Dec 19•2 min read
Cycle #73
We received 1.41746000 BTC stacking rewards.
Rewards were exchanged to 46,570.249928 STX at using wrapped.com and alexgo at an effective rate of 3044 sats/stx:
btc transfer from pool (1.34148490 BTC + 0.07597710 BTC fees): https://mempool.space/tx/d6872724a8a3589290b0f685fb7eef4ab85bed2600dd9bb9ea656cefafb2b1ff
xbtc transfer to pool proxy address (fastpool.btc) (1,33880193 xBTC): https://explorer.hiro.so/txid/0x77ff3eee859347cba0c7cbe73e1f0496d951ee9b36940f032984eb453b430ede?chain=mainnet
swap 1.3255 xBTC to STX: https://explorer.hiro.so/txid/0x5d79768c4a9fbf6513a91ef0d2ed5716d3bc038722d7e3d5bff79277d14e1b0a?chain=mainnet
stx transfer to pool: https://explorer.hiro.so/txid/0xc050f30cf34a2f5b2f22b35b6d77ff549448209ac30a2e81fcddf541eef3fd89?chain=mainnet
xBTC to pool reserve: https://explorer.hiro.so/txid/0xd34e3256412b97e1d3733a8023c4555a3899800300084ca0c6e67aaa71277cbb?chain=mainnet
46,570.249395 STX were distributed to 2 city coin contracts and 1076 pool members based on a 46,593,865.982855 stacked STX.
Preparing for Nakamoto Release (5% reserve)
Next year, the Nakamoto hard fork will bring sBTC. This means that we will replace xBTC with sBTC. The flow will be similar: wrapping to sBTC, then exchanging to STX and distributing.
However, stackers need to do more work eventually, run stacks and a signer node. We are preparing for that and put around 5% of the rewards aside. We started to build up infrastructure and it will allow us to operate Stacks 3.0 signer nodes.
For cycle #73, btc and stx fees were crazy and we sent only 0.01330193 xBTC to the reserve (less than 1% of wrapped rewards) .
Delay in distribution
Currently, the Stack network experiences high traffic with a lot of small transactions that are submitted with high fees. We adjusted the fees for the distribution transactions, however, the treasury paying for fees ran out of STX after the first transaction. The treasury account was filled, the fees were increased to 1 STX and finally all rewards were distributed. This all took longer than usual. We apologize for the delay.
Furthermore, the wrapping of BTC rewards into xBTC is not performed during the weekend by the wrapping service. Therefore, we will change to the new wrapping service by xlink/Alex using aBTC.
