On 26th of March, Elrond network was upgraded to support more nodes (an increase from 2169 to 3200 nodes) and staking pools, so that eGold holders can delegate their stake towards different staking providers, like us.
In less than 24 hours, we see already that more than 250 people delegated to our staking pool: PrimalBlock, more than 140 000 eGold ($21m at current price).
The additional 1031 nodes will gradually start becoming active on 5th of April. Here is the exact timeline:
On April 5 ~14:30 UTC at epoch 249 the nodes from the Validators Queue and newly deployed staking pool will become Validators and be placed on the waiting list. This will happen in the order they have been added in the Validators Queue and staking pools, which is in effect a single queue, serving new nodes on a first-come, first-serve basis.
On April 6 ~14:30 UTC at epoch 250, 320 new nodes (80 for each shard) become Active Validators.
On April 7 ~14:30 UTC at epoch 251, these nodes distribute their rewards towards their stake owners, whether directly staked or delegated, in effect producing the first rewards for Staking Phase 3. Also at this date and time, the next 320 new nodes become Active Validators, and so on.
PrimalBlock has right now 100 validators nodes prepared to accept staking delegations. From those 100 nodes, around 56 nodes (at the time of the writing) are staked and on the Validators Queue.
We estimate that around April 9 and April 10, around 40-50 nodes to become active validators. This mean on April 10 we expect first staking rewards to become available to be claimed.
On medium term, our target is to provide an APR around 20%. The APR depends on many factors, some on our direct control, some we do not control, like how the queue will progress or how other validators will choose to deal with top-ups, etc.
On short term, what we will do, so that we are as close as possible to our target APR, is to lower our fee if needed (even to 0% for a period of time) or un-stake some funds and nodes so that the optimal ratio between active validators nodes, amount staked and top-ups is reached.
We expect in the next 2-3 weeks things to stabilize and have a better understanding where we are. Our promise is that we will optimize things so that we can offer the most competitive APR possible without compromising security and stability of our setup and of Elrond network.
Thank you all for your support and trust!