NEP-43: Change On Community Node NEW Unlocking Period

TitleChange On Community Node NEW Unlocking Period
Author(s)Xu Jizhe, Aris AC
Discussions To
CategoryCommunity Governance

Simple Summary #

This proposal changes the Community Node NEW unlocking period from 14 days to 7 days for owners and partners to unlock their staked NEW. Making the unlocking period the same as voters to unlock their staked NEW.

Abstract #

In NewPay App, unlock NEW for Community Node owners/partners from their staked NEW will be changed from 14 days to 7 days to help them to get their NEW back faster. This requires changes to be made in NewPay App and related protocols and services.

Motivation  #

NewChain MainNet Nodes are open to the public to join after NEP-27 was proposed. And Newton Incentive Program was proposed in NEP-40, which creates more possibilities for the community to participates in the Newton eco-system and benefits from that.

Before NEP-27 and NEP-40, the majority community to get benefits from Newton Incentives was done by participating in Community Node Program in NewPay App. However, the Community Nodes management has to be done in NewPay App which runs on rules before NEP-27 and NEP-40 was proposed. Currently for Community Node owners/partners to unlock staked NEW to participate in other Newton Incentive Programs require 14 days, this reduces the flow of NEW in the whole Newton eco-system, also it creates inequality between the Community Node owners/partners and Community Node Voters to unlock their NEW.

This NEP is to reduce the complexities in Community Node management in NewPay App, make equality to all Community Node participants to unlock their NEW. As a result to encourage Community Node participants to use their NEW to participate in more Newton Incentive Programs.

Specification  #

The unlocking period for Community Node will be set for 7 days for:

  • Community Node owners to unlock staked NEW by reducing the locked amount, quitting Community Node.
  • Community Node partners to unlock staked NEW by reducing the locked amount.
  • Community Node voters to unlock staked NEW by reducing the locked amount.

This may be changed in the future by another NEP superseding this NEP.

Implementation  #

This proposal is planned to be implemented on:

  • NewChain Testnet: 2021-03-17
  • NewChain Mainnet: 2021-03-19

Copyright and related rights waived via CC0.