Validators are one of the key pillars of a Proof-of-Stake (PoS) blockchain, securing the network, maintaining consensus and creating the actual blocks.
Secret Network has been blessed with a great community of validators who are actively supporting the network, developing and maintaining public goods, evangelizing Secret to the outside world and more. SCRT Labs has immense respect for the validators, especially because we realize certain technical complexities related to running Secret nodes.
Over the past years, SCRT Labs delegated tens of millions of SCRT, generating significant revenue for validators.
Delegation Framework
In our recent roadmap announcement, we discussed the need to update the SCRT Labs Delegation framework, setting clear timelines and executing on them.
As announced, we will establish an annual review of all the delegations, happening in the November-December time frame every year. In addition to the annual review, we will perform a shorter review of the delegations during the month of June. We want to make the process much more structured than it used to be, and to continue improving it.
The annual review is going to be a thorough process, starting with gathering delegation requests from existing, new and returning validators, reviewing it thoughtfully and coming up with the distribution.
The Delegation Interest Form for 2024 is available here:
We request that all validators fill this out, even if you did so earlier this year. If you have any questions before filling out the form, you can contact SCRT Labs at [email protected].
The mid-year review will be shorter and more of an ad-hoc process, during which we will check whether corrective measures are required, such as removing delegations from validators who are clearly not fulfilling their agreed responsibilities, or adding delegations to existing validators who are outperforming, or new validators who may bring Secret Network forward.
Delegation Criteria
At this time we chose not to define a rigid set of criteria, nor establish any rigid delegation tiers. Instead, we will be following several guiding principles as as follows:
- Giving delegations to validators who provide or commit to provide certain public goods serving the network
- Giving delegations to validators who provide great service and are actively participating in governance
- Reducing or altogether removing delegations from validators who are not performing on their past commitments, not participating in the network or not providing good quality of service
Additional consideration may be taken into account and may vary on a case-by-case basis.
Announcing the Annual Redelegation Campaign
Today, we would like to announce the start of our annual re-delegation campaign.
The campaign will be structured as follows:
Our Commitment to Validators
Good of the Network
We will base our decisions on what’s good for Secret Network. We realize that when a finite number of resources are distributed (SCRT Labs delegations in this case), it is not possible to make everyone happy. Moreover, we realize that some of the delegations may not bring the results that were expected. Therefore, we will need to be making a lot of judgment calls, and assume the responsibility.
Timely execution
We commit to performing the process in a timely fashion, and making it repeatable and orderly every year
Transparency
While we will share the reasoning of our decisions with specific validators, we believe that for the integrity and security of the process it will not be wise to make the reasoning in each particular case fully public.
Let’s go!
We are excited to restart the delegation process, getting in touch with all the existing validators and hopefully onboarding new ones. Help and engagement from validators will be an important driver of the network’s success, and we are committed to making the most of the delegation power in our hands.
If you have any questions about the delegation process that weren’t answered here, you can contact SCRT Labs at [email protected].
To discuss Secret Network and Secret Apps, visit our community channels:
