Sunflower validator
Hey everybody if you’re delegating to sunflower validator, run! If you’re delegating to any other 0% validator, you may wish to consider running to a validator that actually charges you a commission, you need to keep in mind please, that at some point your validator is going to want to make some money, and that for a 0% validator, what they can always do provided that they’re change rate is set high enough is just jack up the fees to 99% overnight, in fact I’m pretty sure they can go to 100% and then you get literally nothing. Be careful out there there’s dragons and stuff. twitter.com IcyCRO @IcyCro 99.35% fees 🤯 This is why it is not a good idea to delegate to an anonymous 0% fee validator. One morning you wake up paying 99% fees like tonight happened. Or you might get slashed 5% of your delegations. CRO was full of these scammers earlier also. #ATOM #COSMOS 10:04 PM - 5 Jul 2023 16 7 twitter.com Jacob Gadikian @gadikian Hey, maybe -- just maybe, it makes sense to move away from your 0% validator. This used to be a 0% validator, now it is a >99% validator. They know…
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Having min commission set fixes this. It’s already in play on various #Cosmos chains and is not causing any issues.
What is the reason it is not currently set on Cosmos Hub?
Except it doesn’t, why can’t a validator with a 5% commission and 100% max commission change rate change its commission from 5% to 100% overnight? Seems like quite an easy thing to do from a technical side, it’s only a matter of credability and accountability of such validator.
0% is a heavy magnet for new Cosmos users and for those that don’t want to realize that validating costs money.
What does 0% even mean, in reality, especially on a chain as intense as Cosmos Hub?
Re: max commission obviously it’s up to the delegator to do DYOR and checking for individual validator settings is critical. Still this feels like an easy way to do better for delegators and remove at least one of the low hanging scammy tactics.
airdrops_one:Having min commission set fixes this. It’s already in play on various #Cosmos chains and is not causing any issues.
What is the reason it is not currently set on Cosmos Hub?
Pretty sure a bunch of kuji freaks came out and started shouting about free markets if I recall correctly.
Maybe ping @Thyborg as I recall he was in the free market crew.
airdrops_one:0% is a heavy magnet for new Cosmos users and for those that don’t want to realize that validating costs money.
Yes it is and that’s why minimum commissions are a good idea.
The argument of setting minimum commissions has come up a few times in recent times but (as far as I know) they get shut down due to concerns about new validators being less competitive when it comes to gaining delegations.
However, there are other issues associated with not having a minimum commission but maybe those can be discussed if this topic gets brought up again.
This exactly. IMO a much better approach is whats now. People learn from mistakes better than they learn from successes. 0% was a magnet, slowly, people starting to learn its harmful. The current mechanism works great. It allows the market to stay competitive and reactive to changes momentarily.
One potential solution, although much longer, might be something like developing a certain penalty for com under X or over Y percent. i.e. validators with 0 or 100 percent would get rewards by the same formula * 0.5 or whatever. This would be a much better open market solution