Incentivized Testnet
For new blockchains in the market, the goal of a testnet is to rigorously test the network, find product-market fit and acquire a constant feedback loop from testnet participants. 5ire is no different. The ultimate goals for 5ire’s testnet initiative are to:
- Use rigorous testing to make it future ready
- Understand how our tokenomics model stimulates participant behavior
- Analyze common trends amongst participants on the chain
- Acquire feedback for iterative improvements
- Onboard and familiarize node operators within the 5ireChain network
- Onboard new developers into the 5ire ecosystem
Introducing 5ireChain’s Testnet Thunder: GA
Introducing Testnet Thunder: GA, a novel initiative developed to stress-test our protocol, and incentivize and empower validators and nominators to contribute to the security and overall development of the network. Active participants in the network champion 5ireChain through staking, block validation and direct feedback to devs, which contribute to positively shaping the 5ireChain ecosystem and driving its future success towards the mainnet.
Through Testnet Thunder: GA, we invite individuals, enterprises and node operators to take part in our incentivized testnet program by becoming pioneers of the 5ireChain network and operating as validators and nominators within the testnet. Pioneers of the chain will be significantly rewarded from the 5ire airdrop reward pot (see below for more details)..
Next, we will go through the required steps to participate in our incentivized testnet program as a validator.
Part 1: Incentivized Validators: Securing the Network
Validators play a crucial role in securing and decentralizing the network, by validating transactions and forging new blocks. The following guide walks you through the process to take part in 5ire’s incentivized testnet program as a validator on 5ireChain’s Testnet Thunder: GA.
TL;DR: Set up Wallet → Stake to Validator Pool → Provide Wallet Address for Whitelist → Set up Validator → Earn Points via Block Rewards → Receive Airdrop from Points
Setting Up Your 5ire Wallet
The journey begins with setting up your 5ire Wallet, the starting point to your participation in the testnet ecosystem. Whether you’re eyeing a validator slot or aspiring to be a nominator, your wallet is your digital identity in this realm.
First, head over to the Google Chrome Store and install the latest version of the 5ire Wallet extension. Once, the extension is installed, run through the setup instructions to create a 5ire wallet. Make sure to note down offline all the details of your 5ire wallet for safekeeping (you don’t want to lose out on those airdrop rewards!). For the next step, you will need to supply your 5ire wallet public address for the Native chain.
If you’ve previously set up a 5ire wallet, you can skip this step, simply make sure you have access to your 5ire wallet and have the latest 5ire Wallet extension installed.
Validator-specific Staking Pool
As part of our testnet incentivization program, in order to replicate anticipated participant behavior in a mainnet environment as much as possible, validators will receive 1:1 5ire testnet coins to 5ire coins staked in the Validator staking pool on the 5ire Staking dApp. Validators play a very important role in ensuring robustness and providing security on the network, therefore 5ire’s testnet incentivization program is looking to give away significant rewards for participants who take on such responsibilities.
To become part of the validator whitelist, participants will need to stake 5ire coins in the validator-specific staking pool and input the 5ire Native Chain address associated with their 5ire wallet.
The details for the validator designated staking pool are as follows:
Minimum stake: 100,000 5ire tokens
Lock-up period: 12 months
Staking APY Rewards: 20%-35%
Please note that validators will receive APY rewards in addition to the testnet incentivization program; APY rewards do not factor into the total airdrop rewards for validators.
Validator Whitelist and Testnet Entry
Once staked, your wallet address is automatically added to the Validator Whitelist, and you’re eligible to run a validator node. Invitations are extended to qualified users to set up as validators on the testnet, where they’ll validate transactions and blocks, actively contributing to network consensus.
For whitelisted validators, the equivalent amount of staked 5ire coins will be sent to their 5ire wallet as 5ire testnet coins. These testnet coins need to be staked/bonded to the validator node.
Earning Validator Points and Block Rewards
Validator activity is rewarded through Validator Points, earned based on block rewards garnered during the testnet phase. These points are represented on a leaderboard accessible to the validators, and serve as the basis for determining airdrop rewards near the mainnet launch.
Incentivized Airdrop Rewards
As the testnet program progresses and blocks are forged on the blockchain, users accrue Validator Points, which ultimately translate into airdrop rewards. Based on a daily pot of rewards for all validators, and the number of validators currently active, points are given according to the block rewards gained. The airdrop multiplier is calculated based on both the staking and block reward multipliers, ensuring that active validators receive their share of tokens from the 5M allotted pool.
Total Airdrop for Validators: 5 Million $5IRE
Early Adopter = Higher Rewards
Node operators are invited to join the testnet thunder and capitalize on higher airdrop rewards. The key incentive lies in the principle that as the initial number of validators remains low, individual validators stand to receive a larger share of the total airdrop pool. In other words, early adopters have a significant advantage in accumulating points, which directly translate into airdrop rewards.
Top 3 Eligible for Mainnet Validator Slots
Upon the culmination of the testnet phase, the top three validators with the highest accumulated points become eligible for mainnet validator slots, a testament to their dedication and contribution to the network’s robustness.
Leaderboard
To facilitate transparent monitoring and incentivize active participation in the 5ire Testnet GA, we’ve developed a comprehensive leaderboard that provides an intuitive dashboard for users to monitor key metrics like staked amount, staked time, onboarding time, and points earned.
The leaderboard dynamically updates in real time, providing accurate insights into validator activity and reward ratios. This transparency empowers users to make informed decisions and optimize their participation in the testnet ecosystem. At the end of the campaign period, the leaderboard points will determine airdrop tokens distributed to each participant.
FAQ
Q. How do I become eligible for the reward?
You’re automatically eligible, if you’re staking in the Validator or Nominator pools, and set up as a Validator or Nominator, respectively.
Q. How exactly do validators get rewarded? What are the criteria?
Take this example:-
Total Airdrop Pool: 5,000,000 $5IRE
The amount of airdrop received by each user or wallet is determined by their points, calculated using a formula based on (but not limited to) weightage, uptime, reliability and amount staked. This ensures that active participants are duly rewarded for their commitment to the network’s success.
Q. How do I participate in the validator’s whitelist?
You’re automatically added to the whitelist once you’ve fulfilled the minimum requirement. I.e., 100,000 $5IRE staked in the pool.
Q. Where can I see my points accumulated?
Validators will be able to see all validators’ points in this dashboard. It is a leaderboard dedicated to monitoring key metrics like staked amount, staked time, onboarding time, and rewards earned, amongst other crucial metrics that will be visible to the validators.
Q. What if I stake more than the minimum eligibility criteria for the nominator pool?
It will add to your score on the leaderboard in a position. Coins staked is a part of the overall points calculation factor and additionally, you’ll get more rewards from the staking pool.
Q. Where can I find my GA native Address?
You can find the address in your 5ire Wallet.
More information about 5ireChain can be found by clicking on the following links:
Website: https://5ire.org
Testnet Explorer: https://explorer.5ire.network/
LinkedIn: https://www.linkedin.com/company/5ireChain
Twitter: https://twitter.com/5irechain
Discord: http://discord.gg/5ire
Telegram: https://t.me/OfficialFireChain
Facebook: https://www.facebook.com/5irechain
Instagram: https://www.instagram.com/5irechain
