Nearly 30% of Syscoin’s (SYS) Coin Supply Is Now Locked up in Masternodes
Syscoin (SYS), a cryptocurrency project that boasts 60,000 transactions per second, now has roughly 30% of its total coin supply locked up in masternodes.
Based on data from masternodes.online, there are currently 1,625 active masternodes live on the Syscoin network with 162,500,00 SYS ($3.9 million) locked as collateral. This equates to roughly 28.7% of the total circulating supply.
The project has been working to improve its reward structure for masternode owners and with the launch of Syscoin 4.0 this past summer, rewards are now tiered based on time active.
According to a blog post by Syscoin, the new masternode reward structure is as follows:
- The opening base reward is 25.9875 SYS
- The base reward will decline with 5% a year as part of the block rewards decline.
- Following the first year of operation, the reward is (base reward + 35%).
- After 2.5 years of operation, the reward is (base reward + 100%).
Syscoin’s continued focus on incentivizing masternodes is ultimately to promote a healthy network and allow the proper functioning of Zero Confirmation Acyclic Graph (Z-DAG), an instant settlement protocol enabled by masternodes. This protocol acts as the first consensus layer, enabling high-speed transactions for Syscoin services.
The Z-DAG technology for Syscoin Platform Tokens was recently independently tested by Syscoin partner Whiteblock with 24 active masternodes. Notably, the test results showed a record TPS of 60,158, which significantly outperforms other network standards among top blockchain platforms.
“The Z-DAG protocol is extremely innovative and presents a practical solution for many of the performance issues that are currently bottlenecking the continued scalability of blockchain systems,” stated Whiteblock’s CEO, Zak Cole, following the testing.
Syscoin masternodes currently require 100,000 SYS to set up, which equates to around $2,400 with yearly passive rewards of $200 at current prices.
Back to the list