We are excited to announce that the State Guardian Network (SGN) v2 is now live at sgn.celer.network! This upgrade ushers in a brand new user experience and direct value capture from Celer cBridge and Inter-chain Message framework for SGN stakers. In addition to the regular PoS staking rewards, stakers will now receive transaction fee earnings captured from Celer cBridge and Celer IM-based inter-chain dApps.
The State Guardian Network is a Cosmos SDK based Proof-of-Stake blockchain that uses the same security mechanisms of other L1 PoS blockchains like Cosmos Hub or Polygon. It serves as a message router between different blockchains, facilitating general message passing and cross-chain fund transfers. Celer cBridge and the Celer Inter-chain Message Framework (Celer IM), leverages the SGN in cross-chain transactions for its PoS security, fast finality, and low cost.
Compared to v1, the v2 upgrade specifically focuses on enabling the SGN with the capability to capture transaction fees from the cross-chain transaction it processes, which in the case of cBridge, is based on the transaction volume in each transfer for the liquidity pool based model. For Celer IM-based inter-chain dApps, it is based on the message size.
Stakers even have the flexibility to capture SGN staking and transaction rewards without running a node themselves. By paying the validator a commission — a predetermined percentage of their rewards down the road, stakers can still enjoy the benefits associated with their stakes when they delegate CELR to a validator.
Along with the new launch of SGN v2 on Mar 16, 2022 (UTC), the first batch of v1 validators have successfully completed migration to v2, and are ready to be delegated. More validators will migrate from SGNv1 over time. Starting Mar 16 (UTC), the stake withdrawal and unbounding delay for SGNv1 will be adjusted to close to zero. This is to better facilitate staker migration for delegators. The original 7-day confirmation unbounding wait time for stake withdrawals will be removed.
To migrate to from v1 to v2, follow 3 steps:
SGN v1 will stop producing staking rewards on Mar 23, 2022 (UTC), while the withdrawal portal will be kept open indefinitely.
For questions and support during the migration, please post your questions in the state-guardian-network-migration channel in Celer Network discord. Please be aware of scammers and our support will never DM you first regarding any of your delegation migration questions.
See you all in the State Guardian Network v2!
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