The second Trustlines validator auction has concluded. The auction was a success, more than two-thirds of the available slots were acquired. The next period for these new validators will be starting soon. We were happy to see that 17 out of the 26 validator slots were returning addresses. That means over half are current validators coming back for more! A total of 26 validator slots were obtained for 5,073 TLN per slot. In the Dutch auction format used, the last bid is the final price for all participants.
Overview of the auction process
The second auction was kicked off on the 19th of May, 2020. The first step was starting the whitelisting process for the validator candidates. We published the first post about this on the Trustlines Forum and shared it on the community channels. At that point, those who wished to become validator candidates were asked to send their email addresses to the @tl_validator Twitter account via a DM.
After the deadline for submitting email addresses had ended, a “Proof-of-Sociality” check was performed. This check was a way for us to try to ensure that one address per one person would be submitted. After the check, 41 validator candidates passed and were asked to submit an Ethereum address for the whitelist anonymously. The decision was also made to include all the whitelisted addresses from the first auction. They had also previously passed the check and thus were eligible for this auction as well.
The auction started on the 9th of June, 2020, at 11:59 am UTC. The duration was set to 14 days, ending on the 23rd of June. Maximum available validator slots were set to 36, and a minimum to 15. The starting price was 5,000,000 TLN, and the lowest price was at 5,000 TLN.
Overall, we feel that the auction was a big success. We made some changes compared to the first auction, mainly switching the auction currency from ETH to TLN. The minimum slot number was fulfilled, and we now have a new validator set for the Trustlines Blockchain. These validators will begin their journey soon. We hope to see as many of them as possible become active validators.
- 72% of the available validator slots were bid on and acquired
- The largest bid was 54,460 TLN
- The last bid and the final price for everyone was 5,073 TLN
- The average price of all bids was 18,398 TLN
Those who bid more than the final price can now withdraw the excess from their bids at the auction website. The 131,898 TLN from the auction will remain locked for nine months in the
DepositLocker contract. The validators from the first auction will be able to withdraw their stakes on the 8th of July, 2020.
We want to thank everyone who took part in the process and congratulate the new validators!
As mentioned, a blog post will soon follow with more details on how to set up your validator node, and when the proposed fork would take place. Be sure to subscribe to the Trustlines Blog for that and more, and feel free to follow us on Twitter!