First Steps: Moving Funds In & Out of the Contest
Users interested in participating in the Epoch 10.2 mining contest should purchase some COFFEE using USDT.
Additionally, those who’d like to mine can purchase at least 1 CML.
Please note that the profitability of CML mining is extremely limited during Epoch 10.2 as there are no opportunities to host TApps. Without any ability to host TApps, CML owners can only earn remote attestation rewards during Epoch 10.2.
COFFEE cashout is done manually through the following form.
Asset Profitability Changes in Epoch 10.2
1. Global Token Holders
Starting in Epoch 10.2, there will be a new subsidy paid of 9T for every end-user transaction that functions as a consume action to the TAppStore. The end-user already pays 1T for every layer-2 transaction, so a total of 10T will enter the ecosystem as TAppStore income. This amount will be the dividend for the Global Token holders.
The above subsidy has a cap of 100,000T. Once this cap has been reached, there’ll be no more subsidy paid out for the remainder of the epoch. [Note that the Global token was deprecated in Epoch 11 and rewards instead were re-designed to flow directly to TEA token holders].
2. State Maintainer Seat License Holders
As far as changes affecting seat license holders, the same subsidy that existed during 10.1 will remain in place for 10.2. To recap, there’s currently a subsidy in place to pay the memory tax (10T every 100 blocks). There are 14400 blocks in each day of Epoch 10.2 which lasts a total of 13 days. The math works out to the subsidy paying out a total of (14400/100) * 10 * 13 = 18720T during the epoch.
The memory tax is the sole source of revenue for seat license holders. This income is balanced against the 7% self-valuation Harberger Tax that seat license holders must pay as an expense.
3. Remote Attestation Rewards
The public service rewards (e.g. remote attestation) earned by CML miners are the highest priority expense that comes out of the Harberger Tax. When this tax is paid by the seat license holders, a check will be made to ensure the Harberger Tax is enough to cover the public service rewards. If the tax is not enough, there will be a subsidy in place to make up any shortfall.
The maximum public service would be (14400/300) * 13 = 624T for the entirety of Epoch 10.2. There’s no change on the public service reward amount from the previous epoch.
To summarize, the total maximum subsidy will be:
- Consume action to the TAppStore (paid to Global Token holders): 100,000T.
- Memory tax (paid out to seat license holders): 18,720T.
- Public service rewards (paid out to CML miners): 624T.
Adding these three together gives us a maximum subsidy of 119,344T during Epoch 10.2.
Rewards for 10.2 Are Injected Directly Into the Ecosystem
In Epoch 10.1, the $100 added reward was given to the top finisher on the leaderboard. During 10.2, the reward will be increased and the distribution will no longer be based on the leaderboard.
- The new reward amount for Epoch 10.2 is 119 COFFEE, or 119 USD. This correlates to the maximum subsidy of 119,344T where 1 COFFEE = 1,000T.
- The reward amount will be directly injected into the ecosystem in the manner described in the previous Asset Profitability Changes section.
The Leaderboard Will Now Show User Asset Value in USD
There’s now a new column in the leaderboard that shows the USD equivalent that each tester has earned. This number is calculated by multiplying each contestant’s net TEA asset gain by 0.001 to get the USD equivalent.
Make Sure to Register for the Competition!
Registering for the competition is still done via the Leaderboard tab:
You’ll be asked to provide your ETH address (not your Polkadot wallet address) as we begin preparing for our move to Ethereum in Epoch 11:
Registering for the competition lets us know that you’re actually competing and also lets us know to rollover your assets into the new epoch. Registering is the best way to make sure your assets carry over into the next competition period.
And as always, feel free to ask questions in our Telegram group.