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Polkadot Ecosystem
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Noticias

Polkadot Enables Governance for Nomination Pool Stakers

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A significant development is underway in Polkadot that promises to enhance the participation of Nomination Pool members in OpenGov, the on-chain governance system of Polkadot and Kusama. This change is poised to address a long-standing issue where funds staked in Nomination Pools were excluded from governance activities.

The Challenge: Transfer and Stake Strategy

Until now, when users joined a Nomination Pool, their funds were transferred from their individual accounts to a pooled account. This strategy, known as “Transfer and Stake“, effectively removed direct ownership of these funds from the users, although they retained claimable points reflecting their contributions. A significant consequence of this approach was that the funds in the pool became ineligible for governance participation, limiting the influence of a substantial portion of the community in on-chain decision-making.

The Solution: Delegate and Stake Strategy

To overcome this limitation, the Polkadot development community has introduced a new mechanism called the “Delegate and Stake” strategy. Unlike the previous method, this strategy allows funds to remain in the member’s account while delegating the right to stake these funds to the pool. This innovative approach not only preserves the user’s ownership of their funds but also enables their active participation in governance activities.

Current Status and Implementation

The Delegate and Stake strategy is currently live on Westend, Polkadot’s test network, where it has undergone rigorous testing. The final audit has identified a few minor issues, which are being addressed, with the expectation that the changes will be merged and deployed on Polkadot and Kusama in early August 2024.

Developer and User Guides

For developers, Polkadot has provided a comprehensive guide on how to interact with the new system. This includes runtime APIs for reading pool member balances, checking migration statuses, and applying pending slashes. These tools are essential for ensuring a smooth transition from the old system to the new Delegate and Stake strategy.

For users, the migration process is designed to be seamless, with most members not required to take any action. However, in cases where a user’s account also stakes directly or where their pool contribution is below the existential deposit, additional steps may be necessary to ensure successful migration. The Polkadot community has also provided detailed instructions for users to manually migrate their funds if needed, ensuring that all participants are adequately prepared for the transition.

Polkadot Lazy Slashes: A New Approach to Slashing

A noteworthy change in the new system is the introduction of “Lazy Slashes“. Previously, slashing events were handled eagerly, with all affected funds being slashed immediately. However, with the Polkadot Delegate and Stake strategy, funds are distributed across multiple accounts, making immediate slashing unfeasible. Instead, slashes are applied lazily, over multiple blocks, spreading the computational cost and allowing market bots to monitor and apply slashes as necessary.

Migration Process

The migration to the new system occurs in two stages: pool migration and individual member migration. During pool migration, the pool account is registered as a virtual staker, and all funds are moved to a new pot account, ProxyDelegator, which delegates back to the pool account. Subsequently, individual members can migrate their funds, transferring them with a hold to their own accounts.

Impact on Dual Stakers

A critical consideration in this migration is the impact on users who are both pool participants and direct stakers. Due to the overlapping of currency locks and holds, these users must withdraw all their directly staked funds before migrating their pool funds. This temporary limitation will be addressed in future updates, but for now, users are advised to use separate accounts for dual staking activities.

Conclusion

The introduction of the Delegate and Stake strategy marks a significant advancement in the Polkadot ecosystem’s commitment to decentralized governance. By enabling Nomination Pool members to participate in OpenGov, this change empowers a broader segment of the community, ensuring that governance decisions reflect the diverse voices within the network. As the deployment progresses, Polkadot continues to demonstrate its leadership in blockchain innovation, reinforcing its position as a leading platform for decentralized applications and governance.

Polkadot Expands Validator Set from 297 to 400!

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Polkadot network has officially expanded its validator set from 297 to 400 validators. This significant move, approved through Polkadot’s referendum 1129, marks a pivotal step in enhancing the network’s security, decentralization, and performance.

Key Highlights:

  • Validator Set Increased: From 297 to 400 active validators.
  • Expanded Validator Candidates: Up to 4,000 slots now available for validator candidates.
  • Enhanced Security and Decentralization: More validators contribute to a stronger and more resilient network.
  • Improved Opportunities for Nominators: Greater selection of active validators in each era.

A Milestone in Polkadot’s Evolution

The decision to expand the validator set was met with enthusiasm across the Polkadot community. By increasing the number of validators, Polkadot aims to distribute network power more broadly, reducing the risk of centralization and enhancing the overall robustness of the blockchain. From the start, key entities in the blockchain industry, such as the Web3 Foundation, have prioritized decentralization and security in Polkadot’s development.

