Part 2: Incentivized Nominators: Strengthening Network Participation

5ireChain
4 min readMay 14, 2024

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.

Next, we will go through the required steps to participate in our incentivized testnet program as a nominator.

Introduction to Nominators:

In addition to validators, nominators play a crucial role in securing and decentralizing the network by increasing the overall stake in a validator node. The process for incentivized nominators mirrors that of validators, albeit with different criteria and rewards.

The following guide points walk you through the process of takingpart in 5ire’s incentivized testnet program as a nominator on 5ireChain’s Testnet Thunder: GA.

TL;DR: Set up Wallet → Stake to Nominator Pool → Provide Wallet Address for Whitelist → Setup Nominator and Bond to Validator → Earn Points via Validator Commissions → Receive Airdrop from Points

Nominator-specific Staking Pool

As part of our testnet incentivization program, to replicate anticipated participant behavior in a mainnet environment as much as possible, nominators will receive 1:1 5ire testnet coins to 5ire coins staked in the Nominator staking pool on the 5ire Staking dApp. Nominators play a very important role in strengthening the network and increasing decentralization on the network, therefore 5ire’s testnet incentivization program is looking to give away rewards for participants who take on such responsibilities.

To become part of the nominator whitelist, participants will need to stake 5ire coins in the nominator-specific staking pool and input the 5ire Native Chain address associated with their 5ire wallet.

The details for the nominator-designated staking pool are as follows:

Minimum stake: 5,000 5ire tokens

Lock-up period: 6 months
Staking APY Rewards: 18%-28%

Please note that nominators will receive APY rewards in addition to the testnet incentivization program; APY rewards do not factor into the total airdrop rewards for nominators.

Nominator Whitelist and Testnet Entry

Once staked, your wallet address is automatically added to the Nominator Whitelist, and you’re eligible to set up a Nominator. Invitations are extended to qualified users to set up as nominators on the testnet, where they’ll nominate stakes to active validators earning block rewards which in turn provide commissions to nominators, ultimately contributing to network consensus.

For whitelisted nominators, 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 as a nominator to a validator node.

Earning Nominator Points and Airdrop Rewards

Nominators accumulate points based on the activity of the validators they support, including commissions and block rewards. These points determine their share of the airdrop rewards allocated for nominators.

Total Airdrop for Nominators: 250,000 $5IRE

Embracing a Decentralized Future

We’re delighted to invite our early adopters to become active pioneers and contributors of our brand new 5ireChain Testnet Thunder: GA, and earn rewards through our Validator/Nominator testnet incentivization program. With your continued participation and contribution, it give us all a glimpse into the decentralized future we envision for the 5ireChain network. By incentivizing active participation from validators and nominators alike, we’re not only stress-testing our protocol but also fostering a vibrant and resilient ecosystem poised for mainnet launch.

Join us on this journey, as we pave the way for a decentralized tomorrow, one block at a time.

Concluding Thoughts

The 5ire Testnet Thunder: GA offers validators and nominators an exciting opportunity to contribute to the development of a secure, scalable, and decentralized blockchain ecosystem.

This initiative incentivizes active participation, where contributors are recognized for their valuable inputs and commitment.

Join us in making history as we build towards our groundbreaking mainnet launch, happening later this year.

General availability links:

1. Validator App
2. Nominator App
3. Explorer
4. Staking Portal
5. 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

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5ireChain

5ireChain — www.5ire.org | Layer-1 EVM Compatible Smart Contract Platform | In Consensus Sustainability