Phase 1 (Core Staking & Node Operations): Done ✅

Phase 2 (Advanced Staking & Node Operations): Done ✅

Excellent work NuCypherinos! Now, it's time for WorkLock!

Overview

Phase 3 will be a test run of the WorkLock token distribution mechanism. You'll learn how to contribute Goerli ETH (goETH) in exchange for stake-locked Goerli NU (goNU) tokens which you can use to run a node and recover your escrowed goETH.

Phase 3 ends March 6 at 23:59 UTC.

Here are the details:
(Note: the parameters in the Phase 3 test WorkLock are not necessarily the final parameters that will be used in the production WorkLock.)

  • 200M goNU will be distributed through the test WorkLock
  • goETH contribution period begins February 18 at 00:00 UTC
  • goETH contribution period ends February 22, at 23:59 UTC
  • The total contribution amount is uncapped
  • goNU will be distributed pro rata across the total amount of contributed goETH
  • The distributed goNU will be auto-staked for six months (180 periods) with wind-down off and re-staking on, by default. You are free to change these defaults (i.e. prolong your stake, turn wind-down on, or re-staking off). If you have a different staking configuration set, it will not change these settings.
  • Escrowed goETH can be reclaimed as your node earns inflation rewards. If you receive X goNU through the WorkLock, you can reclaim your goETH in proportion to the amount of inflation, Y, that you produce multiplied by a boosting factor: % reclaimable = (Y * boosting_factor) / X  

    For example, with a boosting factor of 1, if you receive 15,000 goNU from the WorkLock you will reclaim 100% of your goETH once you've produced 15,000 goNU in inflation rewards: 100% = (15,000 * 1) / 15,000. With a boosting factor of 2, you will reclaim 50% of your goETH once you've produced 3,750 goNU in inflation rewards: 50% = (3,750 * 2) / 15,000.
  • The boosting rate is 2x
  • goETH can be reclaimed more quickly by doing "more" work (i.e. adding goNU to the stake you received from the WorkLock). In fact, since you already have a staker address with staked goNU you're already doing this!

Tasks

You'll need to follow the WorkLock guide to complete the tasks as well as leverage your staking and Ursula learnings from Phases 1 and 2.

  1. Contribute/bid anywhere from 5 goETH to 10 goETH to the WorkLock during the contribution period. Community member @banteg has graciously donated 5 goETH to all the Phase 1 qualifying addresses 🙏. If, for some reason, you didn't receive any or you need more, you can get some here: https://faucet.goerli.mudit.blog/.

    Make sure to contribute an amount in the 5-10 goETH range. While there won't be a similar limit on mainnet, enforcing this range on Goerli avoids some weird, testnet-specific edge case behaviors and there's no benefit to contributing more than that amount for Come and Stake It.
  2. Once the contribution periods ends claim your NU and bond it to an Ursula worker node (if you have an existing Staker/Worker from previous Phases, this is probably already done)
  3. ⏳ Keep the worker node online and wait a few periods (we recommend 3)... ⏳
  4. Once you've done some work reclaim/refund some of your escrowed goETH

Need help?

If you need help or have questions, find us in #staking in Discord (https://discordapp.com/invite/7rmXa3S), in our Russian language telegram channel (https://t.me/nucypherRu), or in our Chinese language WeChat (invite available upon request).