MainHeight-1080000, the Staking End Height of Qitmeer Network is Coming！
Dear Qitmeer community, the ending height of maingHeight-1080000 block of Qitmeer Umayyad 1.0 Network Staking is coming soon, which means that the calculation of “Qitmeer Majority Game” returns will be stopped soon. Please be informed.
Qitmeer Network has Entered the 2.0 Era Ahead of Schedule
The original plan was to terminate the Qitmeer Umayyad 1.0 Network at mainHeight 1080000 and upgrade the network into Umayyad 2.0 era. With the upgrade of Qitmeer Network to QNG Network and the implementation and activation of MeerEVM in advance, it actually marks a smooth transition and early entry of Qitmeer into Umayyad 2.0.
The reduction of block reward schedule for the Qitmeer Network Umayyad 2.0 network has been written into the QNG network and explained in the previous announcement, and other adjustments planned for the 2.0 network will be implemented and announced gradually. The following is a brief explanation of some of the issues that are of concern to users.
Qitmeer Umayyad 1.0 Staking Overview
The “QitmtoMajority Game” is divided into 12 periods, each period with 90,000 mainHeight, and will last until 108,000 mainHeight. In order to cooperate with the early launch of MeerEVM, “Qitmeer Majority Game” has terminated the participation of new funds in staking at the mainHeight-910000 and made snapshot statistics. The total amount of snapshot is 9228012.74285398 Meer, of which the Guard Pool snapshot amount is 5147900.66054534 Meer and Honor Pool is 4080112.08230864 Meer.
Staking returns continue to be calculated up to 1080000 mainHeight, even though new funds are stopped at the maingHeight=910000. Staking’s actual reward allocation totals 7793712 Meer, of which the base reward is 7091712 Meer and the competitive incentive is 702000 Meer.
The graph below shows the incremental lock-ups per period for both staking pools and the change in returns as the lock-ups grow over time. The vertical direction represents the time growth as measured by the mainHeight growth, with every 18,000 mainHeights as one section and every 5 sections as a period. Since the staking has stopped at mainHeight 910000, the last section is [90000, 910000), after which no further locking increases. The two-sided histogram represents the lock-in increments within each section, and the height of the histogram in the middle represents the corresponding profit rate.
It is clear from the graph that the increase of staking funds at different times and the growth of the returns available over time. The earlier staking means a longer lock-time and a higher profit rate, with an overall average return of about 84.5%.
About Staking Release
After reaching the block of mainHeight-1080000, the release of the principal and rewards of Staking will be the biggest concern for users. As this process involves various details such as asset mapping across chains and user confirmation, as well as security considerations in the implementation process, the rigor of the implementation method, as well as maturity tests and security checks are particularly important.
Staking users should be aware that:
1) On 20 October 2022, Staking related data (Staking address, amount, reward and other information) , as well as the redemption address confirmation and verification channel, will be published on the official website (qitmeer.io), please pay close attention to the official announcement.
2) All users are requested to complete the data confirmation and signature verification of the relevant ownership before 20 November to ensure the correct redemption of Staking assets.
3) If you have any questions, please provide timely feedback before 20 November through the official website, social media and other official channels. Please note that users are responsible for any consequences arising from failure to complete the confirmation of information and verification of ownership within the specified period. After 20 November, the asset redemption channel will be opened to release the locked-in principal and staking rewards in batches.
More details will be announced gradually. Please pay close attention to the official announcement.
