Announcement on the Adjustment of NerveNetwork Staking Parameters

Hello NerveNetwork community members,

Since the launch of the NerveNetwork mainnet nodes and staking function, it has seen active participation by community members. As of August 25, 2020, 33463445 NVT,13494553 NULS and 1540 ETH have already been staked for NVT rewards.

Meanwhile, BitZ, Exponential Capital, and CRCapital , BigOne and other institutions have joined NerveNetwork’s virtual banks and consensus nodes. The pools built by the community members and partners have also been operating smoothly.

With the development of NerveNetwork, the issues of high NVT staking threshold and high ETH withdrawal service fee were brought up. The blockchain is in a stage of rapid development and rapid iteration, and the market environment is changing rapidly. Taking these actual conditions into consideration, for the long-term stable development of NerveNetwork, increasing community fairness and participation, the NerveNetwork team has decided to adjust the relevant parameters such as staking and withdrawal to meet the needs of the community and the market after many rounds of discussions among the core team, so that more NerveNetwork supporters can participate in staking. Meanwhile, the operation of nodes and pools is more flexible.

Since there will be more and more heterogeneous cross-chain assets on NerveNetwork in future, in order to ensure the safer operation of the network and on-chain assets, the staking withdrawal and unlocking time will also be adjusted.

The adjustments in detail:

  • ETH/ERC20 assets cross-chain transfering service fee: Decreased from 100NVT to 10NVT;
  • The amount of increasing and withdraw node deposit: Decreased from 20000NVT to 2000NVT;
  • The minimun amount of increasing and withdraw NVT Staking: Decreased from 10000NVT to 1000NVT;
  • Staking withdrawal: the unlocking time will be T+7 (that is, for all staking transactions, the assets will be unlocked after 7 days).

In order to improve the user experience, functions such as pledge batch withdrawal, batch immediate transfer, and immediate merger will be gradually launched in the future.

Github issue submit:

Community users may join the official discord to ask questions and make suggestions. The technical community will try their best to answer as soon as possible. Because NerveNetwork is a global community with time differences across regions, we ask for your patience and understanding while we try to respond to every question in a timely manner.