From d07cc833bf0f806932ca193b1d80745a798958e4 Mon Sep 17 00:00:00 2001 From: James Bayly Date: Mon, 11 Dec 2023 14:05:30 +0800 Subject: [PATCH] Rename Indexers and Node Providers --- docs/subquery_network/consumers/faq.md | 6 ++--- .../consumers/introduction.md | 8 +++--- .../delegators/introduction.md | 16 ++++++------ docs/subquery_network/delegators/rewards.md | 26 +++++++++---------- .../design/design-philosophy.md | 12 ++++----- .../design/payment-methods.md | 18 ++++++------- docs/subquery_network/introduction.md | 6 +++-- docs/subquery_network/token/swap.md | 2 +- docs/subquery_network/token/token.md | 8 +++--- docs/subquery_network/token/tokenomics.md | 2 +- 10 files changed, 53 insertions(+), 51 deletions(-) diff --git a/docs/subquery_network/consumers/faq.md b/docs/subquery_network/consumers/faq.md index 2c6c2445b64..56646a18bf9 100644 --- a/docs/subquery_network/consumers/faq.md +++ b/docs/subquery_network/consumers/faq.md @@ -1,9 +1,9 @@ # Frequently Asked Questions -## As a Consumer, do I select 1 Indexer or multiple Indexers? +## As a Consumer, can I select 1 Indexer or multiple Indexers? Unless a Closed Service Agreement is being used, there will be one or more Indexers indexing a SubQuery project. Consumers have the choice when deciding which Indexer to read data from. Typically Consumers would select the most reliable and lowest latency Indexer. Consumers could also incorporate automatic failover and read data from another Indexer if the first one times out or is not responsive. -## What happens if an Indexer goes offline? +## What happens if a Data Indexer or an RPC Provider goes offline? -Unless a Closed Service Agreement is being used, and if there is more than one Indexer indexing your SubQuery project, it would simply be a matter of switching to another Indexer. The ideal scenario would be include strategies like alert monitoring to be notified of potential issues and intelligent routing and caching. +Unless a Closed Service Agreement is being used, and if there is more than one Data Indexer/RPC provider serving your SubQuery project, it would simply be a matter of switching to another Indexer. The ideal scenario would be include strategies like alert monitoring to be notified of potential issues and intelligent routing and caching. diff --git a/docs/subquery_network/consumers/introduction.md b/docs/subquery_network/consumers/introduction.md index e19b2f96d8d..47800d7c75d 100644 --- a/docs/subquery_network/consumers/introduction.md +++ b/docs/subquery_network/consumers/introduction.md @@ -8,9 +8,9 @@ The SubQuery Kepler Network does not yet have the consumer role. Consumers will ## What is a Consumer? -A Consumer is a participant in the SubQuery network and is either an individual or organisation that pays for processed and organised blockchain data from the SubQuery Network. Consumers effectively make requests to the SubQuery Network for specific data and pay an agreed amount of SQT in return. +A Consumer is a participant in the SubQuery network and is either an individual or organisation that pays for processed and organised blockchain data from the SubQuery Network. Consumers effectively make requests to the SubQuery Network for specific data or the ability to submit transactions to RPC providers and pay an agreed amount of SQT in return. -Consumers are typically dApp (decentralised application) developers, data analytic companies, blockchain networks, middleware developers, or even web aggregating companies that need access to blockchain data to provide services to their end-users. +Consumers are typically dApp (decentralised application) developers, data analytic companies, blockchain networks, middleware developers, or even web aggregating companies that need access to blockchain data or performant RPCs to provide services to their end-users. ## Requirements to be a Consumer @@ -18,7 +18,7 @@ There are no requirements as such to become a SubQuery Consumer. However, Consum ## Benefits of being a Consumer -As a Consumer, you can receive indexed data from the Network for your dApps, thereby saving you time figuring out how to get blockchain data yourself. Other benefits include: +As a Consumer, you can interact with performant RPCs or receive indexed data from the Network for your dApps. Other benefits include: - Easy access to blockchain data. There is no need to learn about the intricacies of a blockchain. Just get access to the exact data you need to run your applications. - Focus on developing your appplication, not on time consuming blockchain integration. @@ -26,6 +26,6 @@ As a Consumer, you can receive indexed data from the Network for your dApps, the ## Costs to being a Consumer -The cost of querying data on the blockchain will be based on supply and demand and will be comparable to other similar services currently available. The advantage of an open and transparent network and ecosystem is that