BIP-84: Increase Sonic Validator Self-Stake

Proposal

Increase the self-stake for the Beets validator by 200’000 $S to a total of 500’000 $S.

Motivation

With the passing of BIP-67, the DAO approved to start a Beets validator for Fantom and to self-stake 100’000 FTM from DAO’s treasury. With the passing of BIP-72, the self-stake amount was increased by another 100’000 FTM. With the passing of BIP- 75, the self-stake amount was increased by another 100’000 FTM to a total of 300’000 FTM. As Sonic validators require a minimum self-stake of 500’000 $S, this proposal increases the self-stake to this amount. The Fantom Opera validator is no longer in operation and has been shut down. As a reminder, a validator earns additional rewards based on delegated $S and can only receive 15 times the self-stake amount as delegations.

We propose to self-stake another 200’000 $S (in addition to the 300’000 FTM that were used for the Fantom Opera validator) from the DAO’s treasury, increasing the delegatable amount to a total of 7’500’000 FTM. The new total self-stake amount will be at 500’000 $S. Everything else set by BIP-67 will still stand in effect.

Specification

The BIP will approve additional 200’000 $S from DAO’s treasury to be added to the self-stake amount of Beets X validator (ID tbd), which increases the maximum delegatable amount from the current 4’500’000 $S to 7’500’000 $S.

Impacts / Risk Assessment

This BIP would approve to increase the self-stake amount to our validator, which has been running without experiencing issues on Fantom. The validator setup for Sonic is expected to run without issues as well.

Specification / Execution Plan

We use 200’000 additional $S from treasury to increase the self-stake of our validator to a total of 500’000 $S.