feat: preparation for pos-v2 proposal

.vscode/extensions.json

@@ -1,3 +1,7 @@
 {
-  "recommendations": ["editorconfig.editorconfig", "biomejs.biome"]
+  "recommendations": [
+    "editorconfig.editorconfig",
+    "biomejs.biome",
+    "esbenp.prettier-vscode"
+  ]
 }

.vscode/settings.json

@@ -14,5 +14,12 @@
   },
   "[typescriptreact]": {
     "editor.defaultFormatter": "biomejs.biome"
-  }
+  },
+  "[markdown]": {
+    "editor.defaultFormatter": "esbenp.prettier-vscode"
+  },
+  "files.associations": {
+    "*.mdx": "markdown"
+  },
+  "cSpell.words": ["delegator", "delegators", "permissionless"]
 }

next.config.mjs

@@ -32,6 +32,31 @@ const nextConfig = {
         destination: '/chain/nodes/introduction',
         permanent: true,
       },
+      {
+        source: '/nodes/delegation/stake_node_tokens',
+        destination: '/nodes/delegation/stake_beam',
+        permanent: true,
+      },
+      {
+        source: '/nodes/rewards/primary',
+        destination: '/nodes/rewards/composition',
+        permanent: true,
+      },
+      {
+        source: '/nodes/rewards/secondary',
+        destination: '/nodes/rewards/composition',
+        permanent: true,
+      },
+      {
+        source: '/nodes/requirements/mint',
+        destination: '/nodes/requirements',
+        permanent: true,
+      },
+      {
+        source: '/nodes/requirements/node_token',
+        destination: '/nodes/requirements',
+        permanent: true,
+      },
     ];
   },
 };

pages/nodes/_meta.ts

@@ -6,4 +6,5 @@ export default {
   delegation: 'Delegation',
   rewards: 'Rewards',
   maintenance: 'Maintenance',
+  node_token: 'Phasing out the Node Token',
 };

pages/nodes/delegation.mdx

@@ -1,27 +1,16 @@
 # Delegation
 
-Delegation allows users to contribute to the Beam Network's security and decentralization without running a validator node. By delegating their BEAM tokens or Node Tokens, users support validators in processing transactions and maintaining the network.
+Delegation allows users to contribute to the Beam Network's security and decentralization without running a validator node. By delegating their BEAM tokens, users support validators in processing transactions and maintaining the network.
 
 ## How Delegation Works
 
-Delegators can stake their BEAM and/or Node Tokens with validators operating Beam Nodes. While they don't run a node themselves, delegators play an essential role in securing the network and enabling its decentralized functionality. Delegators may in return earn rewards. 
+Delegators can stake their BEAM tokens with validators operating Beam Nodes. While they don't run a node themselves, delegators play an essential role in securing the network and enabling its decentralized functionality. Delegators may in return earn rewards. 
 
 ## Key Details
-- **No Minimum Delegation**: Delegators can stake any amount of BEAM and/or Node Tokens, even as little as 1 token.
-- **Withdrawal Period**: Delegated BEAM or Node Tokens are subject to a **21-day waiting period** before they can be undelegated. If you instead decide to re-delegate to a different Beam Node, there is no withdrawal period.
-- **Rewards**: Delegators earn rewards proportional to their stake from both primary rewards (transaction fees) and secondary rewards (protocol fees and Validator Incentive Grants).
+- **No Minimum Delegation**: Delegators can stake any amount of BEAM tokens, even as little as 1 token.
+- **Withdrawal Period**: Delegated BEAM tokens are subject to a **21-day waiting period** before they can be undelegated. If you instead decide to re-delegate to a different Beam Node, there is no withdrawal period.
+- **Rewards**: Delegators earn rewards proportional to their stake from both transaction fees and additional rewards, like protocol fees and Validator Incentive Grants.
 - **Commission Fees**: Validators can set a commission fee on the rewards earned by their delegators, which varies by validator.
 