competition is encouraged to provide the best service to the Consumer. +The cost of submitting or querying data on the blockchain will be based on supply and demand and will be comparable to other similar centralised and decentralised services currently available. The advantage of an open and transparent network and ecosystem is that competition is encouraged to provide the best service to the Consumer. For flexibility, Consumers have 3 payment options to pay for blockchain data, you can read more about these, how they work, and the advantages/disadvantages on the [Payment Methods article](../design/payment-methods.md). diff --git a/docs/subquery_network/delegators/introduction.md b/docs/subquery_network/delegators/introduction.md index 86776dcce5c..54e19d7e4be 100644 --- a/docs/subquery_network/delegators/introduction.md +++ b/docs/subquery_network/delegators/introduction.md @@ -2,9 +2,9 @@ ## What is a Delegator? -A Delegator is a non-technical network role in the SubQuery Network and is a great way to start participating in the SubQuery Network. This role enables Delegators to “delegate” their SQT to one or more Indexers and earn rewards (similar to staking). +A Delegator is a non-technical network role in the SubQuery Network and is a great way to start participating in the SubQuery Network. This role enables Delegators to “delegate” their SQT to one or more Node Operator (RPC Providers or Data Indexers) and earn rewards (similar to staking). -Without Delegators, Indexers will likely earn fewer rewards because they will have less SQT to allocate. Therefore, Indexers compete to attract Delegators by offering a competitive share of an Indexer’s rewards. +Without Delegators, Node Operators would likely earn fewer rewards because they will have less SQT to allocate. Therefore, Node Operators compete to attract Delegators by offering a competitive share of an Node Operator's rewards. ## Requirements to be a Delegator @@ -14,9 +14,9 @@ One of the best things about being a Delegator is that you don’t need any devo There are several benefits of becoming a Delegator: -- It's easy to get started and requires little technical knowledge, Delegators only need to acquire SQT tokens and then learn the process of delegating the tokens to their preferred Indexer(s). -- Delegating contribute to the network and to Indexers. In return, Delegators are rewarded with SQT. -- Delegators earn rewards by putting their SQT to work by delegating their SQT to Indexers and earning a share of the reward pool. +- It's easy to get started and requires little technical knowledge, Delegators only need to acquire SQT tokens and then learn the process of delegating the tokens to their preferred Node Operator(s). +- Delegating contribute to the network and to Node Operators. In return, Delegators are rewarded with SQT. +- Delegators earn rewards by putting their SQT to work by delegating their SQT to Node Operators and earning a share of the reward pool. - There is no minimum required delegation to be a Delegator. This means that anyone can join no matter how much SQT one has. ## Risks of being a Delegator @@ -24,7 +24,7 @@ There are several benefits of becoming a Delegator: Even though it is not considered a risky role, being a Delegator includes a few risks to be aware of. 1. Market volatility risk: The constant fluctuations in the market is a risk that affects not just SQT, but all tokens in the general cryptocurrency marketplace. Taking a long term approach can reduce this type of risk. -2. Constant adjustments of staking parameters by Indexers and delegation fees can increase the risk to a Delegator. For example, a Delegator might miss a change in staking parameters resulting in a less than expected return. To reduce this risk, when Indexers decrease their stake parameters, it will only take effect after the next full Era has been completed, giving time for delegators to assess and make any changes. -3. Indexer poor performance: It is possible that Delegators can select Indexers that perform poorly and therefore provide a substandard return on investment to Delegators. Delegators are therefore encouraged to do Indexer due diligence on potential Indexers. A Reputation Index is also available to help Delegators compare Indexers to each other. +2. Constant adjustments of staking parameters by Node Operators and delegation fees can increase the risk to a Delegator. For example, a Delegator might miss a change in staking parameters resulting in a less than expected return. To reduce this risk, when Node Operators decrease their stake parameters, it will only take effect after the next full Era has been completed, giving time for delegators to assess and make any changes. +3. Node Operator poor performance: It is possible that Delegators can select Node Operators that perform poorly and therefore provide a substandard return on investment to Delegators. Delegators are