Economic Node Maturity Period Waive Event



  • Originally published on August 16th, 2018.

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    As we announced, X Node monitoring will resume on September 1st. September 1st is also the date that economic nodes tracking begins for qualified wallets wanting to receive extra VTHO rewards. Mjolnir Nodes, Thunder Nodes, and Strength Nodes are eligible to receive additional VTHO rewards from the Foundation Reward Pool of 15 billion VET.

    “Node Maturity Period” is a term used in the VeChain ecosystem, for the period in which a wallet has to wait before advancing to a higher tier of masternode. Once a wallet has the amount needed to qualify for a particular node, and the corresponding amount stored in a trackable wallet, then the Node Maturity Period starts to count after the user applies in the VeChainThor wallet app. This process will begin to function as monitoring begins on September 1st.

    When the maturity period ends, and the quantity of VET stored in the trackable does not drop below the threshold at any given moment, then the node status will be officially designated, and the node rewards will start to generate.

    • Strength Nodes Maturity Period: 10 days after a trackable wallet has a minimum balance of 1,000,000 VET;

    • Thunder Nodes Maturity Period: 20 days after a Strength Node has a minimum balance of 5,000,000 VET;

    • Mjolnir Masternodes Maturity Period: 30 days after a Thunder Node has a minimum balance of 15,000,000 VET.

    To celebrate the mainnet launch and the VeChain project’s one year anniversary, we introduced the ‘Economic Node Maturity Period Waive’ event! Normally, to upgrade your Economic Node, you need to endure a 10–20–30 day maturity period (60 days maximum). Now, with the ‘Economic Node Maturity Period Waive’ event, you will be able to get your maturity period waived, instantly upgrading your node without losing days, or even months, of VTHO rewards.

    How does this work?

    1. By August 20th 12 PM UTC+8, VET holders need to store at least 1,000,000 VET (Strength Node) in a VeChainThor wallet address;

    2. Before the September 1st snapshot, your VET balance should not drop below the amount at the August 2oth snapshot;

    3. Your economic node type will be determined by the September 1st snapshot balance.

    For example, you have between 1,000,000 and 4,999,999 VET (categorized as a Strength Node) in a VeChainThor wallet in time for the Economic Node snapshot on August 20th:

    • If you keep the entire balance throughout this monitored period, on Sept 1 you will have waived the Strength maturity period and will start generating VTHO rewards as a Strength Node netting you 10 extra days of VTHO rewards;
    • If you deposit additional VET to move to a Thunder Node or Mjolnir Node before Sept 1, you will have the correlating maturity periods waived and will start generating VTHO rewards as a Thunder or Mjolnir Node depending on the deposited amount netting you 30 or 60 extra days of VTHO rewards;
    • If you drop below your snapshotted amount, you will lose your maturity waive eligibility. You will have to undergo the maturity period if you decide to deposit enough VET to qualify as an Economic Node again, starting at 1M VET.

    For example, you have between 5,000,000 and 14,999,999 VET (categorized as a Thunder Node) in a VeChainThor wallet in time for the Economic Node snapshot on August 20th:

    • If you keep your entire balance throughout this monitored period, on Sept 1 you will have waived the Strength and Thunder maturity periods and will start generating VTHO rewards as a Thunder Node netting you 30 extra days of VTHO rewards;

    • If you deposit enough VET to move to a Mjolnir Node, you will have the Strength, Thunder, and Mjolnir maturity periods waived netting you 60 extra days of VTHO rewards;

    • If you drop below the snapshotted amount, you will lose your maturity waive eligibility. You will have to undergo the maturity period if you decide to deposit enough VET to qualify as an Economic Node again, starting at 1M VET.
      For example, you have above 15,000,000 VET (categorized as a Mjolnir Node) in a VeChainThor wallet in time for the Economic Node snapshot on August 20th:

    • If you keep your entire balance throughout this monitored period, on Sept 1 you will have waived the Strength, Thunder, and Mjolnir maturity periods and will start generating VTHO rewards as a Mjolnir Node netting you 60 extra days of VTHO rewards;
      If you drop below the snapshotted amount, you will lose your maturity waive eligibility. You will have to undergo the maturity period if you decide to deposit enough VET to qualify as an Economic Node again, starting at 1M VET.

    TLDR; If a qualified Economic Node is in a VeChainThor wallet by August 20th 12 PM UTC+8, the maturity period is waived when tracking begins on September 1st.


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