Introducing Staking Delegation on the Ethereum Ropsten Testnet
We are pleased to announce the next phase of Noether’s PoS system: Staking Delegation on Ropsten Testnet.
Staking Delegation allows CTSI holders to stake their tokens on staking pools managed by third parties. This aims to dramatically increase the participation rate of users and tokens on the network, providing better security for the Noether Sidechain when fully implemented.
Node runner individuals and institutions will be able to easily set up their nodes and manage their pools, contributing to the network’s decentralization while earning rewards for the work provided.
Meanwhile, Cartesi token holders will freely select their preferred pools to delegate their CTSI and receive compounded rewards easily.
To ensure a smooth rollout of the staking delegation, we immediately implemented the system on the testnet. Once the public testing phase is complete, the Cartesi team will move the system to Mainnet.
Staking delegation offers benefits to both users and node runners, who can become pool managers. For testnet purposes, we are using a preview version of the Cartesi Explorer found here.
Benefits for Users
CTSI holders do not need to set up and manage node software or rely on custodial services to stake their CTSI. In addition, the user’s principal is secured by smart contracts and cannot be lost or mismanaged by node runners or pools.
With Cartesi’s staking delegation, users also benefit from a native compounding feature that automatically re-stakes all token rewards.
Staking your CTSI is easy and grants you rewards if you help secure the network and launch/bootstrapping Noether, Cartesi’s data availability sidechain. Instructions for CTSI staking are described in this article.
Benefits for Pool Managers
Node runners will be able to set a delegation pool and provide a staking service for users. It will allow them to increase, due to the higher amount of tokens staked, pool managers’ chances of receiving token rewards, and they will also receive service fees every time the pool produces a block. The pool manager has the freedom of choice between a flat fee on each block reward or based on the amount of ETH gas used.
Anyone can set a staking pool and earn some fees with this service. For more detailed information about pool setting and management, please check this article.
Staking Delegation is a long-awaited upgrade for Noether’s PoS system. The Cartesi team has been thoroughly testing and improving the system over the past few weeks. The logical next step is to extend the testing to the entire Cartesi community until it is proven stable.
It is also important to keep in mind that Staking Delegation also needs to be tested with the new, recent Ropsten’s London hard fork, which includes an implementation of EIP-1559.
Once the smart contract and the entire system are fully tested and proven secure, it will be deployed on Mainnet.
The delegation staking codes for both pool managers and users are available on GitHub.
If you want to set up your pool and provide staking services, you are more than welcome to join us to test the smart contracts on Ropsten. You can also test how the UI will work for delegating CTSI or running a pool. This will directly contribute to the security of the system and allow Cartesi to migrate the smart contracts to Mainnet as soon as possible.
Thank you for being an active member of our community. You contribute directly to Cartesi’s ecosystem success.
Cartesi is a multi-chain layer-2 infrastructure that allows any software developer to create smart contracts with mainstream software tools and languages they are used to while achieving massive scalability and low costs. Cartesi combines a groundbreaking virtual machine, optimistic rollups, and side-chains to revolutionize the way developers create blockchain applications.