NFTMart Validator Parameter Update Announcement

Dear community:

We are happy to see an increasing number of validator nodes joining our network since the launch of mainnet. Thank you for becoming a member of our network! For anyone interested in becoming a validator, here is a step-by-step tutorial.

As more nodes are joining the network, the team has recently observed that some new validators are discouraging external nominators by setting the commission close to 100%, which leads to uneven distribution of staked funds, making the whole network less decentralized.

In order to ensure the overall health of the network, we made a temporary adjustment to the maximum number of validators, which allows new validators to review their commission setting. The change will last until staked funds are rebalanced across validators.

If you have recently become a validator, please check your node status to see whether you are affected or not. For those who are affected, your node will enter the wait list. Don’t worry, your fund will not be slashed. You may need to repeat the steps in [https://github.com/nftt-studio/nftmart-validator] in order to restore your validator status.

We recommend future validators set the commission rate to < 30%, so nominators are incentivized to review their staking activities and bond their $NMTs to lesser-backed validators to increase their staking rewards.

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