Announcement | Qitmeer Umayyad Network 1.0 Operation Status and Revenue Details (Phase 1)

Announcement | Qitmeer Umayyad Network 1.0 Operation Status and Revenue Details (Phase 1)

Note: The data collection for this series of reports is based on every 90,000 mainHeights, which is synchronized with the lock-up period.

Since the creation of Umayyad Network 1.0 at 19:00:00 on 2021-09-29, the network has been in good condition and blocks have been stable. The computing power of the entire network has increased slowly, and the current difficulty requires computing power of about 73TH/s. The current mining profit advantage is huge, and the daily profit of a single mining machine is about 197meer. As of 2021-10-31 02:56:49, the main chain height has reached 90000 (order=90013)

  • The network concurrency is low, with a concurrency rate of about 0.14‰;

  • The PoW output is 900130 meer. The previous cumulative mapping release is about 844892 meer, so the actual total output is about 1.745 million meer.

  • The on-chain transaction volume is approximately 3,097,052 meer.

The first phase of lock-up deadline block (mainHeight=90000) was generated at 2021-10-31 02:56:49, so the funds added to the lock-up pool before 2021-10-31 02:56:49 are included in the first phase of new lock-up funds. The total amount of lock-up in the first phase is 232400.14554935 meer, and the pledge rate is 12.91%, which does not meet the minimum threshold lock-up amount requirement, so the basic incentive level is the threshold-free incentive level. The total amount of basic incentives in the first phase is 194400 meer, and the actual basic incentives obtained are 194400*38%=73872 meer, 36936 meer each in the Guardian Pool and the Glory Pool.

  • The total amount of locked funds in the guardian pool is 133929.45059685 meer

  • The total amount of locked funds in the glory pool is 98470.6949525 meer

The average basic yield of the Guardian Pool is about 27.58% (330.94% annualized), and the average basic yield of the Glory Pool is 37.51% (450.12% annualized). Since the calculation of the basic yield takes into account the lock-up period, the actual basic yield of each fund in the current period will be affected by the period of joining the lock-up. The yield of funds that join the lock-up earlier will be higher than the average yield.

The current competition incentive belongs to the guardian pool, and an additional competition incentive of 21,600 meer is obtained, with an additional yield of approximately 16.13% (combined yield of 193.53%).


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