Update on Padlock Validator Rewards

First off, we would like to start by saying, thank you all!

For not only signing up to become a validator on Padlock, but also for sharing the rewards program. The team has been blown away, we really appreciate your interest and enthusiasm in the project.

The project has experienced:

  • Validators growth from an initial 50 to 400 in less than 48 hours — a 700% increase

Validator Rewards Distribution

Padlock validator rewards will be released on the following Monday.

For example, if you sign up for the rewards and run a node on Thursday. You will receive your reward on the following Monday.

1st Release of Rewards

To be 100% clear:

You have to be running a node, have signed up to Validator Rewards and your node has to be selected as a validator to be eligible to receive the rewards.

The term ‘to be selected as a validator’ refers to a node that has moved from the waiting list to the active validator list.

Here are the links to the validator waiting list and active validator list.

Anyone who has filled in the validator rewards form, ran a node as a validator for the first time and was selected as a validator between Monday 16th August — Sunday 22nd 2021, will receive their reward of 100 $KIAN tokens for that week and 100 $KIAN tokens for the week Monday 23rd August — Sunday 29th 2021. If you haven’t filled in the form correctly, our team will reach out to fill in any gaps.

Likewise for anyone who started running a node for the first time last week (between Monday 23rd August — Sunday 29th 2021) signed up for the validator rewards and was selected as a validator will also get their reward of 100 $KIAN tokens.

Please bear with us with the rewards distribution as there has been a large number of submissions.

New Rewards Structure

Due to the unprecedented demand for validators, we needed to adjust the size of the rewards in order to accommodate everyone.

After the above dates, validator rewards will be adjusted to $1 worth of KIAN to accommodate the 400 active validators on Padlock. Plus give the flexibility to add the 530+ validators on the waitlist.

Running Multiple Nodes

Due to the additional validator demand, we limiting rewards to one per person, but when we release Mainnet you can run as many nodes as you like.

This is to be fair to other validators who also want to participate in the rewards program.

What is Next?

We are very excited to build Porta with you all. Your feedback has already made a positive impact with Padlock and beyond.

Currently, we are building:

  • Staking platform due in Q3 2021

The $KIAN token will approximately be converted into the $PORTA token during Q1 2022.

We look forward to sharing more future releases and updates about the Porta ecosystem with you all.

Thank you.

P.S: If you have any questions, please do reach out to the team on Discord.

Porta makes blockchain products accessible to everyone.