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Update: IGGalaxy Validator Migration

IGNews

03 Jun 2021

Intergalactic Gaming

Greetings Galacticans!

As you know, Intergalactic Gaming has and will continue to serve as a validator for the Polygon Network, and so this article will aim to outline our Validator migration and community incentive plan in a bid to request MATIC holders to delegate to IGGalaxy.

From tomorrow, we will be moving onto a new validator and want to give our current delegators notice. We understand that those having to re-delegate (stake) onto our new validator will incur ETH fees and therefore, we will send ETH to those who re-delegate onto our new validator.

IGGalaxy Validator update!IGGalaxy Validator update!

What is a validator?

A blockchain validator is responsible for verifying transactions on any given decentralised network. Within Polygon network, a validator locks up MATIC tokens in the system and runs Heimdall validator and Bor block producer nodes in order to help run the network. Validators stake their Matic tokens as collateral to work for the security of the network and in exchange for their service, earn rewards.

What are delegators?

Delegators are token holders who cannot, or do not want to run a validator node themselves. They can delegate staking tokens to a validator and obtain a part of their revenue in exchange. Because they share revenue with their validators, delegators also share risks. Should a validator misbehave, each of their delegators will be partially slashed in proportion to their delegated stake. Delegators play a critical role in the system, as they are responsible for choosing validators.

What do I gain from this?

Your rewards will continue as normal after you delegate onto our newly synced validator. Rewards will only stop if you leave your MATIC after we take down our current validator and you decide not to re-delegate.

Our community is incredible and as mentioned we appreciate that gas fees are incurred , particularly for those re-delegating from our current validator. As a result, we’ve decided to cover any ETH fees incurred to those who have previously staked onto our current validator, and will be cross-checked with a snapshot we have taken.

Our rewards plan will continue with 5% commission — this means that 95% of MATIC earned from delegated MATIC will be distributed to the community!

Not only will we cover ETH fees, we will be airdropping over 10,000,000 IGG shared between all delegators on our new validator across June & July! This will be sent on the Polygon network.

How do I claim my ETH fees?

Please fill out this form: https://forms.clickup.com/f/2btuk-7127/QI6IXA7PDW7EJ8JVIY This form will allow you claim back the ETH fees incurred from unbonding your MATIC from IGGalaxy’s old validator (81)and re-delegating to our new one (129). You will need to provide:

  1. Your transaction hashes to verify the costs incurred.
  2. An email address so we can send a confirmation email once the ETH has been sent. Please note the ETH will only be sent to the same wallet that incurred the fees. Finally, you will only be reimbursed once you have re-delegated to our new validator.

How to delegate to IGGalaxy?

Delegating MATIC tokens requires an Ethereum wallet on Metamask, loaded with MATIC tokens and some ETH to cover gas fees.

If you need to set up your MetaMask browse extension wallet, you can read IG’s guide to using MetaMask.

  • Once you have set up an Ethereum wallet with MetaMask, and have the required crypto-assets, you will need to go to https://wallet.matic.network/staking/.
  • Connect your MetaMask wallet to the site by clicking ‘Login’, selecting MetaMask and then signing in to complete the connection.
  • Once connected, you can find ‘IGGalaxy’ validator using the search function.
  • Click ‘Delegate’ once you have found IGGalaxy’s Validator node and stake the amount of MATIC you want to delegate.

Our Direct link to our validator profile:

https://wallet.matic.network/staking/validators/129

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