therefore encouraged to do Node Operator due diligence on potential Node Operators. A Reputation Index is also available to help Delegators compare Node Operators to each other. -Once a preferred Indexer(s) is found, due diligence should be performed to check an Indexer’s reputation and reliability. Assessments could be performed to evaluate if the Indexer is active in the community, if the Indexer helps other members, if it is possible to get in touch with the Indexer, and if the Indexer is up-to-date with protocol and project updates. The aforementioned Reputation Index can also serve as a primary selection indicator. +Once a preferred Node Operator(s) is found, due diligence should be performed to check an Node Operator’s reputation and reliability. Assessments could be performed to evaluate if the Node Operator is active in the community, if the Node Operator helps other members, if it is possible to get in touch with the Node Operator, and if the Node Operator is up-to-date with protocol and project updates. The aforementioned Reputation Index can also serve as a primary selection indicator. diff --git a/docs/subquery_network/delegators/rewards.md b/docs/subquery_network/delegators/rewards.md index 7f5b31037f7..ca9bbc53d63 100644 --- a/docs/subquery_network/delegators/rewards.md +++ b/docs/subquery_network/delegators/rewards.md @@ -2,45 +2,45 @@ ## How Delegators are rewarded? -To attract Delegators to support their work, Indexers offer Delegators a share of the rewards they earn. +To attract Delegators to support their work, Node Operators (Data Indexers or RPC providers) offer Delegators a share of the rewards they earn. -:::info Indexer Commission Rate (ICR) +:::info Node Operator Commission Rate (NOCR) -_Indexer’s Commission Rate (ICR)_: This is a percentage share of the rewards received by Indexers from serving requests to Consumers. After deducting the ICR from total rewards, the remaining rewards will be shared within the total delegation/staking pool proportionally to the individual delegated/staked value in the pool. +_Node Operator's Commission Rate (ICR)_: This is a percentage share of the rewards received by Node Operators from serving requests to Consumers. After deducting the ICR from total rewards, the remaining rewards will be shared within the total delegation/staking pool proportionally to the individual delegated/staked value in the pool. -Indexers are free to set this rate to any value they desire. A higher ICR indicates that Indexers keep more of the rewards. A lower ICR indicates that the Indexers share more of their rewards with their Delegators. +Node Operators are free to set this rate to any value they desire. A higher NOCR indicates that Node Operators keep more of the rewards. A lower ICR indicates that the Node Operators share more of their rewards with their Delegators. ::: Delegators will only receive revenue for staking Eras that they were a part of for the entire period. For example, if they join a staking Era in the middle of the relevant period, then they will not earn any Query Fee revenue for that particular Era. -If an Indexer wishes to increase the Indexer Commission Rate that they offer to their Delegators, they must advertise this for an entire staking Era. The Indexer will be able to decrease their Indexer Commission Rate at any point to raise more delegated SQT for staking in the short term. Delegators can withdraw or undelegate their staked amount at any time, but they will forfeit any rewards earned within the staking Era (as they were not part of the delegation pool for the entire duration of the staking Era). +If an Node Operator wishes to increase the Node Operator Commission Rate that they offer to their Delegators, they must advertise this for an entire staking Era. The Node Operator will be able to decrease their Node Operator Commission Rate at any point to raise more delegated SQT for staking in the short term. Delegators can withdraw or undelegate their staked amount at any time, but they will forfeit any rewards earned within the staking Era (as they were not part of the delegation pool for the entire duration of the staking Era). -## How to select what indexers to delegate to +## How to select what Node Operators to delegate to -You need to assess a few things when deciding on what Indexer to choose. +You need to assess a few things when deciding on what Node Operator to choose. -Indexers set an Indexer’s Commission Rate (ICR) which is the percentage Indexers earn. Therefore, a lower ICR will be more attractive for Delegators as a larger percentage of rewards is shared between Delegators. +Node Operators set an Node Operator’s Commission Rate (NOCR) which is the percentage Node Operators earn. Therefore, a lower NOCR will be more attractive for Delegators as a larger percentage of rewards is shared between Delegators. -For example, Indexer A has set an ICR of 80% and