Why did interest decrease in the initial stage of the ChainX 2.0 network?
Since the migration, users have been reporting lower interest rates. After lots of community feedback and analysis by the PolkaX development team, we have found the problem. In this article, we will explain it to the best of our ability. If you still have questions or don’t fully understand, you can ask a councillor to explain.
In the ChainX network, users’ voting interest is:
Voting interest = user’s latest total vote age / node’s latest total vote age * node prize pool amount
In this equation, the latest total vote age of the node is equal to the sum of the latest vote age of the users, that is, the user’s current unclaimed interest is equal to the user’s latest total vote age of the node’s total vote age multiplied by the prize pool amount.
The user’s latest total vote age = the user’s cumulative total vote age + the user’s latest vote * the voting time of the latest vote
When ChainX migrated from 1.0 to 2.0, the latest total vote age of all 1.0 voting users is finalized and transferred to the 2.0 network, with their total vote age together making the node’s total vote age. As a result, users who migrated from 1.0 have a certain “first-mover advantage” in terms of vote age over 2.0 users. There are two reasons for this behavior listed below:
- Time in the blockchain is based on blocks, so the voting time when calculating the age of users’ vote is also calculated in blocks.
- The ChainX 2.0 network has increased the block time from 2 seconds to 6 seconds.
Given the number of votes remains the same, to reach a certain vote age in 2.0, that is, the number of blocks since voting, takes 3 times longer than in 1.0. In other words, if time remains the same, the number of vote age gained is only 1/3 compared to the 1.0 network.
This creates the following problem. When a user in the 2.0 network claims interest for the first time, in the same period, the newly generated vote age is less than that of users who migrated from 1.0 without claiming interest. This means that the newly generated vote age is slower than what had been generated with 1.0.
Although the old ticket age currently has certain staking advantages, as more and more users join the 2.0 network and claim interest, the weight of the old ticket age will become less and less, and the staking interest of the 2.0 network will gradually return to what it was in the 1.0 network.
What should nodes and users do?
1. Node operators need to claim their interest and call on their users to do the same.
2. Users can choose to temporarily register their own node on the 2.0 network or determine nodes with less old votes or slashes. The node slash fee is 1 PCX.
3. Users can motivate everyone to claim their interest. As time goes by, the voting age weight of 2.0 will gradually dominate. It is expected that the income will gradually become normal in the next week or so.
Thanks to the community members for their enthusiastic feedback and help, and the PolkaX development team to build a new ChainX 2.0 network. We are committed to maintaining the stability of the network and continuously optimizing the user experience. Any comments can be fed back to us through all channels. We’d like to thank the outstanding users in this incident: Luckyve and CMDLET. We will respect and listen carefully to every voice of the community.
About ChainX
- Official Website: https://chainx.org
- Documentation: doc.chainx.org
- Desktop wallet: https://dapp-v2.chainx.org
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: English white paper PDF
- Official Wechat: interchain
