The voting phase is starting for LTO Network’s JUICY Mainnet Update.
On December 30, 2021, we announced the vision for an updated tokenomics on our blockchain network. This update is called JUICY and has been in development over the last four months.
We are excited to share that the update is moving from our Testnet to the LTO Network Mainnet and a public node voting phase will begin in the coming days.
JUICY has two main functions:
- Improve the APY for staking on our mainnet.
- Provide competitive and stable transaction costs to attract more clients.
Tokens will be locked for 3,000 blocks (approx. 2 days) after ending a lease. During this period the tokens can't be spent or transferred, and do not count towards staking.
When mining a block, new tokens are minted resulting in a higher APY for staking. The APY depends on the total number of LTO staked on the network.
The voting round is 10000 blocks. In order for the vote to pass and the update to be activated, it needs 80% or more of the votes. The voting round starts on Wednesday 4th of May around 16:00 CET and will last approximately a week.
The vote will be for the following:
- Minted block rewards
- Change fee burn from 0.1 LTO to 50% of the tx fee
- Lease unbonding period of 3000 blocks
- Fee voting
- Consensus based fees
- New transaction type: Burn tx (21)
If you are running a node, please update to v1.6.3. Here is the simple step-by-step guide:
First, add feature vote to docker-compose.yml as environment variable:
Pull the latest or v1.6 image and restart node:
docker-compose up -d
Fee voting cron job
The docker container contains a script to set the fee vote for the node based on the current price of LTO in USD. The price is fetched from CoinGecko using their API.
In addition to CoinGecko, the script can also get the price from CoinMarketCap. If it's able to get both prices, the script will only set a vote when the values are roughly equal.
To enable CoinMarketCap (optional), go to CMC Pro and get a (free) API Key. Add the key to your docker-compose.yml as environment variable:
Testnet update (completed)
The voting round on testnet is 6000 blocks. In order to pass through, it needs 66% or more of the votes.
The JUICY update will progress to the mainnet following extensive testing on testnet.