EarthNode Update

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EarthNode Early Staking Rewards Programme

The six-month EarthNode Early Staking Rewards Distribution Programme for Earth Node Operators (ENOs) is about to conclude.

As a member of the rewards programme:

You are eligible to receive the rewards belonging to the EarthNode Early Staking Reward Programme, as long as you maintained a minimum balance of 100,000 WMT per EN reservation during the entire period of the programme.

You are required to keep your 100,000 WMT per EN in your wallet during the period between the end of the Early Rewards Programme and the distribution of the EarthNode NFTs (ENNFT), in order to receive your ENNFT.

Note: The ENNFT will be required to operate an EarthNode.

On the 24th of April 2022, a reconciliation period will start. During this period, a review of historical wallet data will take place to ensure that the minimum balance requirements were adhered to and maintained. This period will also be used to solve any pending support tickets and requests regarding EN reservations. From this data we will compile an inventory of forfeited EarthNodes.

We anticipate this reconciliation period to be completed in May 2022.

After the reconciliation period the next step will begin: The EarthNode auction.

EarthNode Auction

The auction for any remaining EarthNodes will be run from the vault and the start date will be announced at least a week prior to the event.

The rules of the auction:

  • All forfeited EN’s will be auctioned individually starting in sequential descending order by EN number.
  • Each EN auction will have a start date and run until the end of the countdown timer (the countdown timer will begin after 24 hours but is subject to change in later auctions).
  • Any vault that contains a minimum of 100,100 WMT will be eligible to participate in the auction, provided that 100,000 WMT are not held for another EN reservation.

    e.g., if you have two EN’s already reserved, your vault should contain at least 300,100 WMT for you to be eligible to participate in an EN auction (2 x 100,000 for existing ENs + 100,000 to reserve the new EN + 100 to bid for the new EN).

  • In order to bid, there are 2 key components.
    • The stake amount of 100,000 WMT per EN which will be kept by the bidder in their wallet.
    • The bid amount which is a variable amount at the discretion of the bidder (100 WMT in the previous example).
  • The minimum bid and minimum increment for any bid will be 100 WMT. This minimum bid and minimum increment may be modified in future EN auctions but not during a live auction.
  • When a vault’s bid is exceeded by another vault’s bid, the lower bid is automatically cancelled. The vault from which the bid was cancelled is now free to place a higher bid or to participate in a different EN auction.
  • A single vault can participate in multiple auctions but not in simultaneous auctions. A vault is only able to bid for new auctions once active auction bids are completed/closed.
  • When the countdown begins, a ten-minute timer will start. The time length may vary for future EN auctions, but never for live auctions.
  • Once the countdown reaches zero, the auction is closed and the node is reserved for the highest bidder and visible in their vault - pending successful transfer of their bid amount.
  • If a higher bid is placed during the countdown, the countdown will reset and start counting down again.

    For example: EN 938 is auctioned, and the auction began at 11:00 UTC on the 23rd of May 2022. We have a highest bid of 3,000 WMT (on top of the 100,000 WMT that the participant must keep in the wallet to be able to take part in the auction). At exactly 11:00 UTC on the 24th of May 2022, a ten-minute countdown will be shown next to this EN row, in the auction interface. If by 11:10 UTC no higher bids have been placed for EN 938, the person that placed the highest bid of 3,000 WMT will reserve the EarthNode, pending successful transfer of the 3,000 WMT. On the other hand, if a bid higher than 3,000 WMT is received before 11:10 UTC, the countdown will reset back to ten minutes, starting the countdown again, until no new bids are received during the countdown.

  • A vault cannot increase its own highest bid. You can only increase a bid after another vault’s bid has surpassed yours.
  • After an EN auction is closed, the highest bidding vault has 24 hours to send the bid amount (further instructions will be provided in the vault).
  • If the tokens are received within the 24-hour window, in single or multiple transactions, the EN is assigned, and the auction is concluded.
  • If the transfer is not made or if it is for less than the bid amount, the EN will be re-auctioned.
  • Any vault that is the highest bidder on two separate auctions and fails to send the full amount of tokens for both, will not be permitted to participate in future auctions.
  • After all the ENs are auctioned, 100% of the WMT will be distributed equally among all EarthNode Operators.
  • Initially, a new auction will be opened every eight hours. This may be modified in future EN auctions but not during a live auction.
  • Any EN that is forfeited during the auction period will be re-auctioned.
  • For overpayments that require a refund, there is a refund fee of approximately 50WMT including network and handling fees. We process refunds manually and it is a labour-intensive process, which is why we charge a refund handling fee. If your refund is less than 50WMT after fees are applied, the refund will not be processed.

What happens after the auction?

Once all Earth Nodes have valid operators and are successfully reconciled, the Earth Node NFTs will be distributed.

In order to receive your ENNFT, you will need to send the 100,000 WMT from the address you indicated in the vault to a smart contract (if you use Daedalus there will be a process to migrate to a smart contract-enabled wallet and details will be provided in the vault).

The smart contract will then, upon receiving the required WMT, send you the ENNFT.

ENNFT holders will be eligible to continue in the Phase 2 Early Staking Programme and will also be eligible for new staking rewards for ENNFT holders.

May the EarthNode be with you!