has received SQT from 8 Delegators. This means that the 8 Delegators plus the Indexer itself, will be rewarded a share of the remaining 20% of what the Indexer has earned. The share will be split proportionally between them based on the amount staked/delegated. Alternatively, if Indexer A had an ICR of 30%, then the 8 delegators and indexer would share proportionally rewards from the remaining 70% of rewards. In short, the lower the ICR - the better it is for Delegators. +For example, Node Operator A has set an NOCR of 80% and has received SQT from 8 Delegators. This means that the 8 Delegators plus the Node Operator itself, will be rewarded a share of the remaining 20% of what the Node Operator has earned. The share will be split proportionally between them based on the amount staked/delegated. Alternatively, if Node Operator A had an NOCR of 30%, then the 8 delegators and Node Operator would share proportionally rewards from the remaining 70% of rewards. In short, the lower the NOCR - the better it is for Delegators. Note that Delegators must have delegated their tokens for the entire Era to be eligible for these rewards (note [Non-reward period](#non-reward-period)). -Additionally, we've made it easier for you to see other data about all indexers in our app. Navigate to `Delegator` > `Indexers` and view the [leaderboard](https://kepler.subquery.network/delegator/node_operators/indexers/top) which shows various scores and details that we think are important to you when deciding what indexer to choose. The Indexer Score takes into account an Indexer’s uptime, slashing events, and other parameters. +For Data Indexers, we've made it easier for you to see other data about all Data Indexers in our app. Navigate to `Delegator` > `Indexers` and view the [leaderboard](https://kepler.subquery.network/delegator/node_operators/indexers/top) which shows various scores and details that we think are important to you when deciding what Data Indexer to choose. The Data Indexers Score takes into account an Data Indexer’s uptime, slashing events, and other parameters. ## Non-reward period Besides the period when Delegators can effectively earn money, a non-reward period also occurs. Delegators receive rewards for staking Eras that they were a part of for the entire duration. For example, if a Delegator joins a staking era halfway through, they will not earn any rewards for that particular era. -Delegators can change the indexer that their SQT is delegated to (called redelegating), this change will be queued to happen automatically at the end of the Era and no thawing period will occur. +Delegators can change the Node Operator that their SQT is delegated to (called redelegating), this change will be queued to happen automatically at the end of the Era and no thawing period will occur. If a Delegator decides to undelegate their SQT, a 28 day thawing period starts. The tokens cannot be used during this period, no fees can be accrued or any reward gained. ## Delegation Lifecycle -Delegators delegate (deposit) SQT into an Indexer’s contract. +Delegators delegate (deposit) SQT into an Node Operator’s contract. -Delegators can then decide how much to redelegate to each Indexer of their choice. +Delegators can then decide how much to redelegate to each Node Operator of their choice. Delegator can undelegate (withdraw) tokens back to their wallet. This will trigger a lock period of 28 days. diff --git a/docs/subquery_network/design/design-philosophy.md b/docs/subquery_network/design/design-philosophy.md index bf3a70e85e6..668bbeaffbc 100644 --- a/docs/subquery_network/design/design-philosophy.md +++ b/docs/subquery_network/design/design-philosophy.md @@ -1,6 +1,6 @@ # Design Philosophy of the SubQuery Network -The guiding principle of the SubQuery Network is simplicity and flexibility for different use cases, payment methods, and networks. While other data services have many different major network participants, SubQuery focuses on three key ones. While other networks have complicated algorithmic signalling mechanisms, SubQuery relies on the most fundamental signal, consumer demand. While other networks provide only one type of payment model (generally PAYG), SubQuery provides several advanced subscription based options for Consumers and Indexers, And finally, while other networks only support one layer-1 chain, SubQuery is designed to be multi-chain from the outset. +The guiding principle of the SubQuery Network is simplicity and flexibility for different use cases, payment methods, and networks. While other data services have many different major network participants, SubQuery focuses on three key ones. While other networks have complicated algorithmic signalling mechanisms, SubQuery relies on the most fundamental signal, consumer demand. While other networks provide only one type of payment model (generally PAYG), SubQuery provides several advanced