Today, we are announcing the sunset of the Gnosis Validator Incentive Program. Initially launched in April 2023, the program aimed to incentivize validators within the Gnosis ecosystem. However, due to the unforeseen operational challenges we have made the difficult decision to sunset the program. Among these challenges, we observed that participant nodes not being possible to identify at a given geographical location, the engineering costs and risks of failure are too high.
The full closure of the Gnosis Validator Incentive Program is scheduled for April 2024. Leading up to this date, we will release a reward claim page. This will serve as the platform for all eligible validators to submit their claims for rewards.
Please do not hesitate to contact us if you have any questions.
As I’ve posted on Discord in November, I experienced a hardware failure after 6 months in the program. I privately shared a video showing the hardware, and filled the validator feedback form as requested.
Will Gnosis honor the first announcement requiring 1-6 months validating for certain rewards? The modification calling for 12 months could be just for a bigger reward* without diminishing the GNO for those who relied on the first version (which would sound akin to rugging).
When d14n.info was still up, I did not see that many new validators (someone with the data can confirm?), so it should not be an issue financially. It may be worth Gnosis’ reputation for promoting the initial program, and ecosystem participants should trust the Gnosis core builders keep their word.
I don’t mean to suggest wrongdoing by Gnosis Builders; I think they were not ready to distribute rewards due to the technical/operational challenges and understandably needed more time.
*To save you all the time digging, here is an analysis and harmonization of the announced rewards.
Initial Announcement:
1 Month (30 Days): Receive a rebate of 38 mGNO
2 Months (60 days): Receive an additional rebate of 48 mGNO
3 Months (90 days): Receive an additional rebate of 58 mGNO
4 Months (120 days): Receive an additional rebate of 68 mGNO
5 Months (150 days): Receive an additional rebate of 78 mGNO
6 Months (180 days): Receive an additional rebate of 98 mGNO
(1 GNO = 32 mGNO)
Modification:
6 Months (180 Days): Receive a rebate of 3 GNO
9 Months (270 days): Receive an additional rebate of 4 GNO
12 Months (360 days): Receive an additional rebate of 7 GNO
The following harmonization would make the modification not “rug” the initial announcement:
1 Month (30 Days): Receive a rebate of 38 mGNO [38 / 32 = 1.1875 GNO].
2 Months (60 days): Receive an additional rebate of 48 mGNO [48 / 32 = 1.5 GNO]. The cumulative reward amounts to 2.6875 GNO.
3 Months (90 days): Receive an additional rebate of 58 mGNO [58 / 32 = 1.8125 GNO]. The cumulative reward amounts to 4.5 GNO.
4 Months (120 days): Receive an additional rebate of 68 mGNO [68 / 32 = 2.125 GNO]. The cumulative reward amounts to 6.625 GNO.
5 Months (150 days): Receive an additional rebate of 78 mGNO [78 / 32 = 2.4375 GNO]. The cumulative reward amounts to 9.0625 GNO.
6 Months (180 days): Receive an additional rebate of 98 mGNO [98 / 32 = 3.0625 GNO]. The cumulative reward amounts to 12.125 GNO.
The monthly breakdown adds up to 388 mGNO (38+48+58+68+78+98), but there is a typo or miscalculation in the post saying 338 mGNO. I wouldn’t mind if the reward for 6 months comes down to 10.5625 GNO (338/32), but since some validators might have relied on the monthly breakdown and they have not drafted it, I would still suggest honoring the breakdown.
9 Months (270 days): After the modification, the cumulative reward would be 7 GNO (3+4). If the initial announcement is honored, validators would already make more after 5 months, so no additional rebate is needed at the 9-month mark.
12 Months (360 days): After the modification, the cumulative reward would be 14 GNO (3+4+7). If the initial announcement is honored, validators would make 12.125 GNO after 6 months. The additional rebate validators may expect after reading the modification would be 1.875 GNO more.
Note: Maybe it would make sense to keep giving 2 GNO (or almost 500 USD at today’s value) per 6 months for electricity/Internet to support keeping these rarer countries online.
Honor the initial announcement by harmonizing it with the modification
Apply the modification without regard to the initial announcement
I’m disappointed to learn that this program is being discontinued. It was a good one!
After reviewing the announcement in Discord and considering @SpecEnforcer reasoning, I am also seeking further clarification regarding the future plans for those of us who have been long-term participants in the Gnosis VIP program.
Could you please provide more detailed information, perhaps with numbers similar to those outlined in this post, to ensure complete understanding?
Hi Jaf, there is no any updates about that side. Our team is preparing Dencun upgrade right now. After that we’ll prepare claim dashboard for existing participants.
For your question: the team saw your message and started working on the calculation. We make the calculations without causing anyone a to be badly affected. But there is no concrete situation at this stage. We’ll share further progress here, Gnosis Chain Discord and our monthly newsletter.
Hello everyone, I would like to share with you the latest developments regarding the sunsetting process of Gnosis VIP. We are in the last phase of the sunsetting process of Gnosis VIP and at this stage we need some information about the node operators participating in the programme for double check.
We’ll cross-reference the information you provide in this form with our database, double-check the data, and identify the validators who qualify for the reward. Following that, the process of claiming the reward will begin.
IMPORTANT: The deadline for completing this form is March 24rd, 17:00 UTC. Please make sure to provide your information before this date. Payments will be processed within 3 months, with April 19th set as the final deadline of Gnosis VIP.
If a person has joined the program with multiple operations, for example, different IPs but the same withdrawal address or vice versa, the rewards will be as follows:
• The first node will be rewarded based on the participation period without any deductions.
• The second and subsequent nodes will be rewarded based on the participation period and the following rates: 25%, 15%, 5%, and 0%.
Example: If someone has 5 nodes with the same address/IP and stayed in the program for 1 year, the rewards they will receive are as follows:
14 GNO at 100%
3.5 GNO at 25%
2.1 GNO at 15%
0.7 GNO at 5%
0 GNO at 0%
The rewards will be sent on June 18, 2024.
We appreciate the efforts and contributions of all participants. Thank you for being a part of the Gnosis VIP program. Your dedication and support have been invaluable to us. If you have any questions, feel free to reach out us at Gnosis VIP channel on Discord.
IMPORTANT: The deadline for completing this form is March 24rd, 17:00 UTC. Please make sure to provide your information before this date. Payments will be processed within 3 months, with April 19th set as the final deadline of Gnosis VIP.