Today, we would like to share two important dates with the community:
- The ‘MVP’ mainnet phase is ending on September 30th.
- Native Staking will launch on September 24th.
Read on for more information about each of these items.
From ‘MVP Mainnet’ to ‘Mainnet’
When the initial version of our public mainnet launched in July, we used the term ‘MVP’ to communicate that the release was a ‘Minimum Viable Product’ that would serve as the first building block for Chromia’s mainnet.
With the release of our interim roadmap, people have been wondering when ‘MVP Mainnet’ becomes simply ‘Mainnet’. There isn’t one exact milestone that marks this transition, but it corresponds with a few objectives:
- Staking, delegation, and rewards migrating to Chromia.
- Integration of both CHR deposits and withdrawals to Chromia Vault.
- Additional security features being added to the backend of the bridge that facilitate the introduction of stablecoins and other EVM native tokens.
These objectives already have planned rollout dates (i.e. Native Staking), or they are coming in the near future. For this reason, the ‘MVP’ designation will be dropped at the end of this month, after which the network will simply be referred to as “Chromia Mainnet”.
Our upcoming announcements and full roadmap reveal (scheduled for September 18th at TOKEN2049 Singapore) go beyond what has been discussed here, and will outline future plans for Chromia and its ecosystem.
Native Staking Launch
We posted an article on July 11, titled “Chromia Native Staking: What You Need to Know”. The details in this article are still accurate, and users may find it helpful to read in addition to reviewing the information provided below.
Native Staking will go live on September 24th. After the launch:
- Users will be able to stake native CHR on Chromia, ERC-20 CHR on Ethereum and BEP-20 CHR on Binance Chain. The interface will detect your stake across all three chains, provided that they are staked using the same EVM address and associated Chromia account.
- If you are currently staking on an EVM chain, the new interface will detect your existing stake. You do not need to withdraw and redeposit at any point.
- Users delegate their stake on Chromia, by selecting a Mainnet provider. Stakers will not receive rewards under the new system until they complete this step.
- Rewards are automatically distributed once per day on Chromia Mainnet as Native CHR.
- Stakers receive 10% APR, plus a share of network fees earned by their delegate. This additional amount is variable and depends on factors such as network size and cluster occupancy. This amount is expected to be minimal during the early stages of mainnet, but has the potential to increase as the network grows.
- There is still a two-week waiting period to withdraw staked CHR. Withdrawal requests operate on a ‘per-chain’ basis.
- For example, you have 1000 Native CHR and 2000 ERC-20 CHR staked. You request a withdrawal on Ethereum. You must wait two weeks before you can withdraw your 2000 ERC-20 CHR, and during this time you only earn rewards on the 1000 Native CHR.
“To-Do List” for Existing Stakers:
ASAP After Launch:
- Visit the new staking page and delegate your stake to a Chromia Mainnet provider.
Before April 1st, 2025
- Visit the ‘old’ EVM staking page at https://old-staking.chromia.com and claim any outstanding staking rewards.
What Will Happen to the ‘Old’ Staking System?
The last payout date for EVM rewards is September 28th 2024. Users will have six months to claim their outstanding EVM rewards. After April 1st 2025, unclaimed EVM rewards will be permanently lost.
Potential for Double Rewards (for four days only!)
If you’ve read this far, congratulations! This is a friendly reminder that if you delegate on Chromia on the first day, you will be receiving daily rewards from the new system while you are still earning rewards from the old system - that’s up to four days of double rewards. Pretty cool, right?!
Key Takeaways from this Article
- The ‘MVP’ Mainnet phase is coming to an end.
- New development goals and ecosystem announcements will be shared next week.
- Native Staking will launch on September 24th. Existing stakers will need to delegate to a provider on Chromia mainnet.
About Chromia
Chromia is a Layer-1 relational blockchain platform that uses a modular framework to empower users and developers with dedicated dapp chains, customizable fee structures, and enhanced digital assets. By fundamentally changing how information is structured on the blockchain, Chromia provides natively queryable data indexed in real-time, challenging the status quo to deliver innovations that will streamline the end-user experience and facilitate new Web3 business models.
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