-## Delegation Rewards
-
-Delegators receive rewards from two primary sources:
-
-- **[Primary rewards](/nodes/rewards/primary)**: Transaction fees (gas fees) on the Beam Network, distributed in BEAM.
-- **[Secondary Rewards](/nodes/rewards/secondary)**: These include protocol fees (e.g., from BeamSwap and Sphere marketplace) and grants from Beam Foundation Treasury, which may consist of additional tokens and contributions.
-
-### Reward distribution
-- **80%** of secondary rewards flow to Node Token stakers (validators and delegators).
-- **20%** of secondary rewards flow to BEAM stakers (validators and delegators).
-
 ## Slashing Risks
 While delegation is a simpler way to support the network, delegators are not exempt from risks. If a validator is penalized for poor uptime, malicious activity, or misbehavior, their delegators will also face **slashing penalties**, losing part of their rewards.

pages/nodes/delegation/_meta.ts

@@ -1,5 +1,4 @@
 export default {
   stake_beam: 'How to stake BEAM',
-  stake_node_tokens: 'How to stake Node Tokens',
   validate_delegate: 'Validate vs delegate',
 };

pages/nodes/delegation/validate_delegate.mdx

@@ -9,6 +9,6 @@ The core distinctions between validators and delegators are outlined below:
 |                      | Validator                                                                                                                                                                                           | Delegator                                                                                 |
 | :------------------- | :-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | :---------------------------------------------------------------------------------------- |
 | Responsibilities     | Actively run a node, validate transactions, and participate in securing the Beam Network.                                                                                                           | Stake tokens to a validator to participate in network security indirectly. The validator doesn't have custody of the tokens and they can be unstaked at any time.              |
-| Stake Requirement    | Minimum stake of 20,000 BEAM and 1 Node Token (ERC-721).<br/><br/> | Minimum stake of 100 BEAM token and/or 1 Node Token.                                        |
+| Stake Requirement    | Minimum stake of 50,000 BEAM.<br/><br/> | Minimum stake of 100 BEAM token.                                        |
 | Infrastructure       | Must maintain 80%+ uptime to avoid slashing, achievable through services like NaaS (Node-as-a-Service), VPS, or dedicated hardware (meeting system requirements).                                   | No infrastructure responsibilities.                                                       |
 | Rewards Distribution | Receive rewards directly for validation efforts. Validators can set their own commission rates for sharing rewards with delegators.                                                                 | Receive rewards indirectly as a share of the validator's earned rewards after commission. |

pages/nodes/index.mdx

@@ -15,18 +15,16 @@ Beam Nodes are validator nodes that operate on the Beam Network following the Ho
 
 ## Key requirements
 To run a Beam Node, validators must:
-- Stake at least 1 Node Token (ERC-721)
-- Stake at least 20,000 BEAM
+- Stake at least 50,000 BEAM
 - Meet the hardware requirements
 - Pay the continuous fee mechanism in AVAX to Avalanche P-Chain validators
 
 ## How to participate
 You can participate in the Beam Network's validation in two ways:
 
 - As a validator – run your own Beam Node, meeting all requirements and directly processing transactions.
-- As a delegator – stake your BEAM and/or Node Tokens with validators without running node software yourself.
+- As a delegator – stake your BEAM with validators without running node software yourself.
 
-## Additonial Resources
-- [How to Mint Node Tokens](/nodes/requirements/mint)
+## Additional Resources
 - [Validator Requirements](/nodes/requirements)
 - [Delegation](/nodes/delegation)

pages/nodes/node_token.mdx

@@ -0,0 +1,22 @@
+# Phasing out the Node Token
+
+The Beam Network has upgraded its proof-of-stake (PoS) consensus mechanism, removing the Node Token as a requirement for network validation. This strategic change aims to consolidate utility, governance, and staking rewards exclusively around BEAM, streamlining the network architecture.
+
+This update addresses community concerns regarding the dilution of BEAM utility and streamlines the network to better support decentralization efforts, such as more efficient stake weight distribution. Consequently, BEAM now serves as the single asset required to secure and govern the Beam network.
+
+Following the update, the Beam Network operates under the following parameters:
+
+- **Primary Asset:** BEAM is the only asset required for network validation and governance.
+- **Validator Requirements:** The staking requirement to operate a new validator node is set to 50,000 BEAM. No Node Tokens are required.
+- **Unstaking:** Node Tokens can be unstaked immediately, with no mandatory cooldown period for neither validators nor delegators. Validators can additionally unstake Node Tokens without ending their validation.
+- **Rewards Structure:** All network rewards, including transaction (gas) fees and protocol fees, accrue directly to validators and delegators (for more details see [composition of rewards](/nodes/rewards/composition)).
+
+## Node Token redemption process
+
+To ensure that existing Node Token holders are transitioned fairly, the following redemption process has been implemented:
+
+- **Redemption Mechanism:** A dedicated smart contract has been deployed, allowing holders to transfer their Node Tokens in exchange for BEAM.
+- **Redemption Value:** The redemption amount in BEAM is equal to the original minting cost of their Node Token. For tokens minted in the discount period, the redemption value is fixed at 37.878 BEAM, tokens minted after are redeemed for 124,089 BEAM.
+- **Redemption Window:** The option to redeem Node Tokens will remain open for a period of two years. After this timeframe, any remaining BEAM in the smart contract will be returned to the Beam Foundation treasury.
+
+To redeem Node Tokens, unstake your Node Tokens in the [Delegation dashboard](https://nodes.onbeam.com/delegations) first. Then use the [Node Token Redemption](https://nodes.onbeam.com/redeem) page to redeem your unstaked tokens for BEAM. Any yet unclaimed Node Tokens can be redeemed on this page as well.

