Jerry Chong
@zanglang
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Caffeine addict, avid technology enthusiast, and validator of blockchains.
Taipei, Taiwan
Joined October 2007
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In the past 24 hours after
@cryptocom
's announcement almost 70 million $CRO has been undelegated from the chain.
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Why $CRO staking rewards is about to drop below 12% again: >400M new CRO staked in the past 90 days.
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Jerry's Pool has voted "Yes" on this.
Reduction of staking rewards is painful, but ultimately necessary for the longevity of the chain.
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2 weeks have passed, gap is almost filled in the Crypto-org chain total $CRO delegated chart:
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It's Sunday! As a herald of SØL I have been tasked to give away 1 Viking NFT. To participate and receive a *rare* Son of Odin, follow
@IcySquidGame
and
@cronoseyezNFT
, like and RT this post within the next 48 hours.
The first battle begins on the 11th. To Valhalla!
#Cronos
$CRO
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Q1: Are we ahead or behind in terms of $CRO emissions?
A: 0.999B vs 1.02B. We are still a few M behind, but emission rate has picked up since Q4 last year, and is due to catch up within next few months.
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I don't usually swear IRL but: what the flying fuck!!
@cryptocom
, is this seriously how you're going to treat one of your
#Crofam
and active contributor to ? As money launderers (*AML = anti money laundering) and common criminals?
@kris
@ericnode
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Happy to announce that I have joined
@cronos_chain
's
#CROnauts
ambassador program!
Don't worry, not going to morph into full-blown shill mode! But just continuing w/ what I've always done: sharing unbiased blockchain data and interesting alphas (where NDA allows).
$CRO
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Seems to me it's still quite poorly understood why the Crypto-org chain is minting more CRO than originally planned. 650M vs 500M is >20%!
Getting my collected time-series database up-to-date on $CRO's historical emissions, then will write some stuff for Reddit later.
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The average block time on the Crypto-org chain dropped last week causing staking APR to rise to >11% again.
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Small warning: it has been 28 days since the exchange reserves FUD in November, and approx 2% of all bonded $CRO will finish undelegating within the next 4 days, 52M of it tomorrow. That's almost 0.2% of the circulating supply.
Link:
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Some notes on $CRO proposal 16:
1. 4 days ago, the inflation value on the Crypto-org chain finally hit its max cap of 2.5%:
Some napkin math: at an avg of 17000 blocks/day * 103.13 CRO/block * 365 days = the chain mints ~640M CRO/year.
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Key points:
- Emissions is more than 29% above the original 500M
- 15% of new $CRO will be moved into community pool to be manually burnt periodically
- Estimated 100M burnt each yr
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I am proud to announce that Jerry's Pool has now joined the
#Cronos
mainnet validator set, joining
@cryptocom
's vision in building the Web 3.0 block by block, day by day.
Fortes fortuna adiuvat.
#FFTB
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The Crypto-org chain's community tax proposal has just gone live and 15% of all emissions are now being redirected to the community pool at a rate of ~250k $CRO per day.
Raw staking APR should now be approx 10.2%, down from 12.1%.
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OTOH, total $CRO delegated on-chain is now at an all-time-high and is increasing at an ever faster pace than previous months:
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This is the amount of $CRO being "minted" each day in the past 6 months on the chain to be distributed as staking rewards.
Gold star✨ to anyone that can point out what is wrong with this chart!
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This
@StargazeZone
bad kid looks *exactly* like my eldest. This look can only mean she's certainly up to no good......
#Cosmos
#NFTs
$STARS
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In protest of this decision, Jerry's Pool will be actively reducing our own validator node's performance on the Crypto-org chain (
@cronos_chain
is not affected). This should affect ~6% of all blocks on the chain, and indirectly affects
@cryptocomnft
and $CRO transfers to the app.
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During my protest-by-blockchain last week, the Crypto-org chain slowed down by ~1500 blocks.
To compensate for the reduced $CRO rewards, I experimented with temporarily enabling the `skip_timeout_commit` flag, which is... pretty much a Fast & Furious nitrous boost for blocks! 🏎️
As a result of this change, average block time on the Crypto-org chain increased by ~8% as blocks originally proposed by Jerry's Pool take an additional round to commit.
When this happens, the node with 2nd highest proposer priority takes over and the round proceeds normally.
