Pre-mainnet
Powerloom Protocol is excited to announce the launch of its Pre-Mainnet, a significant milestone in our journey to create a scalable, decentralized platform for real-time data markets. With this release, we introduce the V2 upgrade, packed with new features, enhanced performance, better multinode setup and the opportunity for users to earn daily rewards while actively contributing to the network’s growth in preparation for mainnet.
What is Pre-Mainnet?
The Pre-Mainnet is more than just a transition phase—it's our testing ground for an improved architecture that will support the massive scale of data markets we plan to build in the future. During the Pre-Mainnet, participants can run nodes with a better multinode setup script, contribute to the system’s performance, and earn rewards, all while helping us identify areas for optimization before the final Mainnet release.
Why the Upgrade?
The V2 upgrade was driven by the need to address certain limitations observed during the testnet phases. Running thousands of nodes and handling millions of transactions daily revealed performance bottlenecks related to protocol state bloat and transaction drops.
State Bloat & Transaction Failures
The V1 testnet encountered issues with protocol state bloat (a situation where too much data accumulates)—where snapshot data accumulated excessively due to thousands of project IDs being submitted by over 5,000 nodes. This led to inefficiencies as the chain struggled to process millions of data points throughout the day.
Additionally, the relayers (intermediaries that routes traffic between two peers) responsible for submitting the transactions suffered transaction drops sometimes. With more than a million snapshot submissions per day, over 5% of transactions were being lost, along with other operational issues with maintaining the chain at a continuously running state.
A combination of the above issues affected building higher-order snapshots and aggregated data points for complex use cases, such as the Uniswap V2 and Aave V3 dashboards.
New Workflow: Sequencers and Validators
In V2, we introduced an upgraded workflow with two critical roles: sequencers and validators. Sequencers handle the batching and submission of snapshots to decentralized storage (IPFS), anchoring the proof in the protocol’s smart contract. Validators then verify these submissions and ensure consensus is reached. This system ensures efficient management and accuracy of these snapshots, ensuring further improvement in the protocol's reliability and security.
The libp2p-based communication protocols also improve connectivity, offering faster, censorship-resistant connections for snapshotter nodes, allowing them to submit snapshots efficiently from any location.
Rewards: Earn $POP Daily
With the Pre-Mainnet launch, we’ve introduced a daily rewards system to incentivize active node operators and participants.
How the Rewards Work:
- Daily $POP rewards are earned by participants for running nodes and submitting data.
- A reward pool of 1,000,000 $POP tokens is distributed evenly among all qualifying nodes each day.
- Rewards are distributed within 30 minutes after the end of each "network day" (720 epochs, or roughly 24 hours).
- To qualify, nodes must submit a minimum of 1,000 submissions per day.
- $POP rewards are auto-staked and unstaking carries no penalties.
What’s Next?
The Pre-Mainnet phase is just the beginning. We still have a significant journey ahead to realize our vision of establishing Powerloom as the decentralized data layer for Web3. We’re constantly gathering feedback and refining the protocol, confident that, step by step, we will achieve our goal!
As we approach the Mainnet, we invite all node mint holders to join the network, run nodes, and take advantage of the daily rewards system while contributing to the growth of the Powerloom Protocol.
Stay tuned for more updates as we build and evolve towards the full Mainnet launch!