One of the primary benefits of increasing the validator set is the enhancement of network security. Validators are responsible for verifying transactions and adding new blocks to the blockchain. With more validators:

  • Increased Fault Tolerance: The network becomes more resilient to individual validator failures or malicious attacks.
  • Higher Resistance to Collusion: A larger and more diverse validator set makes it significantly harder for any group to conspire and compromise the network’s integrity.
  • Improved Consensus Mechanism: A broader validator base strengthens the nominated proof-of-stake (NPoS) consensus, ensuring more reliable and secure operations.

Advancing Decentralization

Decentralization lies at the heart of blockchain technology. Polkadot’s validator set expansion advances this principle by:

  • Distributing Control: Power is spread among more participants, reducing the influence of any single validator.
  • Enhancing Governance: A diverse validator community contributes to more democratic decision-making processes.
  • Promoting Fairness: Ensures that no single entity can dominate the network, aligning with the ethos of decentralized systems.

As blockchain adoption grows, so does the demand for efficient and scalable networks. Polkadot addresses this by:

  • Supporting Increased Activity: More validators can handle a higher volume of transactions, maintaining speed and reliability.
  • Optimizing Resource Allocation: Distributing workload prevents bottlenecks, especially during peak usage times.
  • Facilitating Parachain Functionality: Enhanced validator support improves the performance of parachains, Polkadot’s unique feature that allows multiple blockchains to operate in parallel.

Impact on the Nakamoto Coefficient

The Nakamoto Coefficient is a metric that measures the decentralization of a blockchain network, indicating the minimum number of entities required to disrupt consensus.

Previous Standing: Polkadot already boasted an impressive Nakamoto Coefficient of 93 with 297 validators.
Expected Improvement: With the validator set expansion to 400, this coefficient has increaded to 112, reflecting even greater decentralization.
Significance: A higher Nakamoto Coefficient denotes a more secure and resilient network, reinforcing trust among users and stakeholders.

The expansion brings significant benefits to those participating in the Polkadot ecosystem:

  • For Validators:
    • Increased Slots: Up to 4,000 validator candidates can now join, encouraging wider participation.
    • Incentive for Excellence: Greater competition promotes higher performance standards among validators.
  • For Nominators:
    • More Choices: Nominators have a broader selection of validators to support, allowing for strategic staking decisions.

Community Reactions and Future Outlook

The Polkadot community has largely welcomed the expansion:

“This is a significant step forward for Polkadot,” commented a prominent community member on the official forum. “Increasing the validator set not only strengthens the network but also demonstrates Polkadot’s dedication to inclusivity and decentralization.”

Looking ahead, the validator set expansion is expected to:

  • Attract More Participants: The opportunity to become a validator or nominator may draw new users to the network.
  • Encourage Development: A robust and secure network provides a solid foundation for developers to build innovative decentralized applications (dApps).
  • Set Industry Standards: Polkadot’s proactive measures could influence other blockchain platforms to prioritize security and decentralization.

About Polkadot

Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. It enables cross-chain transfers of any type of data or asset, not just tokens, making a wide range of blockchains interoperable with each other.

Conclusion

The expansion of Polkadot’s validator set to 400 is a landmark achievement that enhances the network’s security, decentralization, and performance. By inviting more validators into the fold, Polkadot not only strengthens its own ecosystem but also sets a positive example for the broader blockchain industry.

As the network continues to grow and evolve, participants and observers alike will be watching closely to see how these changes impact Polkadot’s functionality and its position in the competitive blockchain landscape.

Polkadot InvArch Network Airdrop Details (VARCH)

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The InvArch Network shared huge updates about their anticipated $VARCH airdrop. The latest updates ensure increased token distribution, changes of the vesting schedule and a final date for the airdrop.

InvArch Increased Token Allocation.

InvArch is announcing a total of 50 million $VARCH tokens to be issued through their airdrop ( 20% more to that volume originally being estimated for distribution).
These are to be equally split between the two main tracks of the Polkadot ecosystem: 1) relay staking and 2) parachain activities, with each track standing to receive a chunky 25 million $VARCH tokens.

VARCH Token No Vesting Period

Breaking from traditional airdrop protocols, InvArch decided to forgo having a vesting period for the $VARCH tokens distributed in this airdrop. Usually, airdropped tokens do come with some vesting schedule going for years, but InvArch is setting a new precedent in this respect. All tokens from this airdrop will be fully unlocked for the user to freely use them either by staking or trading with friends without receiving restrictions upon receipt. The decision underscores the commitment of InvArch to support instant engagement and utility within the network.

