Safestake Incentivized Galileo Testnet Stage 1
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Reward pool
~$85,000
5,000,000 STATE
Expected profit
Unknown
STATE
Max participants
∞
No limit
DropsEarn score
Neutral
Normal, Low Risks
Details
SafeStake is a trust minimized middle-layer that fosters the decentralization of ETH2.0 staking with a low barrier to entry so that different network users can obtain competitive advantages and rewards without maintaining a complex infrastructure to execute the ETH 2.0 Staking.
The SafeStake goal is to contribute to the decentralization of Ethereum 2.0 by providing an ETH staking approach and incentivizing the expansion of the validator base while strengthening the security of the new PoS network.
There is widespread enthusiasm for ETH holders to take part in Eth2 staking and contribute to further strengthening the security of the Ethereum 2.0 network. Before ‘The Merge’ is planned for September 19th, 2022, the last successful test will be executed, marking the end of proof-of-work for Ethereum and the complete transition to proof-of-stake.
SafeStake expects that after the ETH 2.0 merge, the staking industry will exponentially grow, with around 80 Million ETH staked.
Galileo Incentivized Testnet
SafeStake is looking for more operators and validators to join SafeStake’s Galileo Incentivized Testnet to help test its DVT staking solution at scale.
Attention Operators: SafeStake has an updated video guide that walks you step-by-step through the process of setting up an operator node on Galileo incentivized testnet.
Attention Validators: Setting up a validator on testnet is eas. Just follow this helpful video guide.
Galileo Incentivized Testnet contract
The upgrade will change the testnet tokenomics from STATE to DVT and includes bug fixes for the current release. It also improves the system & overall robustness and validator liveness as the project gets closer to mainnet launch and mass adoption.
Validators & Operators
To make testing for the new contract possible, SafeStake devs have enabled a testnet-DVT faucet on SafeStake Discord server at #testnet-faucet-dvt Each wallet can claim up to 5 testnet-DVT tokens per day, so start gathering your testnet DVT today and get ready to test the new token contract next week.
Please note: Updating the contract will also reset testnet. This means you will need to reimport your validators and reinstall your operator nodes.
Incentivized Testnet Rewards
Total STATE tokens to be rewarded: 5,000,000 (Operators 72% / Validators 28%).
● 200 Limited Edition NFTs - next Tribe of State freemint:
○ First 100 new operators get an NFT (all get 1 limited edition NFT)
ttps://nftmint.parastate.io/ + [7,500 STATE tokens - 750,000 STATE tokens]
○ First 100 new validators get an NFT (all get 1 limited edition NFT)
ttps://nftmint.parastate.io/ + [2,500 STATE tokens - 250,000 STATE tokens]
● Bank of STATE tokens for currently active operators to reward them for staying
active - [25,000 STATE tokens/each x 6 ops - 150,000 STATE tokens] + extra XP
loyalty points.
● Inactive Operators that become active again - [10,000 state tokens/each x 60 ops
- 600,000 STATE tokens]
● Top-Performing Operators - [1,863,500 state tokens / top 25 operators = 74,540
tokens per operator]
● Top-Performing Validators - [375,000 STATE tokens / top 25 validators = 15,000
state tokens per validator]
● Refer a Friend - STATE token rewards for operators and validators that refer their
friends and they become a validator or operator - 10,000 STATE tokens/each
(~$25/each) x 50 - 500,000 STATE tokens
● **XP rewards and roles** for active community members (click link to view program
guidelines)
ETH DRAWINGS
Only active validators and operators will automatically be entered to win.
Total prizes = 2.5 ETH
● Reach 250 active validators - random drawing to win 0.25 ETH
● Reach 500 active validators - random drawing to win 0.50 ETH
● Reach 750 validators random drawing to win 0.75 ETH
● Reach Goal of 1,000 validators - random drawing to win 1 ETH
About ParaState
ParaState takes Ethereum chain support to the next level through WasmEdge. Develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in next-level programming languages like Rust, C ++, and Golang.
ParaState is participating in ETH2.0 PoS Staking with a new tech stack called SafeStake, a trust-minimized, middle-layer fostering the decentralization of ETH2.0 staking. SafeStake is a non-custodial infrastructure for distributed validator technology written in Rust, implementing HotStuff consensus and Threshold signing architecture to provide more robust security for ETH 2.0 PoS.
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This week was launched SafeStake Incentivized Testnet.
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When Reward:
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