Release: Vega - v1.7.10

Staking phase 4

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Staking Phase 4 represents a significant improvement to the MultiversX staking module. After careful planning and several iterations of it with the community, this update introduces significant improvements aimed at optimizing network participation and continuing the decentralization efforts.

Key Features of Staking Phase 4:

• Elimination of Staking Queue: The traditional queue system is replaced with a soft auction mechanism. This change allows for a more fluid entry of new validators into the network, ensuring that no potential validator is left waiting for an undetermined period.
• Soft Auction System: Validator selection now operates under a soft auction system, where validators are chosen based on their top-up stake relative to others. This method not only democratizes the selection process but also rewards validators who contribute more to the network's security.
• Dynamic Node Management: Validators must actively manage their node contributions to maintain or improve their selection likelihood. This system encourages a more active and responsive participation from Staking Providers.
• Enhanced Decentralization: The update aims to reduce the concentration of power among large staking providers and distribute validation opportunities more evenly across the network.

Upcoming Steps:

Staking Phase 4 will be implemented in three steps, each aligned with a specific epoch, to ensure a smooth transition and minimal disruption to existing validators:

• Step 1 - Epoch 1391: we will completely remove the staking queue and place all nodes in an auction list.
• Step 2 - Epoch 1392: all shuffled-out nodes from the eligible list will be sent to the auction list.
• Step 3 - Epoch 1393: staking phase 4 is completely activated.

These steps include the complete removal of the staking queue, redistribution of nodes from the eligible to the auction list, and a final adjustment to the number of nodes based on auction outcomes.

Further Information:

For detailed information about each step, the implementation timeline, and how these changes may affect your participation as a validator, please visit our comprehensive documentation.

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Chain Simulator

By operating without a consensus group, the simulator accelerates block generation, enabling swift system testing of smart contracts. Blocks are promptly generated through a dedicated endpoint whenever users initiate the call, resulting in a more efficient testing environment.

A tutorial about how to use it has been recorded and is available here on YouTube.

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Battle of Stakes Campaign

In response to the extensive nature of the upgrade and the shift towards a more dynamic staking framework, we launched the "Battle of Stakes" campaign to ensure validators were well-prepared before the mainnet upgrade. The campaign initially commenced on March 28th. However, within the first hour, a bug identified by the community necessitated a temporary pause. After addressing the issue, the campaign was resumed on April 2nd and successfully concluded on April 12th, resulting in 10 winners. For more detailed information about the campaign, please visit the Battle of Stakes campaign webpage. A list of the winners is available here.

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Governance Vote Results

The Vega Release has successfully passed its governance vote, reflecting overwhelming community support. The vote, which ran from April 9th to April 19th, resulted in a decisive 94.45% voting in favor of the upgrade, with 5.27% against and 0.28% abstaining. A negligible veto percentage of 0.02% was also recorded. The entire discourse surrounding the release took place off-chain on Agora, and can be reviewed here.

At the time of writing, the Staking Phase 4 MIP (MultiversX Improvement Proposal) stands as one of the most actively discussed topics on the MultiversX Agora platform, garnering over 50 replies. You can follow the ongoing discussions here.

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Activation epoch

Staking V4 is scheduled to be activated during epoch 1391, anticipated on May 21st, 2024, around 16:20 UTC. The activation process will unfold in three distinct steps, beginning with the first step in epoch 1391 and concluding with the final step in epoch 1393.

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Github Full binary release notes: https://github.com/multiversx/mx-chain-go/releases/tag/v1.7.10

Mainnet Config: https://github.com/multiversx/mx-chain-mainnet-config/releases/tag/v1.7.10.0

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