FreeStake Module was released!

Dear users:

The REI DAO proposal #2: “ Introducing FreeStake Module” was successfully passed with an incredible 100% approval on June 13. Thanks for the support from the community. :link: Details: Snapshot

REI Network mainnet will be fully upgraded at block height 5606557. This is a Hardfork release. In this Hardfork, REI has introduced the FreeStake module, which supports users to obtain free on-chain computing resources by staking $REI. All nodes need to be upgraded before the block height of 5606557 (expected at 2022–07–13 12:00:00 UTC), otherwise, the block will not be synchronized after the FreeStake module is enabled. Recommended upgrade steps:

  1. Upgrade rei by running npm i @rei-network/cli -g, or following the steps in the doc if you are using self compiled version, Quick Start - REI Network Documents

  2. Checkout if the version has been upgraded to 1.0.0 rei --version

  1. Restart rei (expected to take 2 mins)

More information about FreeStake: Stake for Free Gas - REI Network Documents

Github: Release 1.0.0 · REI-Network/rei · GitHub

For any upgrade issues, checkout FAQ: GitHub - REI-Network/rei: A EVM and Ethereum RPC compatible blockchain & The next generation of GXChain, or contact us via [email protected]

The FreeStake module is the underlying logic for REI Network to build an on-chain ecosystem. The FreeStake module is an original economic model based on the cutting-edge exploration of the smart contract platform and the core of the REI Network’s Free Economic Model. The module will further support the development of the on-chain ecosystem, such as GameFi, SocialFi, Metaverse, and other scenarios. Therefore, based on the mechanism, the core advantages of REI Network will change from idea to reality.

The REI Network Foundation will release 10 million $REI each year for node rewards and Crude consumption.

About Crude:

  • The users stake $REI to vote for the node, and the smart contract will comprehensively calculate the amount of Crude that the user can get every day according to the amount and duration of the staking. Crude can be used to offset the gas fee.
  • When users trade on REI Network, they will consume their Crude first. If there is no Crude, they will consume their $REI.
  • If the users just stake and do not trade, the Crude in the account will be emptied every 24 hours, and the Crude cannot be transferred.
  • The Crude consumed by users every day will be collected in the Fee Pool, which will be uniformly converted into $REI every 24 hours and distributed to each node according to the proportion of block packaging — another part of rewards for Super Nodes apart from the blocking reward.

Details about the Free stake module: How Does REI Network Achieve Gas-free Model — REI Network News

REI Network Foundation will start the GXChain 1.0 Node Recycling Plan after the launch of the FreeStake Module. The network of GXChain will continue to maintain the status of running, but it is recommended that users complete the $GXC-$REI token swap in their personal accounts before December 2022.