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Happy 1-year birthday,
@cronos_chain
!
It has been a rocky year (BTCUSD was $63k on this day)... but we will persevere. To the many blocks produced in the years to come, fortis Fortuna adiuvat.
#FFTB
🍻
🪐Cronos Mainnet Beta is now live! Key highlights:
👩💻 EVM Support
💻 Up to date Cosmos SDK w/ IBC support
🌉 Cronos Bridge
Check out the details and roadmap -
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Sidenote: This might be the first public protest on any proof of stake blockchain from a validator node that has a significant impact on the chain itself?
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Oh, final-frickin-ly. Very glad to get this all over with, and yet I *still* don't know why my
@cryptocom
Exchange account was "set on pause for the time being" for over 60 days, or how to avoid retriggering it?
After my initial post, I've received plenty of concerned DMs and offers to help. Thank you, all of you.
An update to this: I've received a final message from customer support, and all funds on the Exchange will be returned to my app. None of my questions were answered, still:
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Cronos -> Crypto-org direction's IBC transfer volume quadrupled in the past day:
$CRO
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According to
@MapOfZones
, in the past 24 hours the chain +
#Cronos
combined have emitted more IBC transactions than Osmosis, and more than all of the remaining chains in the ecosystem combined.👀
#IBCGang
#DeFi
$CRO
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Osmosis ⚛️
Would love to see
@cryptocom
/
@cronos_labs
embrace more of its Cosmos ecosystem neighbours and make itself better known as an upstanding
#Cosmos
citizen.
🔔 Osmosis is listed in the App!
Buy $OSMO at true cost with USD, EUR, GBP, and 20+ fiat currencies.
Download the App to buy, sell, and send
#OSMO
now 👉
For more details -
@osmosiszone
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Looks like our IBC relaying costs for the Cosmos Hub has grown significantly (3-6x?) since
@stride_zone
's ICS launch last week.
From approx. 2+ $ATOM daily to a spike of 12 today for us.
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Average block time dropped on the Crypto-org chain over the last week as validators upgraded their nodes for the
#Cosmos
SDK "
#Dragonberry
" patch and adopted the new timeout settings.
ELI5: more frequent blocks = more frequent rewards = moar APR % = moar $CRO
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@MadMeerkatNFT
Update: chain handled Meerkat's mint event like a champ. Almost none of the blocks were missed, no second rounds in Tendermint. No weird failed transactions.
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The backlog of undelivered IBC packets from
@stride_zone
ICS "consumer" channel to the Cosmos Hub has apparently exploded to >2000 since there aren't enough relayers to clear it (and, probably costs a boatload of $ATOM to constantly keep up!). Maybe ICS needs to be less chatty?
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I am extremely, exceedingly, immensely, utterly... humbled and honored that "Jerry's Pool" has now hit 100,000,000 $CRO in delegations (~US$50M). 🥳
It still blows my mind each time I look at that number!
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Skimmed through the new $CRO whitepaper, v1.0.4:
Some blockchainy thoughts: 🧵
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BOOM $ATOM $CRO
1/ We are excited to announce the launch of IBC channel between Cronos and
@cosmoshub
to facilitate interchain $ATOM transfer 🔀
✅Keplr, MetaMask and
@cryptocom
DeFi Wallet integration
✅Waived bridge fee during promo
✅Unlock vast yield opportunities to the $ATOM community
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Please don't do this, because $CRO staking APR is low enough. 😂
My slowing the blocktime reduced the APR by another 0.1% or so (probably <0.1 avg by year), but an *even* slower block time would probably significantly affect regular delegators.
This is my protest alone.
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Crypto-org chain undelegations seem to have plateaued, 42M $CRO in total over the weekend.
Don't have data for amount of fresh delegations, but shows total undelegations on 12/11 would be ~52M, so we can presume it's 10M.
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#Cronos
2.0 👀
@cronos_chain
@MMFcrypto
@MintedNetwork
@VVS_finance
@CronosCruisers
@ellaqiang9
@Jayljl
@wagmihrin
@kentimsit
Can't wait! 😎
#CRO
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Stumbled across 👀
Looks like a one-off, already-halted
@cronos_chain
L2 testnet from 3 months ago, though.
Relevant docs:
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Jerry's Pool now supports auto-compounding $CRO via
@eco_stake
's fantastic REStake platform.
