LUKSOfam: EP.1 Genesis Validators for Non-technicals
Written summary of Ep. 1 of the LUKSOfam podcast. A KEEZ podcast hosted by Yellowturtle & BeefBank.
LUKSOFAM SHOW NOTES
Beef
5/1/20233 min read
Derived from the LUKSOfam Podcast brought to you by KEEZ. https://youtu.be/zIaRZvshDRg
The LUKSO Genesis Validator contract opened on 4/20 @420pm UTC.
There were about 250 deposits into the Genesis contract in the first couple of days.
There were hiccups though. No one could have predicted that meme coins would be pumping. Since each validator needed its own separate transaction, it could be very expensive depending on how many a depositor intended to run.
Fabian put out a poll on twitter that asked the community if they believed that the foundation should help/cover gas costs to deposit.
When the poll closed 67% of voters agreed that covering gas costs would be appreciated.
On the following Monday the LUKSO team issued a statement that they would refund the gas costs for the first 7k validators up to 80 gwei.
The community rallied on this news and surpassed the 7k validator limit in less than 24 hours.
As of 4/28 there are 8,922 validators with a total amount of staked LYXe exceeding 285k.
82% of the Genesis Validators have voted to reduce the total supply from 100 million to 42 million. THIS IS A 58% REDUCTION IN SUPPLY! Please note--42 million is the starting supply. There will be inflation paid to validators until EIP-1559 is implemented and the chain has enough activity.
People can still deposit into the Genesis contract, but gas is no longer covered.
The team will announce when the contract freezes a week before.
The LUKSO team has clearly communicated that while they understand the excitement and the want to become a Genesis Validator, it is imperative that users understand the undertaking that they are committing to. It does currently require some technical ability.
Moving forward into the future after the Genesis contract closes, there will be solutions to those who would like to stake but lack the technical abilities—let’s explore them:
The Stakingverse created by @jordydutch out of the Luksoverse. Jordy recently tweeted that they partnered with an experienced provider already in the Ethereum staking space and they expect the APR return to be about 10%.
Stakewise. This is purely a rumor, and we have no additional details.
Dappnode sells fully built hardware setups preinstalled with their easy user-interface. As a cheaper alternative, a staker may buy their own hardware setup (based on LUKSOs recommendations found here Validator checklist (lukso.network) ) and install the dappnode software yourself.
There is speculation that since gas will be free on LUKSO for the first six months or so, there will be no costs to stake other than the 32 LYX when solo staking.
A week after the Genesis Validator contract freeze, Mainnet will start. There will be a discovery month where developers can launch/test the chain, but this has not been specifically spelled out yet.
After the discovery month Universal Profiles will launch and the migration of LYXe will begin.
Please note: There are no details yet regarding the migration. Only follow instructions from the official LUKSO twitter.
Two to three months later, if the user had a LUKSO L14 Universal Profile with NFTs from The Dematerialized--they will be migrated.
Keep up to date with the latest news and information by following @KEEZdao on twitter and visiting the LUKSO website.
Until next time,
_beef.eth
Note: Please be advised that the information provided here is not intended to be financial advice. KEEZ and its members do not assume responsibility for any decisions you make based on this information.
Resources:
It’s Happening! The Genesis Validators are coming! | by LUKSO | LUKSO | Apr, 2023 | Medium
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