subscription based options for Consumers and Node Operators, And finally, while other networks only support one layer-1 chain, SubQuery is designed to be multi-chain from the outset. ## Multi-Chain by Design @@ -36,16 +36,16 @@ Unlike other “unified” decentralised API service providers, SubQuery is open With marketplaces like what SubQuery is proposing, where there are both buyers and sellers attempting to commoditise data, signalling demand for future supply tends to be a tricky issue. Other networks create an artificial role in an attempt to predict future demand, and they’re rewarded when that future demand materialises. The plan is to take a different approach, one that requires up-front natural demand signalling. -A Consumer can take advantage of either Open or Closed Service Agreements to concretely indicate and commit demand for a new SubQuery Project. This will facilitate and encourage supply at a fixed price and volume (essentially helping secure pre-allocated rewards for Indexers of a SubQuery Project) and provide price and service certainty to both parties. This can be used both to attract Indexers to new SubQuery Projects, or to attract additional Indexers to existing and uncompetitive SubQuery Projects. +A Consumer can take advantage of either Open or Closed Service Agreements to concretely indicate and commit demand for a new SubQuery Project. This will facilitate and encourage supply at a fixed price and volume (essentially helping secure pre-allocated rewards for Data Indexers of a SubQuery Project) and provide price and service certainty to both parties. This can be used both to attract Data Indexers to new SubQuery Projects, or to attract additional Data Indexers to existing and uncompetitive SubQuery Projects. It additionally provides several advanced subscription based options for Consumers and Indexers. Some parties may benefit from the certainty of rewards provided by Closed Agreements and the predictability of recurring costs. Some may instead prefer to hunt out the most affordable data by going for high volume recurring agreements or low spot prices on the Pay as you Go market. -## Indexer/Delegator Imbalance +## Node Operator/Delegator Imbalance -Among some competitors, it is observed that there is a serious imbalance between Indexers and Delegators in terms of the ability to change delegation rates without warning. SubQuery has tried to equalise this imbalance by requiring that the Indexer advertise an increase to the Indexer Commission Rate for an entire staking Era. Delegators are also free to withdraw their delegated tokens at any point during the staking Era, but they will lose any rewards that they could have been eligible for during that Era. +Among some competitors, it is observed that there is a serious imbalance between Node Operators and Delegators in terms of the ability to change delegation rates without warning. SubQuery has tried to equalise this imbalance by requiring that the Node Operator advertise an increase to the Node Operator Commission Rate for an entire staking Era. Delegators are also free to withdraw their delegated tokens at any point during the staking Era, but they will lose any rewards that they could have been eligible for during that Era. ## Incentives for Query Performance -To become a high-performing, mission-critical platform - the SubQuery Network must operate at the highest level. That is why the Indexer discovery process will include performance data (latency and uptime) for all Indexers, and we will take steps to ensure that Consumers report on query speed and performance as often as possible. +To become a high-performing, mission-critical platform - the SubQuery Network must operate at the highest level. That is why the Node Operator discovery process will include performance data (latency and uptime) for all Node Operators, and we will take steps to ensure that Consumers report on query speed and performance as often as possible. -Tools may also be provided to limit the availability of Indexers to a certain geographical region so that they can focus on providing the best service to that region, attract the most requests, and potentially maximise rewards for their contributions. This will allow larger and more mature Indexers to run location specific infrastructure all around the world. +Tools may also be provided to limit the availability of Node Operators to a certain geographical region so that they can focus on providing the best service to that region, attract the most requests, and potentially maximise rewards for their contributions. This will allow larger and more mature Node Operators to run location specific infrastructure all around the world. diff --git a/docs/subquery_network/design/payment-methods.md b/docs/subquery_network/design/payment-methods.md index 5c4fb246d15..18fae80ade1 100644 --- a/docs/subquery_network/design/payment-methods.md +++ b/docs/subquery_network/design/payment-methods.md @@ -8,25 +8,25 @@ For flexibility, there are 3 payment options to pay for blockchain data. They ar ## Flex Plans (Pay-As-You-Go / PAYG) -This is the baseline payment method and a fallback for others. Each Indexer will advertise their PAYG prices when registering their ability to serve requests for specific SubQuery projects. +This is the baseline payment method and a fallback for others. Each Node Operator will advertise their PAYG prices when registering their ability to serve requests for specific SubQuery projects. -Consumers making requests will have to lock the tokens necessary to make that request in a state channel, and at the end of an Era, these tokens will be distributed to the Indexers based on the Cobb-Douglas production function. +Consumers making requests will have to lock the tokens necessary to make that request in a state channel, and at the end of an Era, these tokens will be distributed to the Node Operators based on the Cobb-Douglas production function. ## Closed Plans and Agreements -Closed Agreements represent an agreement between only one Indexer and one Consumer. It’s a direct relationship where all payment flows between the two parties for the work that is done. +Closed Agreements represent an agreement between only one Node Operator and one Consumer. It’s a direct relationship where all payment flows between the two parties for the work that is done. -Closed Agreements are designed to give Indexers confidence that there is a market and ROI for data from a particular SubQuery Project, and essentially signal to them which Projects should be indexed. +Closed Agreements are designed to give Node Operators confidence that there is a market and ROI for data from a particular SubQuery Project, and essentially signal to them which Projects should be indexed. -Closed Plans can also be placed on existing SubQuery Projects to attract additional Indexers to that SubQuery Project. This may be useful in situations where the existing monopolistic Indexer may be charging an unreasonable amount for the data or there is a lack of competition to drive prices to equilibrium. +Closed Plans can also be placed on existing SubQuery Projects to attract additional Node Operators to that SubQuery Project. This may be useful in situations where the existing monopolistic Node Operator may be charging an unreasonable amount for the data or there is a lack of competition to drive prices to equilibrium. ## Open Service Agreement -Open Market Service Agreements are similar to Closed Market Service Agreements, but allow multiple Indexers to join and compete to provide data to the Consumer. An Open Market Service Agreement may start as a contract between 1 Consumer and 1 Indexer, but more parties may join the contract resulting in _n_ consumer and _n_ indexers. +Open Market Service Agreements are similar to Closed Market Service Agreements, but allow multiple Node Operators to join and compete to provide data to the Consumer. An Open Market Service Agreement may start as a contract between 1 Consumer and 1 Node Operator, but more parties may join the contract resulting in _n_ Consumers and _n_ Node Operators. -Each Open Market Service Agreement results in a new reward pool being created for that contract, and SQT is distributed amongst participating indexers by the Cobb-Douglas production function. +Each Open Market Service Agreement results in a new reward pool being created for that contract, and SQT is distributed amongst participating Node Operators by the Cobb-Douglas production function. -Open Agreements provide favourable terms for both Indexers and Consumers, but enable better performance and reliability for Consumers by attracting more Indexers to compete and serve the same data. If Consumers are running large scale applications with users around the world, then Open Agreements are ideal. +Open Agreements provide favourable terms for both Node Operators and Consumers, but enable better performance and reliability for Consumers by attracting more Node Operators to compete and serve the same data. If Consumers are running large scale applications with users around the world, then Open Agreements are ideal. ## SubQuery’s Innovation in Payment Methods @@ -34,4 +34,4 @@ Today, we generally pay with subscription-based payments for the music we listen We think subscription based or recurring payment methods are here to stay. Service providers like them because they represent predictable revenue, similarly on the other side consumers like them because they are a known and easily quantified cost. There’s also a psychological factor where once you subscribe, most consumers will feel obligated to consume as much if not all of it, increasing the demand for the service and allowing economies of scale to kick in. -The combination of the above three payment options for indexers provides several advanced