Existing delegators may enable this by visiting: from your desktop and clicking "Enable". You'll need the Keplr extension for this!
How this works: 🧵
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Just realized I've been overpaying in $OSMO relaying IBC packets to Osmosis all this time -- had my gas prices set to 0.01uosmo when *everyone else* seems to be using 0.0025. Why did I not check 🤦
After the change, daily $OSMO costs dropped from ~20 ($6) to ~5 ($1.5).
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After my initial post, I've received plenty of concerned DMs and offers to help. Thank you, all of you.
An update to this: I've received a final message from customer support, and all funds on the Exchange will be returned to my app. None of my questions were answered, still:
I don't usually swear IRL but: what the flying fuck!!
@cryptocom
, is this seriously how you're going to treat one of your
#Crofam
and active contributor to ? As money launderers (*AML = anti money laundering) and common criminals?
@kris
@ericnode
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Hmm, is the intention here to artificial adjust the Crypto-org chain staking APR to 8% or lower, so that
@cronos_chain
's defi yields using $CRO look tastier?
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Don't see coverage of the
@cronos_chain
/ Crypto-org Chain's contributions to the Cosmos very often!
This slide from
#ATOMBerlin
talks about Cronos' upcoming memiavl + versiondb and benefits to Cosmos node operators:
Video:
$CRO
Our infamously large Evmos node snapshot (163GB) has made it on ATOMBerlin TV!
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The DeFI Wallet has been updated! Hopefully this is the end of the saga.
Thank you
@cryptocom
for listening to the community.
#crofam
,
Jerry's Pool.
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@cronos_chain
's reducing $CRO emissions via community tax is now enabled on the Croeseid 4 testnet:
We can observe testnet CRO being sent to the community pool here, and growing every few seconds:
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200M $CRO was migrated from a Nansen tracked Crypto-com cold wallet 0x6262 to the Crypto-org chain
50M was then sent to
#Cronos
via IBC which was used to top-up the Withdrawal Wallet
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Interesting, there is now a 2nd
@defi_wallet
validator node on the
#Cosmos
Hub.
@cryptocom
getting on with some sybil action as well? 🤣
One delegator moved $720k of $ATOM from the original node to the newer one, so it's likely legitimate.
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Finally moved 3 out of 5 chains I'm validating on to
@strangelovelabs
' excellent Horcrux signing software over the weekend: , effectively bringing our slashing/double-signing risk to practically nil.
2 more to go!
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Just spotted a funny little bug w/
@stride_zone
, ICS staking rewards stopped being sent to the Hub after the recent upgrade on 19th, which likely has to do with transactions now costing gas when they were previously free.
Flipside dashboard:
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About that $CRO APR drop, here's an alternative chart that shows the team gradually re-staking the unbonded CRO. There's still ~750M of delegations on inactive validators that haven't been reactivated yet.
4. Currently the raw staking APR is around 12.6%. This will drop to approx 12.6*0.85=10.71% when community tax is enabled (~10.1% after commissions).
*Sidenote: APR drop on 5/5 is the team re-staking their previously inactive delegations.
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After concluding that IBC relaying on the
#Cosmos
Hub is precipitously unsustainable, we banded together and did a thing!
#ibcgang
Cosmos Hub relayers seek Gas cost restitution via Multisig operated feegrants, making
#IBC
more performant and sustainable! 🫡
Brought to you by
@lavender_five
,
@crypto_crew
,
@CosmosSpacesESP
,
@IcyCro
,
@ArchitectNodes
and
@crosnest_com
$ATOM proposal -
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The COSS website has put up a minting countdown irregardless of the proposal passing or not, with mint and transfer code already in its JS? 🤔
Didn't even need to de-obfuscate this JS to check off all the red flags, going to keep a finger on the Veto button.
Polkachu has voted No on CosmosHub Proposal
#856
: Funding the first inscription COSS on Cosmos.
Team has not demonstrated they have the capability to do the project.
@cosmoshub
$ATOM
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Honest + serious question: what's a good exchange with good support for
#Cosmos
coins? Feel free to include referral links.
Except
@cryptocom
, I guess... 😂
(Jeez, I really needed to easily fiat offramp to pay my server bills, how could this be so difficult?)
