The REI Network Foundation has fully unstaked its early-stage Voting Support from Super Validators. From now on, validator rankings will be determined by community votes. The top 21 “Super Validators” will be selected to validate blocks, earning staking rewards and transaction fees.
REI Network Foundation has fully unstaked its early-stage Voting Support from Super Validators.From now on, validator rankings in REI DAO will largely be determined by community votes, with the top 21 "Super Validators" elected to validate blocks, earning staking rewards and… pic.twitter.com/SUMU1UMJvd
— REI Network｜From #GXChain! (@GXChainGlobal) November 13, 2024
REI Network Shifts to Open Development, Empowering Users with Decentralized Voting
This is the beginning of the “Open Development Phase” for REI Network. It brings more decentralized and transparent validator election process. It makes more people who would like to use the public blockchain be able to do so.
After the network upgrade in August 2022, the REI Network Foundation has introduced an incentive plan. This was passed through a voting system in the community and the Foundation used its 25 million $REI votes. These votes supported the 21 top validators that actively contributed to the development of REI DAO during its initial stage. These have been instrumental in the realization of REI Network that is the launch of mainnet.
REI DAO has been on an upward trajectory in the last two years of its existence. To date, 135,659,483 of REI tokens have been staked, which is equivalent to 13.5% of the total token supply. Further, 14,429,565 REI in rewards has been given to the validators.
REI Network Distributes 10 Million $REI Annually for Rewards and Consumption
Annually 10 million $REI is distributed for block production rewards, staking rewards as well as for consumptions of Crude. The rewards are proportional to the vote share meaning that participants who had a higher vote share will produce more blocks and earn more.
When REI Network moves to the Open Development Phase, it will keep enhancing its technology base. The purpose is to improve validators’ performance and increase the number of candidates. This will go a long way in extending the decentralization within the network, as well as enhancing economic security.