InvArch Airdrop Distribution Schedule and Eligibility

This will be designed such that it places priority over active staking $DOT on the relay during the distribution process. In an effort to bring more fairness into the distribution, the maximum cap for linear distribution to relay stakers has been brought down from 100,000 $DOT to 50,000 $DOT.
The adjustments are meant to improve the distribution experience for a much larger cohort of participants who may not hold very large quantities of $DOT.

Tomorrow, the airdrop will be the first drop for relayers participating in staking. Starting this Monday, the issue will also be distributed to those taking part in the qualified activity of parachain and decentralized applications (dApps).
By this coming Tuesday, InvArch will have completed the distribution to the estimated 50k-100k accounts across the Polkadot ecosystem.

Caution Against Airdrop Scams

With the appeal of the airdrop, which has significant financial implications, InvArch has also issued a word of caution against scams. The caution comes in advisories addressed to the recipients, to only deal with official communication, and not to click on random links or deal with unofficial accounts.

InvArch Airdrop Broader Implications

Apart from the airdrop, the InvArch network offers support in sending, receiving, and checking the balances of all supported chains at once. It takes advantage of Cross-Consensus Messaging (XCM) and offers Multichain Accounts capabilities that make it one of the leading players in the blockchain space. It deploys the token using the Saturn Multisig protocol and provides more advanced governance models, thus allowing users to interact with other chains in a truly frictionless manner. Summing up, the airdrop of $VARCH tokens by the InvArch Network is not only a serious milestone because the given allocation is quite generous but also for driving greater adoption and innovation potential within the Polkadot network. The effects have begun to flow, with these wider governance, utility, and cross-chain functionality effects now awaited with bated breath within the community as the tokens start to circulate.

Polkadot May 2024 Ecosystem Report: Key Metrics and Insights

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In May 2024, Polkadot released its official ecosystem report, highlighting a series of significant developments and metrics within its growing network. This report provides a comprehensive overview of the Polkadot ecosystem’s progress, including governance activity, developer contributions, and advancements in core technologies. Below is a detailed summary of the key points covered in the report.

Governance: The OpenGov Initiative

The Polkadot OpenGov framework has seen consistent growth in activity over recent months. A key driver of this growth has been the Web3 Foundation’s “Decentralized Voices” initiative, which has engaged a substantial number of participants in governance. In May 2024, there were 1,595 unique voters, though this figure should be interpreted with caution, as it includes multiple accounts managed by single entities, and some accounts represent Decentralized Autonomous Organizations (DAOs) that vote as a collective.

The month saw 91 referenda, of which 56 were approved, 22 were rejected, and 11 expired. The high approval rate reflects the rigorous preparatory process that precedes proposals being submitted for referenda. This process often involves weeks or months of discussion and feedback, ensuring that only well-considered proposals reach the final voting stage.

Developer Activity: GitHub Contributions and Platform Growth

The Polkadot ecosystem continues to thrive in terms of developer engagement. As of May 2024, the number of repositories in the ecosystem reached an impressive 27,783. The platform Kudos, which recently had its governance proposal approved, plays a pivotal role in connecting developers with projects in need of their skills. This has been instrumental in maintaining high levels of contribution across the ecosystem.

On average, the ecosystem records around 5,700 weekly commits and supports approximately 900 active developers. These figures underscore the robust and dynamic nature of Polkadot’s developer community, which remains integral to the ecosystem’s ongoing growth.

Community Engagement: Forums and Stack Exchange

Polkadot’s forums and Stack Exchange remain central hubs for community interaction and knowledge sharing. In May 2024, the forum saw 244 new users, 125 new topics, and 995 posts. The forum serves as a vital resource for both developers and other ecosystem participants, offering a platform for discussion, learning, and collaboration.

The Polkadot Stack Exchange, primarily used by developers, recorded 76 questions during the month, with 47 receiving responses, highlighting the active engagement and expertise within the community. The continued growth of these platforms is critical for fostering a well-informed and collaborative ecosystem.

Core Time Sales: Insights and Market Dynamics

One of the new metrics introduced in the May report relates to the sales of Core Time on Kusama, Polkadot’s canary network. Three total CoreTime sales were recorded, with a minimum price of 23 KSM and an average price of 23.44 KSM. The first round of CoreTime sales was particularly successful, selling out completely at a starting bid of 25 KSM. However, the subsequent round, which started at 100 KSM, did not see any sales, indicating a potential misalignment between market expectations and pricing.

