🌎 Overview
Our team was excited to (re)release the Lilybit_ rewards Leaderboard last week! This serves as the central hub for Lilypad Resource Providers (nodes) to track Lilybit_ rewards earned, and monitor the status of nodes on the network. In addition, the Leaderboard provides a metrics page with a map of all Lilypad nodes worldwide.
The IncentiveNet was launched in June 2024 and will run up to the official launch of Lilypad on Mainnet, anticipated in Q4 2024. Lilybit_ credits will be redeemable for Lilypad tokens upon Mainnet launch!
With over 170 nodes (RPs) currently online, the network continues to add RPs with a wide variety of GPUs ranging from Nvidia 3080s to A100s. In addition to troubleshooting issues that come up with the network, we’re focused on improving the Resource Provider on-boarding experience with updated troubleshooting documentation (based on FAQs from the community) and a forum for questions on Discord.
This week, we launched the Lilypad Ambassadors program, recognizing five outstanding members of our thriving community who have consistently gone above and beyond to support the network. We extend our heartfelt gratitude to these ambassadors and the entire community for their invaluable contributions to Lilypad's growth and success. From open-source contributions to providing assistance in Discord and participating in the Galxe campaign, your efforts have made us stronger. We're excited to continue building the future of decentralized computing together!
Find all OFFICIAL LINKS for the Lilypad network here.
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⚒️ Engineering Update
IncentiveNet
The Lilybit_ rewards program is growing! We have encountered some minor issues with the rewards calculations, but have managed to triage most of the problems. We are currently investigating the cause of intermittent downtime with (online) Resource Providers running the Proof of Work (PoW) mechanism. The best way to combat this issue is for RPs to restart their nodes once every 1-2 days and ensure the node is running the latest Lilypad version.
Thank you to our community for contributing feedback and for having patience while the testnet grows!
Another major internal push is focused on network reliability for end users. We have been troubleshooting issues with running jobs on the network and are working on a long term fix internally. This includes an upgrade to our network monitoring stack (including public apis) to identify issues faster and respond with solutions. Keep track of the latest developments for Resource Providers in the updates-rp Discord channel.
Lilybit_ Rewards
The PoW mechanism implemented into the network has been a successful tool to measure RP capacity (GPU size) and uptime. Each GPU will generate a hashrate based on the size of the card. The hashrate and associated number of PoWs run per day are used to calculate the rewards credits given to RPs.
Each hour, Resource Providers will be tasked to run the proof and additionally, randomly, many times per day. There is a hashrate call every four hours when the Proof of Work is run. RPs receive a multiplier relative to how many 4-hour windows of POWs completed in that day. The graph below shows the daily multiplier for a given number of 4-hour windows of POWs completed across a 24 hour period.
A RP will lose the 4x daily multiplier if the hashrate call (every four hours) is missed. If the PoW happens in the window of time that a node is restarting/offline, then it's missed. In the case of RPs having downtime spanning multiple days, earning capacity will be slashed, decreasing their reward-earning potential. This is to encourage maximum GPU contribution and uptime. If you have further questions, feel free to ask in our #i-need-help channel on Discord.
🖥️ Tokenomics
First and foremost, our team is hard at work on the Lilypad Network Whitepaper. We are working in collaboration with CryptoEconLab, a group out of Protocol Labs, with deep experience in launching networks of this scale. CryptoEconLab is a collective of research scientists unlocking crypto's economic challenges.
Last week, our team focused on simulating the Hashrate growth model for IncentiveNet, modeling out the Lilybit_ valuation, and reviewing various incentive mechanisms implemented on our Testnet. The intention of the Testnet is to stress test these models in the wild to ensure security and equity among stakeholders.
⚡ Developer Events & DX Updates
Troubleshooting resources
Over the last few weeks of the Incentivized Testnet, our team has put together additional resources for clear communication and end-user support.
The updates-rp channel is used for all communications to RPs including when a new version of Lilypad is released. If you’re not part of our Discord yet, you can view these updates here.
The troubleshooting FAQ was compiled from common questions that have come up in the #i-need-help Lilypad Discord channel.
We have implemented a few tools to provide easy routes for the community to provide feedback! Please don't hesitate to jump in and contribute ideas.
Weekly AMA Sessions!
To help answer questions and gain insights from our team, Lilypad hosts AMA sessions every Wednesday! Every other week, we will alternate the timing of the AMA to ensure we can cater to RPs and devs across the globe! Find an AMA time that works for you on the Lilypad Calendar.
This week’s AMA was hosted by me (Alex Mirran) and Logan Lentz from Lilypad Engineering. The AMA was buzzing with energy as we welcomed a wave of new faces to the community. Their insightful questions sparked engaging discussions, and we were delighted to help troubleshoot and address their curiosities. The enthusiasm and engagement from both new and existing members has been incredible and energizing for the team!
🚀 Partnerships
Titan Network and Lilypad
Our team is proud to partner with Titan Network! Titan Network is a digital resource network that incentivizes matching community idle resources with global demand, making it easy for everyone to leverage the power of DePIN services and participate in the construction of the Internet of Value. The network will provider GPU Resource Providers as well as a decentralized storage solutions for Lilypad!
Lilypad Ambassadors
The Lilypad Ambassadors program kicked off this week with five members of the community selected in the first group! The program is designed to highlight and support outgoing and passionate community members who help others, solve problems, and communicate effectively!
As the program evolves, we look forward to expanding and involving more passionate individuals. Our ambassadors will play a crucial role in shaping the narrative of Lilypad as the network grows, so keep up the good work! The program will run alongside the Lilypad IncentiveNet and will continue after Mainnet launch.
Each Ambassador was given a “Lilypad Advocate” role in our Discord. Ambassadors will be eligible to earn rewards and collaboration opportunities with Lilypad! The intention is to grow this group of Advocates across the globe as new community members show interest.
Some ways to earn the role of Lilypad Advocate:
Community Engagement: Support and grow our vibrant community via the Lilypad Discord, X, Github, and other community forums.
Content Creation: Share knowledge on the Lilypad Discord or through blogs, videos, and tutorials.
Translation: Make our resources accessible to a global audience.
Development: Contribute to projects and tools that enhance the Lilypad ecosystem.
Event Organization: Host meetups, webinars, and workshops.
Galxe Campaign - Tier 2
As part of our IncentiveNet Program, Lilypad has launched a Galxe campaign to continue engaging with our community! Tier 2 of the campaign has launched with the coveted "Pond Guardian" role available to earn!
Join the campaign, follow Lilypad on X, and go through the quests to become an OG Pond Guardian!! Our community has already been enjoying the quests and having fun getting to know Lilypad. The next tier of Galxe quests will be launched very soon, so stay tuned!
🔮 What's Next?
Our team has been busy ensuring the Lilybits_ rewards mechanism is working as planned and investigating network issues with running jobs. In the meantime, the RP community continues to grow and we are focused on ensuring a smooth experience for these stakeholders!
💬 Have more questions or looking for guidance? Join our community AMA hosted every Wednesday!
Chat to us on Discord and follow along on X/Twitter for the latest news and updates!
