Marlin Biweekly Dev & Community Updates – February 2021

March 1, 2021 | Contributor

The second installment of our updates for the month of February is here.

As always. our discord server is the place to bug us in case you have any queries or want to discuss all things Marlin and Layer 0. For community related discussions, our Telegram channel is the place to be!

Engineering Updates

- New subgraph for governance was developed and is in the final testing phase before release.

- Final testing and deployment of ticket feeder in preparation for staking rewards launch.

- Stakedrop backends were updated to work with the new CosmosHub and IrisHub upgrade.

- Added a generic length prefix witnesser which is a noop and can work polymorphically with any of the more specialized length prefixed witnessers. Useful for nascent networks in the beginning where witness formats aren’t nailed down as well as local test/dev networks (like goldfish).

- The existing bloom witnesser has a length-prefixed version. Enables swapping out witnessers later while being able to maintain some level of backward compatibility.

- Goldfish has been updated to have client identities and selectable contract sets. It is now much closer to a real deployment of bootstrap servers plus a cluster.

Community updates and posts you might have missed

- Announced the Marlin Navy Ambassador Program

We’re looking for enthusiastic and creative individuals to sign up as Marshals in the Marlin Navy!

Each Marshal will take on a set of responsibilities in tune with their skills and coordinate amongst one another, spreading the word across the high-seas.

The program will provide each Marshal with an opportunity to represent Marlin in your local community, meet/interact with the core team, engage with other like-minded individuals and experts worldwide, educate and help new supporters find their way, and earn exclusive perks/rewards in the process.

Our blog has the details: https://blog.marlin.org/announcing-the-marlin-navy-ambassador-program/

Interested? Sign up here: https://forms.gle/2y7FG5do9XwAsRxB7

- J oined the panel discussion on ‘DeFi in India: from Seed to Giant sequoia’ with WazirX, Binance X and Ankr at the Binance Build for Bharat demo day finale.

The hackathon saw over 350+ registrants, from which 8 teams made it to the finale and three teams won the Build for Bharat hackathon!

- Released the geek's guide to the Larvanet’s economics

Economic Model

Being a stake-based permissionless network, the economic model involves two key components:

1. Requiring nodes in the network to stake Marlin tokens.
2. Rewarding nodes for the work done.

Staking

Contracts used in the Larvanet have 2 primary modules:

1. Cluster registry: An operator address is used to manage on-chain records
2. Delegation mappings: POND or MPond are delegated to the operator address which are recorded in the mapping contracts via Stashes

Stashes are used to store POND, MPond or LP tokens & delegate to operators. Unbonding period is 30 days. A stash needs to be undelegated in whole. Partial undelegation using multiple stashes is possible. A stash may be redelegated to another operator without undelegation.

Network design

Marlin gateways find the closest nodes of the different clusters (with greater than 0.5 MPond in delegations) via a standard P2P discovery process. They are chosen using probability distribution.

In the Larvanet, clusters are chosen with a probability proportional to sq root of the sum of delegations they receive. Only the first 3 clusters to deliver content to receivers are sent receipts which can be deposited for rewards.

Tokenomics

The Marlin token economy consists of two tokens POND and MPond. 1 MPond can be minted by swapping 1,000,000 POND in a bridge contract.

Maximum supply of POND = 10 billion

Total allocation towards staking rewards = 21.8% of POND’s total supply.

There’s no difference between self-staking or external delegations in Marlin. Every cluster only receives delegations from holders of eligible tokens which includes POND and MPond initially.

Token Distribution

For a fair distribution of Marlin tokens and Marlin nodes, tokens were/are being distributed through:

1. Participation in the Eggnet.
2. FlowMint: Delegating DOT, ATOM, NEAR etc to validators who install Marlin gateways.

Larvanet allocation

1. Initial rate of annual inflation (iROI): ~1.03% of POND
2. Tokens to be distributed over a year per iROI: ~102,766,667 POND
3. Tokens to be distributed daily per iROI: ~281,553 POND (102,766,667/365)

Reward distribution

The 281k POND tokens are distributed once every epoch (24 hours).

APRs for POND could hover around 900% in the beginning and settle between 30-60% depending on the scale of participation.

Dive into our blog for more details: https://blog.marlin.org/geeks-guide-to-the-larvanets-economics/

Twitter | Telegram Announcements | Telegram Chat | Discord | Website