We are thrilled to announce that Genesis Block will be running a node that allows Staking Serum (SRM). This is a great way for people to lock up their Serum and grow it on our node. Genesis Block is proud to be a contributor to Project Serum. We whole heartedly believe in the potential of Project Serum to revolutionize the DeFi and Cryptocurrency landscape. We hope to bring this opportunity to everyone by releasing our new Staking services with SRM.
If you would like to stay up to date with the developments of our Staking services, we encourage you to signup for the Pre-Registration List below:
A node in the simplest form is a computer that is connected to a network of a cryptocurrency. The nodes use the peer-to-peer protocol to communicate with each other within the network helping to spread information on transactions on blocks. The most prominent node is the one that exists on the Bitcoin network.
Within each node, there contains at least 10m SRM (equivalent to 1 MSRM), and that must also include 1 MSRM.
Staking is an instant process that allows you to possibly earn rewards, join in on voting, and make changes to the ecosystem. Staking is instant while unstaking may take up to a week. If a node drops below the required threshold of 10 million SRM or does not have any MSRM, it will be deactivated and unable to generate rewards. A maximum of 100 million SRM equivalent may be staked.
*Note: You can also stake locked SRM and MSRM.
Staking comes with various duties, so be sure to know your duties!
The duties of staking include:
Some nodes may have the possibility of being designated as a “voting-stake” node or a “delegated-stake” node. In a voting-stake node, the stakers in the node will vote independently. Later, a majority vote of the node will be determined which will designate its behavior. In a delegated-stale, the leaders of the nodes will choose how they will vote.
If a node wants to propose a rule change (ex: fee changes), they can do so by using 50,000 SRM. This will be deducted from the Node’s overall asset pool. If the rule change passes then the 50,000 SRM will be returned; otherwise, it will be burned.
*Note: For a vote to pass, it requires 60% of the world’s total staked SRM (may change if there’s a proposal)
Nodes may be eligible for the following rewards (subject to alteration):
There may be possible actions that require nodes to post collateral. Collaterals may be lost if the node misbehaves.
As of right now, Nodes may also receive a potential fraction of Serum exchange fees. Currently, nodes may receive 10%; may subject to change depending on voting. All of the rest are subjected to buy/burn of SRM, and the SRM holders will be able to receive it.
The Treasury Department under the US Government issued new regulations for cryptocurrency wallets. These rules would require exchanges to collect personal information, which would likely