Odyssey Mainnet Prep Network Nominator Tutorial

Odyssey, a prep network with the same functionality as the mainnet 1:1, was officially launched on July 21. The Odyssey network is now open for cross-link bridge functionality mapping ERC20/BEP20 ARES. The latest mainnet prep node manual has been released, and verifiers are conducting a new round of node deployment.

Odyssey Network.

https://js.aresprotocol.io/?rpc=wss%3A%2F%2Fodyssey.aresprotocol.io#/staking

The Odyssey mainnet prep network is currently running smoothly. As the broadest range of ARES holders, how can I participate in the Odyssey Mainnet Prep Network?

ARES holders can all become Odyssey Mainnet Prep Network nominators. A nominator is a user who nominates for one or more nodes in the Ares Odyssey Prep Network. Nominators use ARES as a nomination asset to make nominations for nodes and receive the corresponding rewards but also bear the related penalties because the nominated nodes are penalized.

What do nominators need to do to join the Odyssey mainnet prep network? You need to complete the following steps.

1. Create an Odyssey account & stake

2. Nominate one or more nodes

3. Check penalties & withdraw assets

Create Odyssey Account & Stake

Create an Odyssey account

As a nominator, you must create an account in the Odyssey network first. You can log in to your account using your Polkadot{.Js} wallet or “add an account” directly in the Odyssey network.

For more information, please see the Wiki:

https://docs.aresprotocol.io/docs/en/odysseyCreateAccount

Mapping ERC20/BEP20 ARES tokens

After creating an Odyssey account, the nominator needs to map ERC20/BEP20 ARES from the ETH / BSC network to the Odyssey network. Note here to leave enough for cross-chain bridge fees and GAS fees required for Odyssey network operation.

For more details, please see the Wiki:

https://docs.aresprotocol.io/docs/en/odysseyCrossChainBridge

How to bond stash & controller accounts

After completing the ERC20/BEP20 ARES mapping, nominators must ensure they have completed the account configuration and bond your stash and controller accounts.

See the Wiki for details:

https://docs.aresprotocol.io/docs/en/odysseyBindStashAndController

Nominate for any one or more nodes

Select the node you want to nominate

After entering Odyssey APP, click “Network” and select the “Staking” screen. In “Staking Overview,” you will see a list of running Ares nodes. You can nominate one or more of them and get rewards from their staking earnings.

Select the node you want to nominate and click on the node’s avatar as shown below to copy its Odyssey address.

About the rewards for nominations

The node sets the nomination fee, the percentage of the nominator’s commission that the node shares with the staking revenue. It is important to note that the lower the commission percentage, the higher the reward the nominator will receive. If the commission is 0%, the nominator will get 100% of the prize.

On the “target” page, you will see Odyssey’s annualized earnings rate in real-time.

Nominator reward ≈ Odyssey annualized yield * Nominator stake amount * (1 — commission percentage)

At the same time, when you want to check precisely the rewards you have received, you can click on the “payouts” page to see the nomination rewards received by each era.

Make a nomination

Click “Network” and select “Staking.” Add “Nominator” on the “Accounts” screen, confirm your Stash and Controller accounts, and enter the amount of money you have tied up.

Paste the Odyssey node address or directly select the corresponding node name and click “Nominate” to nominate.

After signing the transaction, you will enter the Nominator waiting area and wait for about 1era (i.e., 24 hours); you will officially become a Nominator and start calculating the reward.

Check the nomination status.

You can return to the “staking — overview” screen to see if you have successfully become a nominator and if the amount you nominated is accurate. When a successful nomination is made, the “nomination” icon will be displayed in front of the node name, and clicking on the “other stake” drop-down button will display the specific nominator Odyssey address and amount.

Check Penalty Status & Withdrawal of Assets

It is essential to remind nominators that when selecting nodes for nomination, they should not only consider the revenue situation but also need to choose nodes that run smoothly based on the operation of the “points” node. The drop of the node will also cause the nominator to lose the same percentage of the stake money.

Verifier Penalty

When a verifier is reported to be punished, a slashing score is calculated and used to punish the verifier. This score is obtained through the Imonline module. When the number of verifiers drops is within 10%, there is no penalty; over 10%, there is a penalty, which grows linearly according to the number of verifiers offline, deducting up to 7% of the stake money.

Imonline penalty formula

// basically, 10% can be offline with no slash, but after that, it linearly climbs up to 7%

// when 13/30 are offline (around 5% when 1/3 are offline).

Nominators will also bear the same percentage of loss as supported nodes. You can check the penalties related to “slashes” for details. The rewards obtained need to be withdrawn within 84 eras (i.e., 84 days). Otherwise, they will be destroyed.

ARES withdrawn to the Odyssey account can be mapped to ERC20/BEP20 ARES via a cross-chain bridge.

For more details, please see the Wiki:

https://docs.aresprotocol.io/docs/zh-CN/odysseySlashAndWithdraw.

The latest mainnet prep network nominator tutorial has been officially announced this week; looking forward to your nomination for the verifier node and building Ares Protocol together!

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