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We are happy to announce the successful conclusion of Equinox staking and the launch of Phase 1 of the Injective mainnet!
Over the past few months, we have had a lot of support from the community as we continue to make improvements to the protocol during the Equinox testnet. During this period, Equinox obtained a pledge amount of more than 50 million US dollars, released a strong decentralized governance process, and performed functional upgrades with the most prestigious validator group in the encryption ecosystem. At the same time, we are also continuing to prepare for the mainnet launch. After conducting multiple mainnet test runs with external validators, we can now proudly announce the successful launch of the first phase. As mentioned earlier, the main network will be divided into three phases. The first phase is the deployment of the Peggy cross-chain bridge. The second phase will launch the Canary Chain and open the transaction function. The third phase will officially launch the Canonical Chain (canonical chain) .
https://etherscan.io/address/0xf955c57f9ea9dc8781965feae0b6a2ace2bad6f3
At the same time, the code has also been fully audited by CertiK, and you can view the audit report through the Github link below.
https://github.com/InjectiveLabs/peggo/blob/master/solidity/audit.pdf
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Below we will explain the distribution of Equinox Staking rewards and the open source reward calculation mechanism.
Equinox Reward Distribution
The Equinox Staking testnet has officially ended.
We are very honored to witness the community members have such great enthusiasm for Equinox, and the feedback from the community has greatly helped us improve many functions of the protocol on the front end and back end. And this may be the first time in the industry that real INJ staking rewards have been issued to members participating in the incentive testnet.
Prior to this, we noticed that many members were unable to access Equinox Epic Quests as we upgraded the platform several times over the past few days. In order to receive the APY boost upon completion of this mission, a user must submit 50 separate trades across 5 different markets with a net positive profit or loss to receive the 3% APY boost for Equinox Staking.
To ensure that all interested users are rewarded with epic quest boosts, we will continue calculating rewards until the canonical chain is released. This means you are free to cancel your INJ today (from the mainnet Ethereum staking contract) and we will still count the amount you staked before and count towards the APY boost. For example, if Jake staked 100 INJ on Equinox and unstaked today, he would still receive a 3% APY bonus on top of his 100 INJ as long as he completes epic tasks.
*Rewards are calculated starting from participating in the pre-staking period and ending on June 26. We will provide a detailed guide on how to transfer assets to the Injective chain and staking on the mainnet in a follow-up article.
*Please note that if you withdraw your staking shares before the 26th, you will not be eligible for any Equinox staking rewards, as previously stated.
Equinox rewards will be distributed at the beginning of Phase 3 of the mainnet launch (after the canonical chain is released), this is done to allow enough time for our community members to earn reward boosts for epic tasks. Token rewards will be distributed directly to Injective addresses (addresses prefixed with inj) instead of Ethereum addresses.
The initial award amount can be found under the "Total" column of your address via the link below.https://raw.githubusercontent.com/InjectiveLabs/injective-equinox-rewards/master/json/eligible-users-with-rewards.json*Please note that these reward amounts are preliminary, as they do not yet include rewards for the aforementioned Equinox epic quests.
The structure and current deployment status of the Peggy Bridge will be covered below, along with more details on the next phase of the mainnet launch.
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The Injective Peggy Bridge consists of three parts:
Peggy Contracts on Ethereum
On-chain Peggy modules
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The coordinator is an off-chain relay that every Injective chain validator needs to run, and its function is to transfer ERC-20 token transfer data from Ethereum to the Injective chain.
Peggy Contract
Although we have full confidence in the security of the Peggy Bridge, out of a high level of caution in the early stages, we temporarily temporarily disable Added an extra layer of defense to the Peggy contract. Although this is indeed not as fully decentralized as we would like, we believe that the best approach is to prevent major security incidents from happening, even if they are a little conservative, especially during the canary chain phase of the mainnet. Nevertheless, our goal is to abandon this style of governance as soon as possible in order to achieve complete decentralization, which has always been our core ethos.
Peggo Orchestrator (Peggo Orchestrator)
Peggy Modules on the Injective Chain
The Peggy module will mint new tokens on the Injective chain. The Peggy module also manages economic incentives to ensure that validators act honestly and efficiently through various mechanisms, including slashing penalties, native token rewards, and withdrawal fees.
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Enter the second stage - Canary Chain chain launch
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textThe best is yet to come.
