Testnet update: Tokenomics Integration

After last week’s successful release of the Polkadex Testnet, it’s time to kick things up a notch.

Testnet wipe & Test Token reclaim

For this reason, the Testnet will be wiped and all participants will have to reclaim tokens from the Twitter token faucet bot. Please note that the amount of Test Tokens you receive will be much lower than what you have received so far. This is to adjust the Testnet token economics to those of the Mainnet (around 20 million max supply of PDEX) and make them as similar as possible. In order to claim Test Tokens for this new round of testing, tweet the following (pasting your account/wallet address where it says [ACCOUNT]):

👋 Hey @polkadex I want to try staking Test Tokens on the Polkadex Testnet. Please send me some #PolkadexTestTokens to [ACCOUNT]! 📲

Helpful refresher and guide

Lastly, if you are unfamiliar with the concept of staking or need a refresher, read on for a quick recap on what staking means, why it is important for Polkadex, and what staking Test Tokens on the Polkadex Testnet entails. You will also find a guide to set up your Polkadex Testnet account, claim Test Tokens, and start staking and nominating validators.

What is staking?

In a nominated Proof of Stake (nPoS) blockchain like Polkadex, staking allows token holders to actively participate in transaction validation. It can be thought of as similar (less resource-intensive) to mining on a Proof of Work blockchain like Bitcoin. Staking involves locking cryptocurrencies to earn rewards.

What are the advantages of staking?

Staking is integral to the security and efficiency of all PoS blockchains. By staking your PDEX, you make the Polkadex network more resistant to attacks and you contribute to its ability to process transactions. Ideally, 50% of PDEX will be staked on the Polkadex network at all times.

Are there staking rewards on Testnet?

No. Not only does the Testnet not provide financial rewards, there are also no PDEX tokens in the Testnet. Testnet participants can claim Polkadex Test Tokens which serve as a simulation for what PDEX will be like on the Mainnet. The Testnet serves as a model for participants to learn how everything works and interact with the blockchain in a risk-free manner. The main gain from participating in the staking of Testnet tokens in the Testnet is to gain the knowledge to do so when the Mainnet comes along.

How can you stake Test Tokens on the Polkadex Testnet?

Getting started

  1. Before you start staking you will need a Polkadot.js browser extension.
  2. Then you will need to create an account on the Polkadex Testnet. You can do that here.
  3. Once you have an account, you can use your account address to claim Test Tokens. In order to claim Test Tokens, tweet the following:
    👋 Hey @polkadex I want to try staking Test Tokens on the Polkadex Testnet. Please send me some #PolkadexTestTokens to [ACCOUNT]! 📲
    Make sure you have pasted in your Polkadex Testnet account/wallet address where it says [ACCOUNT].

Staking

  • 1) Select ‘Staking’ from the ‘Network’ drop-down menu and then click on ‘Account actions’
You can visit the ‘Overview’ tab in the Staking menu to see different validators’ commissions, points, and own stake.

How to run a validator node

Although last week’s article included a helpful guide on running validator nodes on the Polkadex Testnet, some of the details may have changed due to the Testnet update. Please follow the updated Run a Validator doc on Github to set up your validator for this next phase of the Testnet.

Questions or feedback?

If you have any questions about any of the steps above or general questions about the Testnet or Polkadex as a whole, we invite you to join the Polkadex Discord server, where other participants are already connecting with the Polkadex developers!

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