Dear community!
The decentralized bridge for migrating your tokens to mainnet is now live!
The mainnet has been live for a few days and we have completed our internal audit for the SXP Swap Bridge.
Users holding the SXP token on BEP20 or ERC20 can now swap their tokens to SXP mainnet.
By migrating your tokens to mainnet, you can vote for a delegate, stake your coins and earn from forging rewards and participate in upcoming features that will be released in Q2.
Swap now!
The swap is currently available for Metamask users, for exchange operators and wallet providers.
We are adding support for Trust Wallet users in the upcoming days.
Click on the following link to swap or learn more about the procedure:
https://solar.org/swap-details
Be aware!
We advise users to be aware of scams and fraud.
We’ve noticed the increase of fake telegram groups, fake medium accounts and fake websites that claim to support the swap and offer a bonus for migrating your tokens early.
Please do not send any of your tokens to random addresses or fake contracts.
The links on our website are the only official links that will guide you to the swap procedure.
Staking
Solar is a sovereign blockchain with a native crypto asset called SXP.
It is based on the Delegated-Proof-of-Stake (DPoS) consensus mechanism and has 53 active Delegates (Validators) who secure the network and in many cases also share their forging rewards with the voters.
SXP Staking is unique in that user funds are not required to be sent or locked.
When a user casts a vote, their vote-weight is assigned to the network Validator (Delegate) of their choice.
A user’s vote-weight adjusts automatically as funds are sent and received, and there is no need to re-vote or un-stake.
To change a vote, a user simply un-votes their current Validator and elects another by casting a new vote transaction.
Click here to learn more about the voting process:
https://docs.solar.org/desktop-wallet/user-guides/how-to-vote/
The cost of a vote covers the transaction itself.
There is no requirement to send or lock additional funds in order to participate in consensus.
This transaction fee is awarded to the Validator who forges the transaction in a given block.
Each Delegate will submit (1) block per round.
A round consists of 53 blocks. Each block on Solar has a block time of 8 seconds.
Each block awards the active delegate who submits the block a dynamic and rank-based block reward with the 10% any transaction fees from that block.
Block Rewards are inflationary coins, meaning the total SXP supply is increased by between x and x SXP every block. This serves as a form of consistent inflation that reduces over time due to the non-fluctuating rate of rewards.
On Solar, 100% of the block reward goes to the Validator.
As previously stated, block rewards and transaction fees are awarded to the active delegate responsible for reporting a given block. We call this combination of the block reward and 10% of any fees the total reward. On Solar, many of these delegates choose to take a small commission from the total reward and share the remaining after commission reward (ACR) with their voters.
This form of reward sharing is completely optional and not all delegates will share their rewards.
Reward sharing can vary wildly with delegates taking commissions of anywhere from 0–100% of the total rewards.
You can view the Solar delegates on the Delegates page.
Please note that the forging rewards start at block 75632.
This block height will be reached in around 7 days after the mainnet launch.
The block height can be monitored by using the official SXP Explorer.
Thank you for reading!
Stay tuned for more exciting updates in the upcoming days as we are now entering Q2 with many new features on mainnet!
Nayiem Willems
Project Lead at Solar.org
Follow Solar!
Twitter: https://twitter.com/SolarNetwork
Medium: https://blog.solar.org
Telegram: https://t.me/Solar & https://t.me/@Solar_Network
Discord: https://discord.solar.org
Website: https://solar.org
Whitepaper: https://solar.org/whitepaper
Github: https://github.solar.org