The time is almost here. We'll need Hydraheads to join our incentivized testnet (Stakenet) and help us extend current limitations and point towards where to improve.
The testnet will be split into different phases and, at some point, it will transition into a fully working mainnet. The balances of your HDX token rewards during this phase will be transitioned to the mainnet so make sure you keep them safe.
For now, we will hold sudo keys in case of a bug or an issue on our side that may lead to a loss of funds. We would like to reserve a right to revert any such mishap. For the sake of the security of the holders it will be best not to allow HDX token transfers during the Stakenet.
Each step of the way we will inform you in detail with an in-depth article about what exactly is going to happen, how to participate and what rewards to expect. These are the next phases:
In the first phase, our validator nodes will be running the testnet with initially issued tokens for
the incentivized testnet treasury: 7LbhZw718oe8vQDzbLPGaFEx1V6eS3Nf2UBocVcaHrfGKqn2
founder and investor tokens: 7HqdGVRB4MXz1osLR77mfWoo536cWasTYsuAbVuicHdiKQXf
Balance transfers and most of the calls in the network are forbidden. This is happening right now.
We will add the “claim module” and all of the data from the LBP event with a runtime upgrade, including gas fee rebates to HydraDX. You will be able to claim and indicate that you want to validate or nominate. The timeline for this is the next two weeks. We intend to run it for a week before transitioning to the next phase.
After enough validators join the set and are prepared to validate, we'll raise the validator set limit. This will transition the network from POA to NPOS as we cease to be the network's sole validators. During this phase, proof of stake rewards will start to be distributed to validators and nominators and can be adjusted by further runtime upgrades. It will be required of validators to watch for the updates and upgrade promptly. No slashing will be present but we will be searching for active validators to incentivize moving forward. This phase can take two to four weeks. Balance transfers are still locked.
During this phase, a faucet will be added to mint test tokens for users. Balance transfers for these tokens will be unlocked. Various trading scenarios will be tested. We will simulate different market conditions, full blocks and transaction throughput with real-world data.
The order matching algorithm will be assessed and improved. Building trading bots, apps, UIs, fixing bugs, and implementing new features will be incentivized heavily during this and following phases. We are aiming for this phase to take anywhere from 1 to 3 months.
We will unleash the HydraDX liquidity pool. tHDX tokens will be minted and used instead of real HDX, which will be still locked safely in your accounts accruing rewards. We will test the pool in simulated market conditions, implement more features and conduct security audits during this phase. We want to make sure everything works perfectly before transitioning into the mainnet. This phase can take anywhere from 1 to 3 months to complete successfully.
All of the test tokens will be removed from the network, HDX tokens will be unlocked, HydraDX will be connected to Polkadot, Bitcoin, and Ethereum and become a limitless liquidity monster.
That’s not everything. Somewhere in there, we would like to spin up Basilisk on Kusama. The success of this endeavour lies on the ability to recruit the right talent to engage in this project. This is a call to action! If you’d like to build Basilisk Network hit us up!
The goal for Basilisk is to become an experimental canary network with real value, using different mechanisms, governed by the community, used to build new stuff that currently just lurks in dark corners of our minds. We hope to see Basilisk become something like a kindergarten for immature assets, future HydraDX developers, and everybody that wants to build something utterly cool.
Indeed, there is more stuff. But more on that later, when the time is right.
For now, we would like to emphasize how much we need all of you Hydraheads to rally in order for this to succeed. We'll need help with funding the parachain slots, we'll need help with testing, writing, building, and we will be rewarding that with the treasury funds, hopefully making it worth your while. We’re watching all of these contributions and want to reward them with HDX tokens.
P.S. We're searching for a tech/documentation writer, preferably with development experience, and a devops/CI/CD pro.
Hi! Could you help me? I’ve read 2 or 3 your last newsletters and I can’t understand: what is the deadline ( end date ) for node preparation ?
Can you kindly post a link to the HydraDX Discord server here and in the next newsletter please? I have a problem and I can't find a way to get in touch with anyone with this project.