been a very frustrating experience.
As an example of how this could have been done differently, the IronFish project is running an incentivised testnet and is rewarding both node hosters and miners. They have loads of issues with their wallet and sync too, but at least all early adopters are rewarded.
You are rewarded for running a node already: you get farming rewards for doing so and you can’t farm without running a node.
We’ll address sync challenges with upcoming updates for sure.
Is it still expected the next incentivized phase? I am still in ordering equipment for expanding provided space for farmer. Should I cancel my order or will be ability to participate in the next phase?
p.s. I assumed that it will run at least for few months.
There will be multiple phases of inc testnet. to come
(though please be extremely cautious when ordering equipment for farming, i would not want to see money wasted, we suggest to run farmers on recycled equipment, not brand new)
With all my respect ser we saw some of the wallets are farming almost everything by pledging around maybe 100TBs in total. While you are calculating the rewards would you consider putting some whale cap or considering the uptime(including sync times also cuz that took too much time) as a variable of calculating?
Everyone has a chance proportional to their space pledged. If someone pledge 100x space then they’ll get 100x rewards.
If we put cap on “whales”, they’ll create multiple identities and would do the same thing as before, but to you it’ll look like there are many small farmers. So there is no point in playing that game.
Sync times will improve in the future.
I finally beat that sync issues today and we are done, hope to see great improvements in the future!
I would still suggest to farm what you can on this phase
i have 0.2 tssc so far
holding node from day 1
I tried to find subspace total token allocation, no luck. I asked around, no one knew. Is that public yet?
What I found somewhat fascinating about this exercise was data from the telemetry site showing >50% of the processor types were either AMD EPYC or Intel Xeons. People were paying money to host these nodes at a cloud provider gambling that they’ll some day recover the cost via the incentivized nature of it. Hosting virtual servers on the cloud goes against the alleged goal of decentralization. Subspace should consider removing incentives from future testnets to discourage people from doing this.
Possible, but there are also folks like me, I own a dozen Epycs, for projects like these. Investment made a year ago. If it ever pays back, don’t know, but these high end machines don’t expire so quick… My hobby. Other have expensive cars, others pets, etc…
The point in that, that old equipment not able to sync. hdd not work here at all, hdd lag behind the best block. Seems the only way is enterprise ssd. Sure, I am ordering not new ones and plan to use in a few testnets… Consumer ssd will not work here too, it just will break in a few days or weeks. Small ssd doesn’t make sense either.
Where are my node rewards then? I’ve been unable to sync up since starting on this journey. I’ve spent far more time than I should have, and helped a few others along the way.
Regarding whales - at least at the testnet stage - I think it’s easy for us to forget that they are taking a risk speculating on this project, which may come at an opportunity cost. They could be farming Chia, or whatever else. So for us smaller fish, it’s a smaller investment (if not counting time and sweat), and thus smaller potential reward.
thats great, sorry I late to join this tesnet. but this what I can do to support
Hope that the next phase real HDD can used for farming。
Honestly the experience has not been that good so far with all the issues in syncing and not full information at the start of Gemini Phase 1. I was using multiple VPS all prepaid and some are still to synchronize yet. Would request team to lay down duration, incentive before the start so we can plan accordingly. Overall loss for me…
Is the overall numbers of tokens already known? Or is tokenomics already public ?