SwapDEX Testnet Incoming
We are pleased and excited to announce that we are ready to move to the new substrate based SDX Chain this week and will be rolling out our open testnet on Tuesday 5th of October!
Everyone can now stop their servers from the old chain in preparation for our new chain. The previous rewards were stopped at block 3.8m (4 days ago) so everyone will get their rewards up until that block and these will be migrated to the new chain.
For the testnet, we will be giving all our users our test coin, TSDX, which will be made up of the old chain total holdings plus a snapshot of the ERC20 tokens for the users who still hold on the Ethereum network. TSDX holds no value – please bear in mind that this is a test and only a testnet stage to make sure everything runs smooth and users assets are all accounted for before pushing for our mainnet. If your TSDX balance does not look right, we will be able to troubleshoot any issues to ensure everyone’s SDX balances are correct for mainnet.
During our testnet you will be able to send transactions, set up masternodes, deploy contracts, view explorers on both Substrate and our Ethereum Virtual Machine pallet plus we shall be giving a few incentives during testnet, so you can really go to town testing what we have coming.
Once testnet has completed and everyone is in agreement to go mainnet, we will take a new snapshot of the current ERC20 SDX token ready for the new distribution so while we are testing, users can still trade the ERC20 token. When we complete our final migration, we will pull liquidity from the existing ERC20 token and move it to the new chain. We are still finalising the best option to list our new coin as to not impact the trading on the new SDX chain, but will get this in place also ready for when we go live. Once known, we will provide full disclosure and details about when and how we are moving liquidity.
We are also proud to share first details on how our chain will allocate rewards. The block rewards are split into two values, 80% going to masternodes and 20% going to our treasury.
There in no minimum SDX stake for masternode owners and it remains rewards going to the masternodes ranked by total amount staked. However, masternode owners get the full rewards by default and they decide how much of their reward they will share with stakers. For example, you might stake 5,000 SDX and share 75% of your rewards with stakers to attract people to stake on your masternode. Or maybe you’ll stake 100,000 SDX and share 0% of the rewards, confident your 100,000 stake will keep you qualified.
The choice is up to you to find a nice balance which entices users to stake on your node to keep it profitable as to not fall out of the running. This is the power that lies within in each and every user who runs an SDX chain node.
With rewards operating differently on the new chain, we are still assessing the number of active masternodes to strike the right balance to keep the chain healthy and masternode owners and stakers suitably rewarded. Rest assured, it will remain a high number.
So with all this above in mind and with us being at the later stages of the chain development, we would also like to get the community involved in some competitions and free giveaways. We can almost do anything we want with our chain, so with our chain transaction fees (gas) we are able to give these back into certain pools within our ecosystems.
For example, we are also creating 200 NFTs which will forever receive 10% of all transaction fees going through the SDX chain (hopefully thousands of projects and TX’s on the chain ), so we would like to challenge our community to enter these competition/giveaways on the horizon to try and get rewarded a SwapDex NFT, which over time could become a very valuable asset to hold. Stay tuned for these competitions in the coming days and over the coming weeks because you could become the lucky winner of one of our NFTs.