subscription based options for Consumers and Indexers. Some parties may benefit from the certainty of rewards provided by Closed Agreements and the predictability of recurring costs. Equally, others may instead prefer to hunt out the most affordable data by going for high volume recurring agreements or low spot prices on the Pay-As-You-Go market. +The combination of the above three payment options for Node Operators provides several advanced subscription based options for Consumers and Node Operators. Some parties may benefit from the certainty of rewards provided by Closed Agreements and the predictability of recurring costs. Equally, others may instead prefer to hunt out the most affordable data by going for high volume recurring agreements or low spot prices on the Pay-As-You-Go market. diff --git a/docs/subquery_network/introduction.md b/docs/subquery_network/introduction.md index aa283dacd10..fefa151b83f 100644 --- a/docs/subquery_network/introduction.md +++ b/docs/subquery_network/introduction.md @@ -10,9 +10,11 @@ There’s a role for everyone in the network, from highly technical developers t **Consumers** will ask the SubQuery Network for specific data for their dApps or tools, and pay an advertised amount of SQT for each request. Learn more about [Consumers](./consumers/introduction.md). -**Indexers** will run and maintain high quality SubQuery projects in their own infrastructure, running both the indexer and query service, and will be rewarded in SQT for the requests that they serve. Learn more about [Indexers](./node_operators/indexers/introduction.md). +**RPC Providers (a Node Operator)** run the optimised SubQuery Data Node and are rewarded in SQT for providing reliable, scalable, and affordable RPC services to the network. Learn more about [RPC Providers](./node_operators/rpc_providers/introduction.md) -**Delegators** will participate in the Network by supporting their favourite Indexers to earn rewards based on the work those indexers do. Learn more about [Delegators](./delegators/introduction.md). +**Data Indexers (a Node Operator)** will run and maintain high quality SubQuery projects in their own infrastructure, running both the indexer and query service, and will be rewarded in SQT for the requests that they serve. Learn more about [Data Indexers](./node_operators/indexers/introduction.md). + +**Delegators** will participate in the Network by supporting their favourite Node Operators to earn rewards based on the work those Node Operators do. Learn more about [Delegators](./delegators/introduction.md). ## SubQuery Kepler Network diff --git a/docs/subquery_network/token/swap.md b/docs/subquery_network/token/swap.md index 87f86b38070..30be1786822 100644 --- a/docs/subquery_network/token/swap.md +++ b/docs/subquery_network/token/swap.md @@ -8,7 +8,7 @@ Please note that airdropped kSQT will not be swappable by the swap contract, onl While kSQT will not have transfer restrictions, we do not envision it as a free-float token, hence will not provide or support liquidity. kSQT will have a controlled supply that is intended to be just enough for the minimum viable network running with limited capabilities. -SubQuery will offer a basic swap mechanism for kSQT rewards (but not the airdrop itself). You will be able to use this swap mechanism to convert rewards earned via indexing and delegation into USDC at a predetermined rate. The swap contract will be seeded with just enough USDC to purchase all reward emissions over the lifetime of Kepler. This is done with the sole purpose of reimbursing infrastructure costs incurred by the indexers, hopefully at a profit - this exercise will allow us to calibrate reward emissions in conditions close to the real market. +SubQuery will offer a basic swap mechanism for kSQT rewards (but not the airdrop itself). You will be able to use this swap mechanism to convert rewards earned via indexing and delegation into USDC at a predetermined rate. The swap contract will be seeded with just enough USDC to purchase all reward emissions over the lifetime of Kepler. This is done with the sole purpose of reimbursing infrastructure costs incurred by the Node Operators, hopefully at a profit - this exercise will allow us to calibrate reward emissions in conditions close to the real market. The reward tokens acquired by the swap contract become available for release to potential delegators, who wish to get hold of kSQT and participate in the Kepler Network. The swap contract will also have a spread between the acquiring and releasing rates discouraging idle swapping and speculation. diff --git a/docs/subquery_network/token/token.md b/docs/subquery_network/token/token.md index 152bb4ffc85..6c2bdff6774 100644 --- a/docs/subquery_network/token/token.md +++ b/docs/subquery_network/token/token.md @@ -2,15 +2,15 @@ The SubQuery Network is powered by the SubQuery Token (SQT). Kepler has it's own token for the Kepler