The Blockchain network Chromia has announced two significant updates, marking a major advancement for its ecosystem. The MVP mainnet phase will conclude on September 30, while staking on the mainnet will begin on September 24. This marks an essential milestone for the network, now officially referred to as the “Chromia Mainnet.”
Why the Mainnet Transition?
Chromia started its journey with the “Minimum Viable Product” (MVP) in July to establish the foundation for its more extensive mainnet goals. The transition involves numerous updates, such as integrating CHR coin deposits and withdrawals into Chromia Vault. It also introduces direct staking, delegation, and new security features, preparing for future support of stablecoins and EVM coins.
What Does Staking Offer?
From September 24, users can stake CHR coins on the Chromia, Ethereum, and BNB Chain networks. This new staking interface allows transactions across all these networks using the same EVM address and Chromia account. Stakers will earn an annual percentage rate (APR) of 10%, plus a share of network fees, varying by network size and cluster occupancy.
Key Takeaways
The updates bring several implications for existing and new users:
- Existing stakers must delegate their coins to start earning rewards under the new system.
- Rewards will be distributed daily in CHR coins on the Chromia mainnet.
- Withdrawal requests have a two-week waiting period per Blockchain.
- The old EVM staking will continue until September 28, 2024, with remaining rewards to be claimed by April 1, 2025.
- Users staking on September 24 will benefit from double rewards for up to four days.
Chromia aims to provide unique decentralized applications, customizable fee structures, and locally queryable data using a Layer-1 relational Blockchain approach. This facilitates real-time data indexing and advanced cryptocurrency management, enhancing user experiences and enabling new Web3 business models.