Snapshotter Update: POWER Claims, Daily Rewards, & New Operator Onboarding
Powerloom is out in the wild, with an active Mainnet and unleashed POWER.
Moving ahead, we’re ready to open up the network for new snapshotters (i.e., node operators) to further expand Powerloom’s capacity to deliver composable onchain datasets for next-gen web3 apps and consumers.
Existing snapshotters — who are already running their nodes on Mainnet — can also start claiming Daily Rewards from a daily pool of 50,000 POWER. Or they can burn their slots to claim the unlocked portion of their staked POWER allocation.
Let’s break down the processes for both, highlighting the critical aspects you need to keep in mind.
👉 Tip: Open https://mint.powerloom.network/ on the side to follow along.
Details for Existing Snapshotters
This section is for our Testnet phase node mint participants who already have Slot IDs and can run their nodes on Powerloom Mainnet.
As an existing snapshotter, you have two options:
a. Run your nodes on Powerloom Mainnet to earn Daily Rewards
b. Burn your slot(s) to claim the unlocked portion of your staked POWER allocation (available for KYC-ed participants ONLY)
Earning Daily Rewards
Powerloom network currently has a daily pool of 50,000 POWER tokens to incentivize active snapshotters and reward them for their critical contributions to Powerloom’s distributed data economy.
Tokens from this pool will be distributed equally among eligible participants as Daily Rewards after every 720 epochs (i.e., roughly 24 hours). You can track and claim your Daily Rewards from the Snapshotter Dashboard.
Eligibility Criteria: Currently, nodes that submit at least 1000 snapshots per day are eligible for Daily Rewards. You can check your eligibility on a given day (720 epochs) from the Dashboard. Notably, however, the minimum snapshot requirement may change in the future, according to protocol requirements.
If you still haven’t updated your nodes to run on Mainnet, check out our official docs for setup instructions.
Start today, so you don’t miss out on any more Daily Rewards!
Claiming Unlocked POWER
Powerloom has allocated 3800 staked POWER for EACH existing node. You can claim an unlocked portion of this allocation, subject to the following criteria.
For KYC-ed operators:
- 10% of the allocation (i.e., 380 POWER) is now unlocked, with a 12-month linear vesting for the remaining 90% with a one month cliff.
- To claim (withdraw) any portion of this unlocked POWER, you need to burn your node(s) and give up the ability to run it on Mainnet.
- By burning your node, you’ll immediately receive 380 POWER in your connected wallet, but you can no longer earn Daily Rewards.
- The remaining 90% will be vested as per schedule, even for those who claim now and burn their nodes/slots as specified above.
For node holders/operators who are NOT KYC-ed, 100% of the staked POWER allocation (3800) will unlock after 12 months. You cannot burn your nodes/slots before that. However, any daily Mainnet rewards you earn is fully unlocked - make sure to run your node!
Details for New Node Operators
This section is for those who want to secure a fresh Slot ID to run their nodes on Powerloom Mainnet.
Powerloom Mainnet is now open for new snapshotters to join, so they can earn Daily Rewards while contributing to the mission of making affordable, accurate, and verifiable onchain data accessible to everyone in web3.
To join, you first need to bridge POWER from Ethereum, either by using:
a. Our native OP bridge
b. The third-party bridge powered by our partner, Relay Protocol which has a tiny fee but does allow swapping other assets from multiple chains directing to Powerloom mainnet!
Regardless of the bridge, make sure you to get a additional bit (~0.001) of POWER for gas usage for mainnet operations.
After bridging POWER, you need to:
- Go to https://mint.powerloom.network/
- Mint a slot by staking 10K POWER
Once the mint is successfully completed, you can start participating in Powerloom’s distributed data economy.
To manage your slot and track/claim Daily Rewards, use our Snapshotter Dashboard.
If you need any help while setting up or running your node(s), feel free to drop a query in our official Discord server — our active, inclusive community is always ready to support you.
Further, you can read our in-depth docs for a more holistic understanding of the protocol’s architecture, processes, flows, etc.
What’s Next?
Currently, in the initial rollout phase, Powerloom Mainnet is only incentivizing submissions for the Uniswap V2 data market, as mentioned in our official announcement. During this phase, we are closely tracking metrics like incoming snapshotter connections and snapshotting capacity.
Based on these observations we shall ensure optimal rewards distribution upon re-introducing support for multiple data markets, including Uniswap V3 and Aave V3, as soon as the network gains a bit more stability.
As showcased through extensive participation and testing by our global snapshotter community during the Pre-Mainnet phase, multiple data markets help maximize rewards for snapshotters by giving them access to multiple revenue streams.
Moreover, we also plan to implement dynamic data markets, giving consumers and end-users more control over the market creation process.
A new phase in onchain data access has only just begun — there’s a long journey ahead. Make sure you’re an active part of this revolution, as some of you always have been.
Stay tuned for more exciting updates.
POWER up to shape the future of onchain data access 🚀💪
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