The rise of Staking's economy has driven the business of PoS mining and has broken the power structure of EOS super nodes.
The profit-seeking exchange is rushing to the "old batch" of EOS super nodes.
Starting from June of this year, the Super Node seats that have not changed much during the Dark Bears have quietly changed.
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Whale Exchange, Newdex, Hufu, Bigone and other exchanges and wallets, were elected as new super nodes, and captured the top ten seats. The original super nodes, including EOS Newyork, EOS42, EOS Authority, and EOS Canada, have quietly dropped out the top 21. The fire coin pool has always been high.
Compared with a year ago, various capitals issued high-profile campaigns. This time, the new super nodes are like quiet and silent, quickly captured and unprepared.
The Odaily Planet Daily learned from people familiar with the matter that the PoS pool on EOS has absorbed nearly 100 million EOS, plus one-third of the total number of votes cast, if it is added to the coal mine pool. This number is still growing.
Behind the new node is the PoS mine pool. Behind these PoS mines is the exchange.
The direct result of the volatility of the super nodes is that the old nodes are not facing the crisis of the top 21. Under the premise of a vote of 30 votes, an entity may control multiple super nodes; in addition, the proportion of domestic nodes is also increasing.
In other words, these visitors may bring EOS to a more central abyss.
Supernode spawned by REX
The new arbitrage opportunity began with the birth of REX.
On July 6th, the old cat's Bigone traded 150 million votes, making it the first place in the EOS super node.
From the on-line POS mine on May 6 to the top 21, and finally to the first place, Bigone spent only two months.
If you put it a year ago, this speed is probably difficult for most participants to imagine.
But since May of this year, the EOS resource exchange REX has started online, and the super node has started a turbulent “replacement change”.
The birth of REX originated from the prosperity of DApp last year. At that time, the supply and demand of EOS main network resources were not balanced. In order to reduce development costs, BM proposed the idea of resource leasing platform. On this platform, the user needs to pledge EOS to rent EOS resource usage rights, in exchange for the same amount of resource token rex token, thereby obtaining rex token dividends, including dividend income, RAM transaction fee and short account bidding fee.
After a few months of brewing, REX was finally late. However, due to the missed stage of DApp's rapid growth, REX's rental value is not high. Previously, leasing demand only accounted for 2% of the Rex pool, which kept REX's return rate at a lower rate, with an annualized rate of less than 1. %.
However, participation in REX dividends requires the fulfillment of voting rights and gives the EOS pool a space to play.
By opening the EOS mine pool and acting as the REX for the user, the node will increase the user's annualized income to more than 3% by the return method of “inflation reward + REX income”, and obtain the user's votes and borrow the power to enter the super node. These mine pools charge a certain management fee from the user's income or benefit from another node.
It turns out that those exchanges and wallets that hold a large amount of money-bearing user resources are robbing the super-nodes by virtue of the innate advantages of the portal.
The effect is very significant. In addition to the centralized exchanges such as Bigone, there are many myths of tens of thousands of votes.
The decentralized exchange Whales was on the May 1st Whale Mine Pool and on May 22nd the EOS Super Node was voted for nearly 112 million EOS votes.
On June 18th, the decentralized exchange Newdex also launched the staking mine Newpos. On June 30th, it was elected as the EOS super node with 133 million votes, ranking 14th.
Huo.com, which launched the REX financial services in May, was also elected as a super node one month later, and acquired the EOS decentralized exchange in the same month. Wang Ruixi, founder of Hoo.com, told Odaily Planet Daily that PoS The mining pool is also planned.
The mining pool is still increasing. According to the latest news, DApp team Equilibrium and exchange Kucoin have recently announced the online EOS pledge function, and the Korean head exchange Bithumb also announced that it will enter the EOS super node.
It has long been an open secret in the industry – the exchange of votes between the nodes formed by 1 vote and 30 votes has also played a significant role.
What is the chance to leave it to the latecomers? According to informed sources, it is difficult to break through now, and the number of EOS ticket exchanges is almost full; the exchange model is even more difficult to copy, and the nodes all said: “The Staking made by the transaction is a downgrade for us.”
Is the exchange pool good or bad?
The exchanges that carry the PoS mining pool have come to the forefront, and have taken in new ticket warehouses, which is also stirring the pool of interests of the old nodes.
The fierce competition of super nodes is the most common consensus of the old nodes in the near future. "The entry has been going on. There are new tickets in the year and old players are exiting. The overall vote has been increasing." EOS Beijing co-founder Sun Yushi told Odaily Planet Daily.
For the embarrassment of the exchange, many old nodes have expressed considerable pressure. The founder of HelloEOS is laughing and saying that "it is ready to be eliminated." He stressed that the work to be done is still being done, but "has put down the obsession".
In addition, the entry of this special subject of the exchange has also triggered a lot of worries from EOS followers: the profit-seeking exchanges, especially the centralized exchanges, have a hard time making a difference in the EOS ecosystem. In contrast, the technology nodes that are seen as a real concern for the EOS ecosystem are being squeezed down and are losing their voice. The two nodes that have coordinated EOS's main online line operations, EOS New York and EOS Canada, have fallen.
