The Great Celo Stake Off Phase 2 starts and the game officially begins. In this phase, you will “Cook the Basics” to earn as many Baklava Testnet Units (“BTUs”) as possible. BTUs will now begin to count towards your total rewards, attestations are activated, and the validator uptime score will begin to increase. The beginning of Phase 2 also marks registration closure. Registered entities may still get fauceted.
The team working on Celo is delighted with the enthusiasm surrounding the Stake Off so far! Thanks to all of you for continuing to participate, help each other, and provide feedback. As announced last December, the team is awarding another 5 community contributors with the chance to receive 200 Mainnet Celo Gold each (terms and conditions will apply). Those eligible for this reward have been notified by email.
There are a few questions that the team would like to clarify.
Network rewards seem low
- Unlike other networks, Celo rewards validators with two assets: Celo Gold (cGLD) and Celo Dollars (cUSD).
- The 6% voting reward for locked cGLD is just part of validator rewards.
- Elected validators may also earn up to 75,000 cUSD per validator per year.
- For example, locking up 40,000 cGLD for two elected validators in one validator group may reward up to 2,400 cGLD plus 150,000 cUSD per year.
- See the rewards calculator to estimate possible rewards.
What does “collaboration” mean?
- Teams are encouraged to collaborate by joining each other’s groups.
- For example, two teams who earn 10,000 cGLD each could increase their rewards by having one team run a group and the other team run a validator in that group.
- IMPORTANT: Teams who chose to collaborate must set their group share to 50%.
- Setting a different group share or attempting any other form of collaboration is considered collusion and will lead to disqualification (see terms & conditions).
How can I increase my BTUs?
- To gain a competitive edge, read Asa’s post on tips and strategies.
- Run full nodes; one full node is expected to earn approximately 5% of phase 2 BTUs on average.
- Run the Attestation Service for up to 20% BTU boost in phase 2.
- Sign up for the Master Validator Challenge (security & infrastructure audit) for up to 120% BTU boost in phase 3.
How can I get Mainnet Celo Gold if I’m not in the top 50 validators?
- Participate in the Incentivized Community Challenge for a chance to receive Mainnet Celo Gold (not BTUs) through various technical and non-technical contributions.
- Note that if the team sees a high level of engagement beyond the top 50 validators, Mainnet Celo Gold rewards may be extended beyond this threshold.
Finally, check out Tim’s whiteboard session with Near Protocol for a deep dive on Celo’s technology. Watch this video to get an in-depth understanding of Celo’s full stack approach.
This phase will continue until 1600 UTC (8am PDT) January 29 Keep an eye on the forum updates and ask questions to other experienced validators and the C Labs team on Discord.
Good luck!
Claire, Jelena, and Tim
On behalf of The Great Celo Stake Off team