FrenchXCore-2!

Developers Function X Validators
1

Hi buddies !

I’d like to outline that we started a 2nd FrenchXCore validator.
It is currently inactive since it doesn’t meet the minimum 50th position staking amount of the active validator set.

However, here are some explanations about how we intend to operate it :

  • all commission fees will be redistributed : more info below,
  • max commission rate is set to 50%, and we intend to increase it progressively to this maximum percentage by steps of 5%,
  • when entering the active validator set, our APR will be lower than other validators. However, we intend to distribute at least 10% of the commission fees to delegators, using a centralized autocompounder (every week, each delegator will be entitled to 10 % * weekly commission fees collected * percentage of delegation amount / total delegations).
  • the rest of the collected commission fees (90 %) will be kept to fund community proposals deposits, even community proposals, online web3 and offline tools, promoting the blockchain, etc.
  • operations of both FrenchXCore-1 and FrenchXCore-2 validators (hosting, servers, etc.) will still be funded by FrenchXCore-1 exclusively

Those guidelines could evolve in the future (if multiple validators join in this approach, etc.) but the main objective would still be to promote a community-focused funding strategy.

We’re open to all ideas from the public community !!

And don’t forget to delegate, even as low as 1 $FX since we’re still inactive and do not produce rewards yet, to FrenchXCore-2, as a way for you to tell us you support our proposal !!!

Regards,
@FrenchXCore

3 Likes
2

I would delegate to you ser.

Question for loard @FrenchXCore , how do u see difference between 1 & 2 ?

3

Hi @JoeB !
By their name
@FrenchXCore-1
@FrenchXCore-2
But -2 is currently in the inactive set.

Thx sir !!!

4

By the way, already 8 delegations to our FrenchXCore-2 validator, which puts it in the top-5 list of inactive validators (after 4 jailed validators : BlockTempo, Scissors, Rock and Jakarta) !

If you want to delegate using f(x)Wallet, please make sure to select the “All” tab on the Validators page of the FunctionX Delegate dApp.

We’ll publish soon about the APR booster we intend on running. That will definitely incentivize community users on using this validator !

Regards,
@FrenchXCore

5

Guys,

Here I come again to talk about the idea of the “staking APR booster” we were thinking about setting up for FrenchXCore-2 delegators (if it ever became active) ==> note this is not FrenchXCore-1 validator we’re talking about here !

As you know, we intend to increase substantially the commission fee rate over FrenchXCore-2 when it’ll start entering the active set to fund community initiatives.
The maximum we’ll be able to set is 50% (the maximum we set when creating the validator).

The aim was to maximize the commission fees collected by the validator. But as you probably know, it would also decrease the staking APR (for 50% commission fee, it should decrease the APR to approximately 7.89 %).

Currently, validating blocks offer approx. 1602,6 $FX per year per million $FX delegated per 1% commission fee, so approx. 80,1k $FX per year per million $FX delegated for 50% commission fee.

Let’s say we redistributed 20% of the commission fee to delegators…
This would mean redistributing 16k $FX per year to delegators, so roughly 1,6 % APR back…
This would not compensate for the initial loss of APR.

On the other hand, we could increase the commission fee to 10% only (like most other validators), and still redistribute 20% of the fees : so approx. 3,2k $FX per year per million $FX delegated for 10% commission fee. That would make a 0.3% APR increase only.

As you can see, that would make such a small difference, it wouldn’t make sense neither for delegators to go to FrenchXCore-2.

Another solution we’re seeing is to randomly redistribute, weekly, 10 to 20 % of the commission fees to up to “x” people, ranked in such a way that the highest rank earns twice as much as the lower rank (e.g. rank 1 - delegator 1 earns 100 $FX, rank 2 - delegators 2 and 3 earn 50 $FX, rank 3 - delegators 4 thru 7 earn 25 $FX - the nb of delegators drawn and the number of ranks being fictitious here).

So, if we were to set a 50% commission rate and a 20% redistribution rate, that would make a prize of 308 $FX (for 1M $FX being delegated) every week. I’d tend to say that if the prize is lower than 500 $FX, we’d keep to 1 delegator only. If between 500 and 2k $FX, we could split it between 3 drawn delegators.

Eventually, delegators drawing probability would be weighted upon the quantity of $FX being delegated (but ceiled at 10k $FX), to avoid opportunistic delegations and to avoid pool prize predation.

What do you think about this latest idea ? (weekly random draw !)

Thanks for reading.

@FrenchXCore

1 Like
6

I tend to say that a weekly random draw is indeed better idea.
For me, most important thing from your second validator is the idea that part of the commissions will be spend on community proposals and other promotioneel things for the fx community.
That says a lot about your dedication and loyalty to fx family and community.

Every random airdrop back to delegators is a very welcome extra…

1 Like
7

Thanks @Jan .

Actually, the first validator commissions allow us to cover for most cost of servers (hosting, update & upgrades, security, etc.). Those commissions can cover for an additional server (and with an increase of $FX price in the future, will cover for everything).
That’s why the intent for the 2nd validator is to redistribute all commission fees, either through random weekly draws (already explained earlier), or thru community proposals funding.

For that matter, we’ll come back to you later this month or in march to propose an approach as well.

Regards,
@FrenchXCore

2 Likes