OpenSwap Bridge Testnet Update: Troll Management
We hope everyone’s holding up in this bear market, here at OpenSwap, we are buidling no matter the market conditions as we are all true believers of crypto and decentralization.
As we move closer to OpenSwap Bridge’s mainnet release, we want to introduce new additional features to our testnet crosschain bridge for users to familiarize themselves with how our bridge will function on mainnet.
This week, we will be introducing the ‘Troll Management’ feature. It is an integral part of OpenSwap Bridge as it helps create and validate transactions, as well as contributes to decentralization. For this patch, our testnet users can stake $OSWAP tokens to obtain Green Troll NFTs, and stake these NFTs to be rewarded a portion of the bridge fees.
What are Green Trolls?
The OpenSwap Bridge relies on validators to monitor transaction requests, help verify, and sign transactions to confirm deposits and withdrawals of funds on the many different supported blockchains. These validators will be compensated with a portion of the transaction fees for their effort and contribution.
The idea of ‘Green Trolls’ is important, and is the gateway for the majority of OpenSwap users to become validators. Once a user becomes a validator, they are to contribute and help OpenSwap Bridge verify and sign bridge transactions assigned to them with the number of signatures needed depending on the transaction amount.
We are aiming for OpenSwap Bridge to rollout on mainnet from around July to August, and if everything works smoothly during the initial period, Bridge Troll NFT holders will be introduced and enabled to become a node validators by running software provided by us or delegate their Bridge Troll NFTs to a node (for this specific patch, only the latter is available). For Trolls of you who are new to the concept of Bridge Trolls, additional information can be found here.
For this testnet OpenSwap Bridge patch, it is worth noting that there will be no reward for the time being as it will be handled off-chain and will be implemented upon mainnet release.
So What about Mean Trolls?
Mean Trolls will be upgraded from Green Trolls. To become a Mean Troll, the user will be required to stake a large amount of $OSWAP token as a qualification stake, and in return for carrying out additional responsibilities, Mean Trolls will be eligible for a greater share of the bridge fees.
To be trusted to carry out these additional responsibilities, Mean Trolls will need to be voted into place by the bridge community (a concept we will elaborate on in upcoming updates), and may require a more specific Bridge Troll NFT to serve this role. More information will be provided as we transition closer to mainnet rollout.
Rough Plan for Fee Distribution
While we are still a few months away from releasing OpenSwap Bridge on mainnet, we wish to take this opportunity to begin introducing a potential fee distribution structure for the initial rollout.
Please note that this structure is not final and may change.
Again, we wish to reiterate that the above fee distribution is not final, and there may be changes made to it. However, as most OpenSwap supporters should already be aware, we are a community-focused project and strong believers of true decentralization, hence changes (including bridge fee distribution structure) can always be voted into effect in the future through the OpenSwap decentralized governance portal where any community members can submit executive proposals.
Try Troll Management
We hope community members can start familiarizing themselves with Troll Management on OpenSwap. Please see below a quick guide provided by us.
Step 1: Get enough $OSWAP (on BSC)
Step 2: Stake $OSWAP to get a Green Troll NFT
Step 3: Select a General Troll to stake the NFT on
Step 4: Select a NFT to stake
Step 5: Approve and stake
Step 6: Check how the Troll is performing
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset crosschain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.