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L2MP STAKING

The Level 2 EVM network built on top of the Waves blockchain marks the initial
phase of the Waves 2.0 vision. This network facilitates the interaction of
various chains through a streamlined beacon-chain, designed specifically for
efficient zero-knowledge proof verification. It focuses on supporting basic
transactions, including transfers and native token staking, while utilizing the
same cost-effective consensus mechanism across all participating L2s.
Furthermore, it enables seamless interchain transfers among these networks.
Unlike other approaches, our optimization strategy involves enhancing the L1
layer for L2 interactions. Rather than optimizing L2 to align with a particular
L1, we introduce a Layer Zero, or L0 network. The primary purpose of this
network is to serve as the foundational layer, delivering consensus and
facilitating interchain interaction capabilities for multiple interconnected
chains.
The initial phase towards establishing a comprehensive network involves
launching an L2 network that interacts with the existing Waves blockchain while
supporting the Ethereum Virtual Machine (EVM). The concepts employed in this
network will be expanded to other L2 chains, including L2-L1 interaction and L2
consensus through re-staking, which utilizes validators' stake locked on L1.
To realize the envisioned architecture, we need to enhance the Waves layer with
provable finality, ensuring transactions cannot be reversed after a specific
number of blocks. Additionally, we will implement a 'fractal consensus' model
where L2 consensus essentially mirrors the consensus mechanism of L1. In this
approach, L2 consensus relies on stake locked on L1. To achieve this, we
separate the consensus layer from the processing layer, allowing L2 to solely
focus on processing tasks while delegating consensus responsibilities to L1.
To establish the network, an intermediary token called Mining Power Token (L2MP)
is introduced. L2MP allows users to secure a portion of the future supply of the
L2 native token. The L2 native token serves as the fee asset on L2, with
transaction fees paid in this token. Additionally, it plays a role in the L2
DAO. Initially, the L2 native token will have zero supply, creating scarcity
during the system's early launch phase.
L2MP holders can participate in the mining of the L2 native token by staking
their L2MP to one of the Waves L1 nodes. During the bootstrapping phase of the
EVM L2, only L2MP holders will be eligible for L2 token mining. 50% of the total
10 million supply will be distributed based solely on L2MP balances over a
one-year period after the launch. After this period, staked Waves can be used
for L2 validation, and the inflation of the L2 token will be reduced by 50%
annually until the total supply reaches 10 million tokens.
The total supply of L2MP is 1 billion tokens. Out of this, 600 million tokens
are reserved for XTN holders, who can swap their XTN for L2MP on a 1:1 basis
without any restrictions, including vested XTN on vires.finance. Unvested
accounts on vires.finance can also swap their balances into L2MP based on a
ratio of 1 USD WXG = 1 L2MP.
Furthermore, 100 million L2MP tokens are reserved for Waves ecosystem
incentives, including swaps for WXG assets and Waves DAO rewards. 300 million
tokens are allocated for staking rewards, which will be distributed to L2MP
stakers over a 6-month period. This allocation aims to facilitate early swaps
into L2MP, aiming to increase the utility of XTN and reduce its excessive
supply.
You can swap XTN to L2MP and stake them here.
L2MP Staking
Estimated Annual Interest

206.29
%
Remaining Time

1m 1w 2d 15h 15m

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