Qitmeer Snapshot Amounted to 9,228,012 MEERS Locked on Staking Pools.
Qitmeer Staking snapshot happened at block height = 910,000 (order=1,013,260) that was reached on 2022–08–13 05:25:48, so “Qitmeer Umayyad 1.0 Majority Game” has officially stopped locking new funds, the total amount of the snapshot is 9,228,012.74285398 Meer, of which Guard Pool snapshot amount is 5,147,900.66054534 Meer, and Honor Pool snapshot amount is 4,080,112.08230864 Meer, all the above funds can get Staking profits normally.
Snapshot statistics show that the actual base incentive totalled 7,091,712 Meer, the actual competitive incentive totalled 702,000 Meer, and the remaining incentive that was not assigned because the corresponding threshold was not reached totalled 1,926,288 Meer.
(Note: there are 5 Meer on the Honor Pool staking address that is invalid because the lockups happened beyond the snapshot height, and no profit will be obtained.)
In conjunction with the launch of the MeerEVM Genesis, the participation of new funds in Staking is terminated in advance. The lock-up funds that have already participated will be allocated returns in periods 11 and 12 according to the maximum threshold criteria, and the total amount of base incentives available to each pool in these two periods will be 583,200 and 631,800 Meer respectively, and the corresponding return rate of each period is 11.3289% and 12.2730% for the Guard Pool, 14.2937% and 15.4849% for the Honor Pool.
All Meer (UTXO) assets participating in staking and staking rewards will be created into a smart contract at the launch of MeerEVM and will become Meer Balance in MeerEVM, which will be redeemable by users through smart contracts after the launch of Umayyad 2.0. The total amount of Staking principal to be created into the smart contract is 9,228,012.74285398 Meer; according to the design, the “Qitmeer Majority Game” has 12 periods, each period is 90,000 main height, every time POW generates a block, 10 Meer will be generated to the Staking Incentive Pool. Since the MeerDAG network generates blocks concurrently, the average number of blocks (order) per period is 101,326 according to the average concurrency rate of snapshot height, so by the end of 12 periods, the total amount of Staking Incentive Pool is 101326*12*10 = 12,159,120 Meer, which means the amount of incentive pool to be created is 12,159,120 Meer.
