Ethereum layer-2 community Aztec launched its mainnet Wednesday — albeit with partial performance — marking the launch of one of the few totally decentralized networks within the ecosystem.
In line with an Aztec e mail considered by Cointelegraph, Aztec has launched its “Ignition” mainnet chain, a purposeful consensus-producing chain that generates blocks, however with out the good contract execution layer.
In line with L2Beat, solely the trustless, optimistic rollup community Aspect v1 and Aztec’s outdated decentralized finance (DeFi) anonymization venture, Zk.Cash are classed as a stage 2 system with full decentralization.
Along with Aspect, Aztec is among the many few protocols with no centralized “coaching wheels,” as possession of the rollup contract was renounced, and Aztec is neither a rollup processor nor an operator. Customers or third events should run the rollup system themselves to withdraw or transact.
In an e mail despatched to the Aztec mailing record subscribers, the Aztec crew highlighted that “neither the Aztec Basis, core crew, nor traders can run nodes, stake, or take part in governance for the following 12 months.” “This makes Aztec the primary community-launched L2 in Ethereum historical past,” the crew informed subscribers.
Aztec had not responded to Cointelegraph’s request for remark by publication.
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Aztec staking is now dwell
Aztec staking is now out there to holders, permitting them to take part in community consensus, earn block rewards and form governance selections. The e-mail means that early stakeholders obtain greater rewards as a result of “early individuals profit from distributing block rewards amongst fewer stakers.”
The staking dashboard indicates that 107.2 million AZTEC tokens are at present staked. Each the traders and the event crew are at present barred from staking, so it’s seemingly that these funds are sourced from the 200 million AZTEC offered within the genesis sequencer sale, which targets whitelisted group members explicitly to bootstrap the mainnet.
The minimal stake quantity (additionally relevant to delegated stakes) is 200,000 AZTEC, equal to about $6,000 on the costs of the continued community-only Continuous Clearing Auctions phase. Nonetheless, the tokens could also be offered at greater costs than the present $0.03 per AZTEC if demand will increase.
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The continuing token sale
Aztec is at present within the whitelisted group members-only part of its token sale, attracting $2.77 million value of belongings from 2,209 distinctive bidders since its opening on Nov. 13. This part will shut on Dec. 1, simply earlier than the general public sale begins on Dec. 2 and closes on Dec. 6.
The tokens bought via the sale will likely be locked for a minimal of 90 days and as much as 12 months, relying on whether or not the group votes to launch them early. The sale will distribute 1.547 billion tokens, representing 14.95% of the full provide.
Aztec claims that the token sale is happening at a 75% low cost relative to the implied community valuation from earlier fundraising efforts. In line with ICO Drops data, Aztec raised $2.1 million in its seed spherical, $17 million in its Collection A, and $100 million in its Collection B funding rounds. Backers embody Ethereum co-founder Vitalik Buterin, Coinbase Ventures, Paradigm, Consensys, Andreessen Horowitz and HashKey Capital, amongst others.
Nonetheless, Aztec’s personal token sale disclaimer warns that “any reference to a previous valuation or proportion low cost is offered solely to tell potential purchasers of how the preliminary ground value for the token sale was calculated.” The ground value at present stands at 0.000010 ETH, or about $0.03 per AZTEC — placing the venture at a totally diluted valuation of $310 million. The disclaimer additionally notes that unsold tokens “could also be claimed again by the Basis.”
On Dec. 6, a Uniswap pool containing 273 million AZTEC (2.64% of provide) will go dwell to bootstrap liquidity. Tokens purchased on the secondary market is not going to be topic to lockups.
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