In this regard, Wang Ruixi, the founder of Huo.com, said to Odaily Planet Daily that the reason for participating in the EOS SuperNode campaign is the ability to assume and maintain the responsibility of maintaining EOS security. For EOS community building and basic tools, there will be actions. .
He believes that although the exchange is fierce, he feels that funds are a scarce resource compared to technology, operation, and publicity. The traffic, appeal, and credit behind the exchange can better end EOS. He also determined that if the mining pool wants to make money, it will actually have a capacity limit according to the annualized rate. “It is currently assumed that a super node will have a revenue of more than 20,000 EOS per month. What if you give users 6% per year? It means that your capacity is only 4 million EOS.”
Brian, the head of the EOS Amsterdam community at a foreign node, also believes that the exchange is considered to be the “leader in the ecology”. He is more worried that the super nodes are almost occupied by domestic nodes, at least leading to network security, centralization and long-term negative PR. The price of the currency is low and so on.
"EOS needs to be network-active, safer and faster, and node distribution must be globally dispersed." In his view, there are at most nine super nodes in Asia, and the number of Europeans should be four to five, followed by South America, North America, and Australia.
In June of this year, Weiss Ratings said that EOS's rating was lowered due to concerns about centralization. Brian believes that the centralization of EOS has become one of the sources of negative EOS news. Over time, the mood of the encryption community for EOS will gradually become negative.
He told the Odaily Planet Daily that the super nodes are all in Asia and have blocked foreign capital inflows. “A lot of European investors are because of this problem, they don’t dare to invest, they are not optimistic about EOS, or they are a wait-and-see attitude.”
In addition, the huge size of the mining pool, coupled with a 30-vote mechanism, makes it possible for an entity to control several nodes. At present, the two super nodes ranked in the top five: EOSLaomao and Bigone exchanges belong to the old cats. The interests of the two are closely tied, and the strong ones are strong.
The multi-node size control is in fact doubled and multiplied by the inflation incentives, which represents the binding of the nodes to the deeper benefits of the EOS public chain, and also increases the centralization of the EOS public chain.
Is one vote and one vote the final solution?
From the EOS main online line a year ago, even if the currency price is no longer the peak of the year, the super node is still a strategic focus in the EOS main network.
What is the benefit of doing a super node?
It is the income, and the endorsement of the traffic brought by this brand.
Whether it is the old node or the new node, it is all about motivation. But EOS, a decentralized system, needs to avoid the resulting centralization.
EOS is fired by the super-node election, and it also adds a lot of troubles because of the super node.
This is focused on the EOS eco-exchange, because the PoS mine pool is getting richer and richer, and it is inadvertently making EOS's oligarchy become more and more obvious.
The voting mechanism of one vote and 30 votes makes the head node alliance and ticket exchange become the secrets disclosed in the circle. According to EOS Authourity statistics, the current voting pool totals about 300 million EOS. Currently, there are more than 100 million votes for 30 nodes, of which 74% are voted by proxy.
It is also because of the shortcomings of one vote and 30 votes. The one vote and one vote were proposed at the beginning of the referendum system. Even when the referendum system was replaced by the node multi-sign proposal, one vote and one vote was written by the node. Proposal, but did not pass.
On June 24th, BM published a paper discussing the distribution of the 28th under the Pareto rule. The article mentioned the control of EOS in Asian communities and discussed how to avoid the concentration problem brought about by economies of scale. The distribution of election results is more decentralized, avoiding the blockchain network being controlled by very few people?
He believes that whether it is PoW, PoS, DPoS, if it is a single rule, it is difficult to avoid the Pareto distribution. Even if it is changed to one vote, it will not solve the problem. For users, especially large ones, they can split the EOS in an EOS account into different EOS accounts. By splitting, you can bypass 1 vote and 1 vote.
He envisaged dividing the quota of the first 21 BPs into four groups, namely 8 + 8 + 3 + 2. Then, each group, according to different rules to generate the corresponding BP, these rules are: RAM-based voting weight, voting time based on the pledge time (coin age design), based on the token destruction rate / permanent lock currency voting weight, Current mortgage-based voting weights.
He also envisaged adopting an electoral college system, and 100 representatives were selected by the network. Then, the top 21 were selected by means of a permit voting system and one vote.
Although he also expressed his personal thoughts at the end of the article, it does not represent Block one's intention. But the good news is that last week BM still indicated in the telegraph group that it was preparing a one-vote proposal.
Even so, the evolution of the governance mechanism is still long. From the adoption to the deployment, the proposal still needs to be multi-signed by the nodes, and the multi-party game is self-evident.
Brian said that his more desirable vision is that the system is necessary, but can not rely on it from time to time, he also hopes that the node can take responsibility for the super node spontaneously and consciously.
As for the survival mode of other nodes, before the better governance system comes out, “finding the ability to make profit outside the node's income” may be a better way to survive. “We have to get rid of the income of this node.” This is a very important thing."
Text | Aloe Vera Operation | Gaiao Editing | Lu Xiaoming
Produced | Odaily Planet Daily (ID: o-daily)