Additionally, the report noted the first-ever on-demand Core Time sale, which allows buyers to purchase block space according to their application’s needs rather than committing to a full month of Core Time. This new sales mechanism could offer more flexibility and better resource utilization in the future.

Technical Advancements and Upcoming Events

The Polkadot ecosystem is also gearing up for significant events, including the Polkadot Technical Summit, which invites members of the Polkadot Fellowship, technical teams from parachains, and other ecosystem participants to engage in discussions and technical sessions. This event is expected to foster further innovation and collaboration within the ecosystem.

Moreover, updates to the broker mechanisms and marketplaces like Elastic and RegionX are set to enhance the accessibility and efficiency of CoreTime transactions. These advancements aim to ensure that block space is utilized optimally, avoiding the wastage of valuable resources.

Conclusion

The May 2024 report highlights a period of substantial growth and development within the Polkadot ecosystem. From governance participation to developer contributions and new technological innovations, the ecosystem continues to evolve, driven by a strong and engaged community. As Polkadot moves into June 2024, the community will be closely watching to see how these metrics and initiatives continue to shape the future of the network.

Polkadot OpenGov by Web3 Foundation’s Decentralized Voices

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In Web3, governance is crucial for maintaining decentralized networks that are resilient, adaptive, and truly representative of their stakeholders. Polkadot, a leading multi-chain platform, has made a significant leap forward with the introduction of Polkadot OpenGov, a new governance model that embodies the principles of decentralization, enhancing decision-making processes’ efficiency and inclusivity.

Polkadot’s initial governance model, Governance V1, relied on a centralized Council to manage proposals and decisions. This structure, while functional, often resulted in slower and less inclusive processes. OpenGov addresses these issues by dissolving the Council and the Technical Committee, transferring all governance responsibilities directly to the public. This shift democratizes the decision-making process, allowing for a broader range of proposals to be considered simultaneously through a track-based system. Multi-role delegations enable token holders to delegate voting power across different tracks to various community experts, ensuring informed and specialized decision-making.

Decentralized Voices Program: Empowering Community Participation

To further enhance community involvement in Polkadot and Kusama’s governance, the Web3 Foundation has launched the Decentralized Voices (DV) program. This initiative delegates substantial voting power to active community members, empowering them to significantly influence the governance process. The second cohort of the DV program has just been announced, featuring ten Kusama delegates and ten Polkadot delegates.

Each Polkadot delegate will be entrusted with 700,000 DOT at 6x conviction, translating to 4.2 million DOT voting power per delegate. Similarly, each Kusama delegate will receive 3,000 KSM at 6x conviction, or 18,000 KSM voting power. The delegates will manage this voting power across various tracks, including Wish-for-Change*,* Treasurer, Spender*,* and Tipper tracks*,* for a period of three months.

Selection Criteria and Delegate Profiles

The selection process for the DV program was highly competitive, focusing on candidates who demonstrated active participation in governance, both on-chain and through respectful and thoughtful off-chain interactions. Preference was given to individuals who are building in the Polkadot ecosystem or have long-term, thoughtful participation in the community. Community sentiment and the candidates’ “political philosophy” posts also played a crucial role in the selection process. The Web3 Foundation aimed to include a diverse set of delegates representing various outlooks, backgrounds, and geographic locations.

Announcing the Cohort 2 Delegates

Here are the delegates selected for the second cohort of the Decentralized Voices program:

Polkadot Delegates:

  • BRA_16 Collective
  • ChaosDAO
  • Ezio Rojas
  • Irina Karagyaur
  • Lucky Friday Labs
  • Mexican Collective
  • Oneblock+
  • Polkassembly
  • Saxemberg
  • Scytale Digital

Kusama Delegates:

  • 0xGeorgii | SpaceInvader
  • Alex | PromoTeam
  • Bruno Škvorc
  • Dr. Jeff Cao
  • Lorena Fabris
  • KSM Community Collective
  • Luke Schoen
  • Roger Le
  • Thomas Rivier | Bifrost
  • Tommi/Hitchhooker | Rotko.net

The Web3 Foundation thanks all the delegates from Cohort 1 for their service and looks forward to Cohort 2 raising the community’s voice even higher.

Conclusion

Polkadot OpenGov and the Decentralized Voices program exemplify the importance of decentralized governance in Web3. By empowering community members to participate directly in governance processes, these initiatives ensure that the network remains secure, inclusive, and adaptive. As Web3 continues to grow, such innovations will be essential in demonstrating how decentralized governance can effectively support and sustain complex, multi-chain environments, paving the way for a more equitable and dynamic digital future.

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