After observing activity in the first 12 days since the incentive proposal was announced, it appears to be in the best interest of the network to push back the migration bonus deadline. We’re 16 days away from the original deadline of April 30th and so far ~40 stakers (addresses) have successfully launched a PRE client, excluding those run by the NuCypher team. The staking rate sits at 10.33%. So evidently our prospective staker array needs more time.
Thank you to those who provided the recommendation to delay and your patience in awaiting the proposal update (deadline edited above from April 30th to May 15th).
Note that this modification only applies to the proposal, which must still be formally validated by the token-holder DAO. That validation process does not yet have a fixed kick-off date but will also be moved back by 15 days – i.e. to the first few days of May at the latest.
A clarification on the proposed target yield of 15%. The unanimously supported stable yield snapshot of Nov 21 posited, at network genesis, a maximum inflation and corresponding minumum yield as 10%. However, the inflation and yield only converge when the staking rate is 100%. As mentioned, the rate is currently 10.33%. So in practice, the network can safely provide a more generous target yield (indeed, this better resembles the curve in the original proposal, and aligns to some extent with @jakelynch’s thinking on node capex), as part of a staker recruitment drive ahead of the full apps launch later this year.