After a successful community vote, they have decided what to do about the IMP.
The essential changes will extend the program’s duration and so much more. Now, let us explore more about this important news for SSV Network.
SSV Network’s Significant Changes
- Extended Program Duration
The Incentivized Mainnet program will be underway until the end of December 2024. With an extra three months, it will be fifteen months in total. The extended period encourages users to join the program as validators. Validators will make the most as their rewards increase as more people use the network. The extended program duration will also help the team handle other issues in the network.
- Restructured Reward Tiers
The new tiered rewards system increases APRs for validators in different brackets:
- The first 30,000 validators will receive a 30% APR boost.
- Validators #30,001 to #45,000 will receive a 20% APR boost.
- Validators #45,001 to #100,000 will receive a 10% APR boost.
The new tier system operates right after the governance vote. These changes will offer early participants more rewards to motivate their initial engagement. It will also encourage new validators in the network. It makes it a much more appealing proposal to users.
Source: X
- Improved Eligibility Criteria
The changes correct the exclusion of multisig wallets. With these changes, validators using SAFE multisig wallet can now take part in the IMP. This change ensures that rewards go to the SAFE wallet rather than the wallet deployer. It now benefits users who prefer multi-sig registrations for security reasons.
- The SSV Incentivized Mainnet Program
The SSV IMP, an idea by the SSV DAO, is to reward early users of the SSV protocol. It is also promoting the adoption of its Distributed Validator Technology (DVT). Every month, the SSV Network takes a snapshot of all the validators. After the snapshot, there is a reward calculation. Then, the SSV governance forum will release it. Validators get rewards based on their online presence, using on-chain Merkle proofs and claim contracts.
Source: X
Implementation and Claims
The revised Incentivized mainnet program takes effect during the first epoch of the extended period. For a given month, Validators can claim their rewards by the 15th of the previous month. Participants can use the specified process based on the Ethereum mainnet to receive bonuses. Information on the claim process is on the SSV scan.
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