Is it really difficult for Filecoin miners? The official compromise is to release 25% of the rewards immediately and urgently need a staking platform

Let’s look at two things first:

1. In the Filecoin China official group, you can see that miners raised questions about the economic model to the official.

2. Chu Hang’s “bitter complaint” about the official economic model in his WeChat Moments

In the eyes of the public, it seems that the official economic model is indeed unfriendly to miners, but this is not entirely true. According to the author’s understanding, the miners are not facing as much difficulty as they describe, and publicly making these remarks is just to put pressure on the authorities and to gain more benefits for themselves.

Here are the facts:

1 "Test coin" = "real coin"

After the mainnet was launched, the official did migrate all sectors from Space Race 1 and 2 to the mainnet as promised. Not only that, the pledges and rewards of these sectors were also migrated to the mainnet (but the rewards were released after 540 days). It was originally said that the test currency FIL on the testnet and the mainnet FIL would have a certain ratio of replacement relationship, but the official did not do a fork at all, and the FIL on the testnet was directly the mainnet FIL!

The official statement is that the stakes and block rewards obtained from these sectors will also be migrated to the mainnet to reward miners who helped with stress testing, protocol improvements, and preparation for the mainnet launch throughout the space race.

According to the block browser, there are now 19 million FIL circulating in the entire network. These 19 million FIL are tradable and circulated, and the FIL pledged in the machine has been deducted.

You should know that all official private and public offerings are released linearly over 6 months, and the daily volume is only more than 300,000. Why is there such a large circulation volume?

The reason is that the test coins during the first and second tests are actually the main network coins, which is equivalent to the main network coins that miners have pre-mined for a long time before the private placement is released. Therefore, most of the FIL circulating in the market now actually comes from the miner group.

2 The miners who cursed and said they loved it

According to the official block browser, the total network computing power is now increasing by 145.48T/H per hour, which is approximately equal to 3.4P per day. It is indeed much slower than the test network period when no staking was required, but the computing power is still increasing. The main reason is that the computing power has now become a staking of real money, so no one is using the full performance of their machines.

However, the initial computing power growth has a great impact on the effective computing power ratio of miners in the future, that is, the FIL output. Therefore, in order to ensure the output of their own mining machines, mining machine manufacturers will still pledge a part of FIL to run computing power, including posting on WeChat Moments to "complain" about the official Space-Time Cloud.

Calculated based on the current fan blade pledge ratio of 0.187FIL/32G, the computing power growth rate of the entire network is 145.48T/H, which is approximately equal to 3.4P/day. Staking requires 20,000 FIL per day.

3. This change in the release rules can alleviate the pledge problem

This time, FIP-0004, for the staking of mining block rewards, allows a small portion (25%) of the block rewards to be released to miners immediately, while the majority (75%) of the block rewards still need to be released linearly according to the 180-day period.

Currently, the pledge amount of a single fan blade is 0.187FIL, and the pledge amount of a single T is 5.984FIL/T. The current output of a single T is 0.255FIL/T.

If we follow this modified economic model:

The output of a single T is 0.255FIL/T, 0.063 FIL will be released immediately, and the rest will be released every 180 days.

This method can indeed ease the relationship between pledge and output and move the balance point between pledge and output forward, but it is still severe.

4 Impact on the long-term market

In fact, there are quite a few projects that forked Filecoin this time, and there are also players with strong backgrounds. But overall, miners still chose FIlecoin when choosing their "team". The main reason is that the official has done a good job in "binding" the miners.

Whether it is the inheritance of effective computing power and the inheritance of block rewards during the test period, the miners are "unable to stop". In addition, the immediate release of "25%" this time also makes the miners taste the sweetness, but it is obvious that the release of output and the one-time pledge have not yet reached a balance. In the short term, the pledge of FIL is still a problem.

Industry insiders pointed out that what is more critical is the establishment of an official staking platform, which can use stablecoins or BTC, ETH to pledge FIL for collateral; in addition, corresponding policies to incentivize the storage of valid data should be introduced to promote the connection between Filecoin and real applications in the real world.