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Jerry's Pool has completed the Crypto-org Chain's v4 upgrade!
Due to the upgrade's minimum commission rate change, the Pool's commission rate is now at 5%, up from 0%.
I've summarized other changes here:
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Interestingly, as a side effect of Jerry's Pool's high voting power on $CRO and geographical distance between my nodes, this added ~0.1 seconds to the Crypto-org Chain's average block time, and dropped the staking APR by 0.2%. Sorry. 😅
Blue line on chart being switchover time:
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Starting from today, Jerry's Pool will no longer accept $CRO transactions on the Crypto-org chain by adjusting minimum-gas-prices, and will actively avoid proposing blocks by adjusting our timeout configuration.
Performance will be closely monitored to avoid missing blocks.
In protest of this decision, Jerry's Pool will be actively reducing our own validator node's performance on the Crypto-org chain (
@cronos_chain
is not affected). This should affect ~6% of all blocks on the chain, and indirectly affects
@cryptocomnft
and $CRO transfers to the app.
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Cronos needs more builders!
If you haven’t signed up yet, register now!
Be a Tester 👉
Be a Builder 👉
Details:
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Helped saved another 1000 $ATOM last night with
@FinlandCro
.
PSA: Get a hardware wallet, folks!
I've noticed this gist I've written last year has been circulating through Reddit and Discord very frequently, and I've even been getting requests to adapt it for other chains.
Will start improving this, but just a PSA to stake responsibly, and keep your mnemonics safe.
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Goodbye Cassini incentivized testnet, I shall not miss your -32000 smart contract errors.
Unfortunately got squeezed out of the builders competition on the last day, but landing a jackpot is nice. ;)
$CRO
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Q3. What is "inflation"?
The Cosmos SDK's mint module is designed to adjust a flexible inflation rate depending on token bonding ratios. When the target of having X% of tokens staked is not met, the inflation rate increases slowly to encourage staking:
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"Supported assets on Day 1:
From App & Exchange: CRO, ETH, WBTC, USDC, USDT, DAI"
Mind. Blown. I thought these wouldn't be ready so soon!
Sorry $UST, looks like you're not meant to be.
$CRO
3 more days till Cronos mainnet launch where multiple DeFi protocols will go live. Are you ready?
🌉Bridging assets into a new chain is always tricky. We have prepared a guide on the multiple ways you can safely bridge your assets into Cronos on Day 1 -
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Someone seems to be generating a huge large number of automated
@squidrouter
cross-chain swaps every few seconds between
@JunoNetwork
and
@osmosiszone
, swapping fractions of a cent between axlUSDC and axlDAI.
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"Jerry's Pool" is now the 2nd ranked community validators on the blockchain,
#1
being Allnodes, another 0% fee node.
Whilst flattering, this is *A BAD THING* in the name of decentralization and community health. Thread: 🧵
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CometBFT/Tendermint-related configuration changed. Confirmed on that Jerry's Pool is no longer proposing any blocks, when I was previously proposing every 10 blocks or so (with ~6% voting power).
Starting from today, Jerry's Pool will no longer accept $CRO transactions on the Crypto-org chain by adjusting minimum-gas-prices, and will actively avoid proposing blocks by adjusting our timeout configuration.
Performance will be closely monitored to avoid missing blocks.
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48-hour update, since you guys enjoyed the last graph so much.
In this world nothing can be said to be certain, except death and taxes... and blockchain inflation. $CRO
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The Crypto-org chain's target bonding ratio is 30%, hence as long as total staked CRO < (26B / 3 = 8.6B), inflation rate will increase until it hits its max of 2.5%. It is now 2.49%.
We will likely never see the ratio hit, and inflation will likely never decrease.
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Rollups!
Carbon offsets 🌲
Higher throughput by potential reduction of block time and continued improvements on Ethermint
ABCI++ and Inter-chain Accounts
No plans to change fees, yet.
Today, we are stoked to announce Cronos chain’s roadmap for the next 12 months, as well as to provide a glimpse of what Cronos 2.0 will look like. Check out the details in this post:
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Here's the same graph, but multiplied by 365. This means that if inflation remained constant and nothing changed, 636M $CRO is minted each year, vs the 500M in whitepaper.
Originally, 5B of CRO is to be released over 10 years. 748 days have passed, and 8 more to go.
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