Marlin tokens are used for payment, governance, pledge and other purposes, and it is planned to allocate 20% of the total to token owners such as ATOM and DOT.
Written by: Lily
Layer 0 has always been regarded as the key bottleneck of blockchain expansion. Its expansion method is mainly focused on building a relay network and improving the speed of data transmission. On this track, Marlin is the star player of the Layer 0 solution. What is the knowledge and gameplay in it? Let’s meet together.
What is Marlin
Marlin aims to optimize the network communication architecture under the blockchain and use Layer 0 as one of the open protocols to bring better scalability, flexibility, and decentralization to the blockchain. From the perspective of Ethereum, Marlin can bring “plug and play” improvements to Ethereum.
According to Marlin CEO Siddhartha Dutta’s definition of Layer 0, Layer 0 is the communication layer that transmits information between nodes. In a blockchain project, the communication layer is the bottom layer of the consensus layer. Users transmit consensus information in the communication layer to serve the consensus.
Marlin is rooted in the communication layer, rather than a single consensus layer serving a blockchain project. This also means that Marlin’s technical model can be applied to many blockchain projects, which can greatly improve their information transmission speed and TPS performance.
The working principle of this is that Marlin draws on the acceleration technology of CDN to divide the blockchain network into multiple relay networks (Relay Network), each relay network has a dedicated docking node (Marlin Node), and the nodes are implemented Point-to-point transmission of information greatly speeds up the spread of information.
It is worth noting that in order to obtain a higher transmission speed, Marlin uses an incentive mechanism for Layer 0 to reward the nodes in the network for successful docking and accelerate data transmission. This also makes Marlin Protocol more competitive with current CDN solutions. The setting of this incentive mechanism has become an important application scenario for Marlin token POND.
Marlin token-POND
The native token of Marlin network is POND, with a total circulation of 10 billion. POND is the key to the continuous operation of the Marlin network, and has many uses such as value media, governance, and pledge.
POND can be used to pay fees, incentivize relay nodes, and encourage the generation of audit nodes.
To qualify as a relay node, at least 1 million PONDs need to be pledged. Therefore, the Marlin network will also set up a penalty mechanism to restrain nodes from doing evil, and realize the first time to find and eliminate those nodes that do not meet the requirements or do evil.
MPOND (1 million POND) is Marlin’s governance and mark, which can be used to create and vote on proposals. Each Marlin node requires a certain amount of support or delegation.
Specific information of MPOND:
- The total supply is 10,000;
- Each node requires at least 1 MPOND to be commissioned;
- MPOND can be used to vote and create proposals, where 1MPOND token = 1 vote (voting can be replaced with tokens);
- MPOND tokens entrusted to other users will be locked;
- MPOND direct transmission will be locked, except for whitelisted addresses. Before universal transmission is enabled, only transmission from whitelisted addresses is possible;
- MPOND can be converted into POND (Bridge contract is used for conversion between MPOND and POND, 1MPOND can be exchanged for 1 million POND tokens, and vice versa.);
- If you delegate or bet, the user will first have to unlock the tokens before they can transfer.
By sending POND to the cross-chain bridge, POND can be converted to MPOND, and the sent POND tokens can be burned when receiving MPOND.
It should be noted that holders of POND tokens can entrust the tokens to relay nodes, and pledge tokens to obtain POND token revenue. If there are many nodes participating in the early stage, a large amount of POND tokens will be locked, because each node needs to pledge 1MPOND tokens. According to the total amount of tokens, theoretically, there will be no more than 10,000 relay nodes in the early stage.
Token distribution model
Marlin has not been publicly sold, and its token POND has two distribution modes: Eggnet relayers and FlowMint gateways.
Eggnet aims to incentivize the supply side of the network to guide decentralized node clusters, and 4.3% of the total supply of POND will be allocated to Eggnet participants. During the peak period of the “Eggnet” stage, more than 1,100 nodes participated, and there are still more than 850 nodes from Nigeria, Brazil, Russia, China and other countries participating.
FlowMint aims to encourage use and improve the fluidity of the network. To put it simply, in order to attract more people to participate in the early stage of Marlin’s ecological construction, some POND tokens will also be used to reward holders of other tokens. This token distribution mechanism is called “Flowmint”.
Marlin Protocol announced the launch of FlowMint on December 15, 2020. Users with ATOM, DOT, IRIS, MATIC, NEAR, etc. can participate in the Marlin network through this mechanism and obtain Marlin token MPOND. And in the next 24 months, Marlin will distribute 20% of MPOND to different communities through FlowMint. Token holders can obtain MPOND rewards by pledge or delegation.
To put it simply, MPOND tokens will be distributed within 720 days, and 20/720*100%=0.027% tokens will be issued every day. Currently, 6 liquidity pools are supported for mining. They are NEAR, DOT, IRIS, MATIC, COSMOS and BNB. The total amount of mining in each pool per day is 0.027/6 tokens, which are used to run Marlin nodes or Participate in governance.
In addition, developers can add support for other chains, and even apply for funding for the development of the same chain. Then, Marlin governance can add the new chain to the whitelist distributed by FlowMint. In this case, the developers spent 20 days writing the Elrond and Ava integration. Starting from the 21st day, the Ava, Cosmos, Elrond, Iris, Matic, NEAR, and Polkadot communities will be eligible for 0.027/7 tokens every day.
How to participate in Marlin’s Flowmint
For the vast majority of ordinary users in the currency circle, the best time to obtain Marlin tokens is to participate in Marlin’s flowmint, that is, to claim MPOND by holding other tokens.
Let’s take Polkadot as an example, and the way to participate is as follows:
prerequisites:
- Install Metamask or enable WalletConnect wallet
- Add the following RPC endpoints for Matic (ChainId: 137).
- Make sure you delegate to the validator shown on the whitelist .
- Log in to learn more about the Polkadot delegation.
Now you can pledge.
Ready to start:
- Click to open the web page . You can see the MPOND balance and unclaimed MPOND on the homepage (once login and bonded-the steps below).
- Click Connect Wallet in the upper right corner and select the option: Metamask or Connect Wallet. Make sure that the correct Matic RPC network is selected. On some browsers, if the network selected on Metamask is different, Metamask will not open automatically. (For example, Ethereum Mainnet or Kovan).
- Click Divein and click the Select button under the corresponding chain.
- Enter the address where you receive MPOND. (Note: addresses created or imported through Metamask or WalletConnect)
- Enter the local chain address for locking or delegation. You will get a prompt saying “0% Staked is eligible for rewards.” If you do not pledge to use this address or are delegating to a non-whitelist validator. You can still continue the binding process and change your delegate later.
- Click Generate address and slide the slider.
- The value of 0 is transferred from the previously specified address to the address shown in the previous step.
It should be noted that every time you click Select, if you log in with the same Matic address, you will be redirected to the harvest page. On this page, you will be able to see your unclaimed MPOND balance and claim it by clicking the harvest button.
For more details about the Flowmint tokens and related tips, you can check on the Marlin official website .
summary
As one of the options for blockchain expansion, Marlin has attracted the attention of all parties with relatively unique solutions since its inception. After a long R&D cycle, Marlin finally came to the last moment before the curtain started. We will wait and see how Marlin solves Ethereum’s troubled performance!