pages/nodes/requirements.mdx

@@ -12,9 +12,8 @@ Validators play a critical role in maintaining the security and performance of t
 
 To operate a Beam Node as a validator, the following staking requirements must be met:
 
-- **Node Token**: Stake at least 1 Node Token (ERC-721).
-- **BEAM**: Stake a minimum of 20,000 BEAM.
-- **Maximum Stake Limits**: Each Beam Node can have up to 200 million BEAM and 1,000 Node Tokens staked to it.
+- **BEAM**: Stake a minimum of 50,000 BEAM.
+- **Maximum Stake Limit**: Each Beam Node can have up to 200 million BEAM staked to it.
 
 
 ## Hardware Requirements

pages/nodes/requirements/_meta.ts

@@ -1,5 +1,3 @@
 export default {
-  node_token: 'Node Token',
-  mint: 'How to Mint a Node Token',
   bridging: 'Bridging over to Beam Network',
 };

pages/nodes/rewards.mdx

@@ -7,8 +7,6 @@ description: meta description
 
 The Beam Network is a vital part of the Beam ecosystem which stretches far and wide throughout the gaming industry with a suite of smart contracts, decentralized applications, games and other activities. Those that empower and secure the Beam Network, and thereby contribute to a decentralized gaming future, may receive a wide variety of network rewards in return.
 
-These rewards can be divided into [primary](/nodes/rewards/primary) and [secondary](/nodes/rewards/secondary) rewards.
-
 
 ## Epochs
 
@@ -41,24 +39,13 @@ After the 7 days have passed, rewards become claimable via the [Delegation dashb
 
 ## Rewards calculation and distribution process
 
-To better understand how the rewards calculation and distribution works, here are the steps of the process for Primary rewards:
-1. Collect all gas fees into the Rewards contract
+To better understand how the rewards calculation and distribution works, here are the steps of the process:
+
+1. Collect all gas fees and broader ecosystem rewards into the Rewards contract (for more details see [composition of rewards](/nodes/rewards/composition))
 	- Query all active validators for their uptime and request quroum from the nodes
 	- Once uptime is agreed upon by the quorum (67%+ of nodes), the nodes that have 80%+ uptime are marked to receive full rewards, and those with less than 80% have a linear drop off in the rewards they get
 2. Depending on all combined stake weight in the validator set, define reward amounts for each node based on that individual nodes stake weight
 	- A node stake weight is the combined stake weight of the validator operator and all delegators of that node
 3. Rewards are then distributed as follows, per each validator node:
 	- Validator node gets their respective amount of rewards based on the commission percentage
 	- Each delegator in turn gets their respective amount based on their stake weight within that node
-
-### Notes for Secondary rewards
-
-The process for Secondary rewards is largely the same, with slight changes to a few of the steps:
-
-The rewards pool is not based on network gas fees, rather it's a broader ecosystem rewards pool. For exact details see under [secondary rewards](/nodes/rewards/secondary).
-
-For each delegator, the ratio of rewards is as follows: 
-- 80% is based on the weight of the staked Node Tokens 
-- 20% is based on the weight of staked BEAM
-
-This is different to how Primary rewards are calculated - there is no ratio, just the stake weight BEAM.

pages/nodes/rewards/_meta.ts

@@ -1,5 +1,4 @@
 export default {
-  primary: 'Primary rewards',
-  secondary: 'Secondary rewards',
+  composition: 'Composition of rewards',
   claim_rewards: 'How to claim rewards',
 };