BLD Distribution, Governance, and what Phase 0 brings to the table

On November 1st, 2021, Agoric’s public mainnet went live. This was the official kick-off of our multi-phase mainnet rollout. This is also the first time that BLD (as in “build”), Agoric’s staking token, is live on a public ledger! Everyone at Agoric has been working toward this for a couple of years, and we’re naturally very excited to share the news. 

Enter Phase 0

The first of four phases in the Agoric mainnet, Phase 0, is all about setting up our network with BLD token-holders for the chain launch. Agoric’s public chain was built using the Cosmos SDK, also used to build other chains, including Akash, Regen Network, Osmosis, and Celer. The purpose of this post is to provide a rundown of what you can expect in Phase 0, and what is ahead in the subsequent phases. 

You can follow Agoric’s mainnet launch using the network’s block explorer.

All About BLD

The Agoric BLD staking token secures and stabilizes the Agoric economy by supporting future staking, governance, and further decentralization. Users who stake their BLD will receive additional token issuance as rewards, as well as a share of the rewards generated by economic activity on the Agoric chain. BLD holders are also key to governing Agoric by voting on important proposals put forth by anyone who holds enough BLD. Much more on this in the coming mainnet phases! 

Where’s My BLD?

In order to execute a smooth mainnet launch, we’ve since distributed BLD tokens to a cohort of equity investors and validators (this process is still ongoing). Although this gradual token release will not allow BLD to be acquired during Phase 0, it will ensure that all systems are running before we open our economy to a larger audience. If you’re interested in BLD, you can complete our Inquiry Form.

To learn more about BLD, take a look at the Agoric Economy page.

Keplr Wallet Integration

With BLD currently live on the Agoric public chain, we needed a wallet to help users manage their staking tokens. We’re thrilled to announce that Agoric has partnered with Keplr, a leading wallet in the Cosmos network, to support our token. We recommend taking a look at Keplr’s Guide to setting up your wallet to get a better understanding of what they offer. 

Governance

We recommend using commonwealth.im/agoric as a supplement to on-chain governance once it is up and running very soon. Commonwealth natively supports Cosmos chains and allows two key features:

1. Governance proposals

Any holder of BLD with enough stake available on our platform can put forth a governance proposal. Proposals can be voted on by other BLD holders. If enough votes are in favor of the proposal, it passes. If not, the proposal is passed on. We recommend looking at other commonwealth pages for reference. 

2. Forum Discussion

Commonwealth also serves as a great place for general forum discussion. We intend to open longer form conversations on Commonwealth in order to maintain account of discussions where conversations on Discord may be fleeting and/or lost in history.

To The Validators 

Throughout 2021, Agoric’s incentivized testnet (validate.agoric.com) has provided a series of global, competitive challenges for validators to prepare, learn, and earn points in advance of Agoric’s mainnet. 

The testnet consists of five overall phases, each phase focused on testing a different aspect of validating and securing the Agoric blockchain network. Points have been earned by independent validators by completing network and community tasks during each phase, with bonus points awarded to the winners of the challenge tasks.

In advance of the testnet launch back in April, some 6,300 community members applied for 150 slots, and since then over 4,100 network tasks have been submitted! 

Phase 1 of the Agoric incentivized testnet focused on onboarding, Phase 2 on infrastructure, Phase 3 on staking dynamics, and Phase 4 on a stress test. A review of Testnet Phase 4.5 will be available soon, with the final round, Testnet Phase 5: Adversarial, launching closer to the release of our Bug Bounty Program (more below).

Developer Access Points

As part of our Mainnet launch, we are sponsoring several hackathons where developers can learn how to build more composable, safer dapps using Agoric’s JavaScript smart contract platform. Check out our hackathon bounty descriptions below: 

Gitcoin Cross-Chain Hackathon (Oct 18 – Nov 8)

Build a smart contract (with basic UI) enabling Akash users to have the contract manage a lease for them (extending it when necessary) using the InterBlockchain Communication (IBC) protocol.
Start Today: https://gitcoin.co/hackathon/defi-crosschain/

Cosmos HackAtom IV (Nov 11 – Dec 8)

Take part in the biggest HackAtom in Cosmos history and compete for your share of $1,000,000 in prizes paid in $ATOM. Agoric’s hackathon challenge is to build a set of Agoric smart contracts on Agoric that provide flexible liquidity mining options to Cosmos projects based on an Osmosis LP token.
Join Today: https://hackatom.org/

Beta

Beta is a prime opportunity for developers to get ahead of the curve. Using Agoric’s testnet environment, you can rapidly build and deploy smart contracts atop a rich economy that incorporates test versions of our new BLD staking token and RUN local currency. A new collection of DeFi legos gives access to our beta app where users can open treasury vaults or interact with our automated market maker. Join the fun by modifying our open treasury code and building your own projects leading up to mainnet. We can’t wait to see what you make!

Build Today: agoric.com/beta

Security Bug Bounties

We plan to launch a security bug bounty program to incentivize the disclosure of security issues that are vital for the launch and security of a resilient mainnet. In parallel with security audits, bounties will be posted for audited and mostly finished code. Fun fact: running a security audit and bounty program in parallel is extremely common!

Coming Soon

Phases to Follow

After Phase 0, the pedal hits the metal.

Phase 1: Will launch the Agoric virtual machine, the RUN token and protocol, vault contracts and native automated market maker (AMM)

Phase 2: Will allow permissioned smart contracts to be deployed on chain subject to BLD holder governance.

Phase 3: Will add permissionless smart contracts where any developer can deploy onto the Agoric public chain with no approval process required.

FAQ

Can I purchase Agoric BLD during mainnet Phase 0?

No. During Phase 0, BLD is only distributed to early validators, investors, and other stakeholders. You can complete our BLD Inquiry Form to share your level of interest. 

If I’m not receiving BLD in Phase 0, do I need a Keplr wallet? 

No. However, it might be worth downloading the wallet ahead of time to have it in the future. 

Will staking and rewards be available in Phase 0?

While staking is currently supported, enabling staking rewards is dependent on a future governance vote.

Where is Agoric delegating their stake? Can I have tokens delegated to my validator? 

Yes, you can have tokens delegated to your validator at a future mainnet phase. We are developing a delegation program, which will be announced in the coming weeks. 

Can anyone run a validator in Phase 0?

Not as of this announcement but that may change at a later stage in Phase 0.

Will the Agoric Treasury or AMM be active during mainnet Phase 0?
No. That is currently planned for Phase 1 of our mainnet rollout.

Join the conversation!

Join the Agoric community Discord

Follow Agoric on Twitter

Subscribe to the Agoric Newsletter

Read the Agoric Blog