network with its own supply and contract address, please read more about it there under [kSQT](#ksqt). -The SubQuery Token (SQT) is designed as a utility token that powers the SubQuery Network, providing an incentive for participation, as well as serving as a medium of exchange for transactions within the SubQuery Network. Consumers of data will commit SQT in exchange for data from Indexers and this SQT will be distributed among Indexers based on the payment method selected. +The SubQuery Token (SQT) is designed as a utility token that powers the SubQuery Network, providing an incentive for participation, as well as serving as a medium of exchange for transactions within the SubQuery Network. Consumers of data will commit SQT in exchange for RPC queries from RPC Providers or indexed data from Data Indexers and this SQT will be distributed among Node Operators based on the payment method selected. -The network is designed to provide value where Indexers can index, aggregate and then serve blockchain data and make this available with speed and simplicity to Consumers who need blockchain data to power their applications. SQT is a natural solution allowing market participants to transact and transfer value. This approach ensures that the fundamental value of SubQuery drives the value of the token and not the other way around. +The network is designed to provide value where Node Operators can index, aggregate and then serve blockchain data and make this available with speed and simplicity to Consumers who need blockchain data to power their applications. SQT is a natural solution allowing market participants to transact and transfer value. This approach ensures that the fundamental value of SubQuery drives the value of the token and not the other way around. There is no intention for SQT to be used as a medium of exchange for goods or services outside of the SubQuery Network. SQT does not in any way represent or confer upon its holders any right to, title of, interest or participation in, the ownership, shareholding and/or management of SubQuery whatsoever. SQT will not entitle holders to any promise of fees, dividends, revenue, profits, or investment returns. ## KSQT -kSQT is the name of the token that is used by participants who operate within the Kepler Network. This token mimics the properties of the eventual SubQuery Network token (SQT) in that tokens will be rewarded to Indexers for performing tasks and Delegators can allocate their tokens to indexers to secure the network and receive rewards. +kSQT is the name of the token that is used by participants who operate within the Kepler Network. This token mimics the properties of the eventual SubQuery Network token (SQT) in that tokens will be rewarded to Node Operators for performing tasks and Delegators can allocate their tokens to Node Operators to secure the network and receive rewards. Kepler is designed to enable participants to provide value to real projects which are migrated from SubQuery’s managed service to the decentralised offering and receive incentives via the Kepler token (kSQT). The kSQT token is issued with a very limited supply, but users can swap kSQT to USDC using our [Swap feature](./swap.md). @@ -26,6 +26,6 @@ You can add it to your wallet from the wallet selector in the [Kepler App](https ### How do I Receive kSQT? -The supply of kSQT is intentionally heavily restricted and has been airdropped to Indexers and Ambassadors to help launch the network and show our appreciation for their support. For users that did not receive an airdrop, kSQT can be swapped using our [Swap feature](./swap.md). +The supply of kSQT is intentionally heavily restricted and has been airdropped to Node Operators and Ambassadors to help launch the network and show our appreciation for their support. For users that did not receive an airdrop, kSQT can be swapped using our [Swap feature](./swap.md). Upon the retirement of Kepler, all kSQT can be burnt in exchange for SQT after SubQuery Network launch. diff --git a/docs/subquery_network/token/tokenomics.md b/docs/subquery_network/token/tokenomics.md index 9aad9e64ba6..fc97cc20a1e 100644 --- a/docs/subquery_network/token/tokenomics.md +++ b/docs/subquery_network/token/tokenomics.md @@ -6,7 +6,7 @@ Please note that everything below is still subject to change. Total Supply: The total supply will be 10 Billion SQT tokens. -Inflation: The inflation is expected to be ~2% per annum. This will be used to help the SubQuery Foundation bootstrap the network by supporting Indexers during the early launch phase where Consumers numbers will still be growing. +Inflation: The inflation is expected to be ~2% per annum. This will be used to help the SubQuery Foundation bootstrap the network by supporting Node Operators during the early launch phase where Consumers numbers will still be growing. ![token allocation](/assets/img/network/token_allocation.png)