Ares Protocol has launched its mainnet at block height 990766, and the mainnet Odyssey has been running smoothly for nine months now. Recently, due to the departure of some nodes, there is a nominator dropout situation, which will directly affect the nominators’ earnings.
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.
As a nominator, you need to check the nomination status in a timely manner. When there is a nomination inactive or “slash” related penalty, you need to replace the Validator in time to nominate, so as not to cause more damage.
Nominator change node for nomination
Click “Network” and select “Staking.” Stop the original nomination on the “Accounts” page.
Make a nomination
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; 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.
Nomination reward & penalty rules
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.
The rewards obtained need to be withdrawn within 84 eras. Otherwise, they will be destroyed.
About the penalties for nomination
A drop in the validator will also cost the nominator an equal percentage of the staking. When the validator drops, a slashing score is calculated and used to punish the validator. This score is obtained through the Imonline module. Nominators will also bear the same percentage of loss as supported nodes. You can check the penalties related to “slashes” for details.
We look forward to your active participation in the main net Odyssey as a validator/nominator and your continued contribution to the development of the Ares Protocol!
Ares Protocol is a decentralized cross-chain oracle platform that introduces a truly new generation of cross-chain oracle service protocols with on-chain data verification and is the first to open a compensation channel for data users in case they suffer business losses due to the use of data provided by the oracle.
Ares Protocol is an oracle solution with security using VRF, developed on the Substrate framework, and it supports hybrid Babe and off-chain workers. It integrates Polkadot’s latest on-chain governance, brings the Optimistic Rollup challenge model into the oracle field, supports the Ink contract ecosystem, and brings better oracle services to DeFi Developers.
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