For those of you following the monthly progress reports, you surely have noticed an increase in development activity around native Bismuth tokens -Tornado Wallet, Pawer bot, Bismuth.today. Till this date, the current circulating Bismuth tokens have centered around being vanity items & collectibles – initiatives by our community. We are pleased to announce the launch of the first token supported directly by the Bismuth Foundation, powered on the world’s first Python blockchain.
Introducing HYFI – powered by Bismuth.
The HYFI Token
“HYFI” stands for “Hypernode Fidelity”.
As you may know, Bismuth has a PoW component and also a PoS layer with Hypernodes. You can check live stats about the current Hypernode count and profitability on their dedicated page.
Every week, active Hypernodes owners get a reward denominated in BIS. It’s a capped – decreasing over time – reward, split among the Hypernodes according to their performance metrics and collateral level.
Current annual yield is 19.6%.
In addition to the BIS emission, HYFI will be an additional fixed reward, emitted on a weekly basis until the supply cap is reached.
The maximum HYFI supply is one million (1,000,000) tokens.
Active Hypernodes get 1 HYFI per week, per 10k BIS collateral.
A Hypernode is considered “active” if its reward subsidy – gauged from the 10k collateral baseline, is more than half the reward of the best-performing Hypernode. This is a “soft” rule and allows for some downtime to have no impact.
Respectively, an active Hypernode with 20k collateral gets 2 HYFI weekly, and 30k collateral gets 3 HYFI per week.
The first HYFI payout silently occurred last saturday, with 595 tokens total being sent!
Did you know?
Thanks to Bismuth abstract transactions, native Bismuth tokens can be sent in the very same transaction as a regular $BIS transfer.
Since a transaction fee is composed of a fixed fee, as well as a dynamic fee variable based off of the data payload, adding a token transfer to a regular transaction means very little overhead and almost no added cost.
The base fee is 0.01 $BIS. Adding a HYFI token transfer only adds 0.00016 $BIS in TX fees.
The Hypernodes payout script revolves around the aforementioned fee schema, so there will be next to no impact on $BIS payouts.
How do I check My HYFI balance?
You can use the tornado wallet and the new Tokens crystal, or simply head over Bismuth.today , the native Bismuth tokens explorer.
What can you do with your HYFI?
Like any native Bismuth token, you can transfer them (integer amount only) to any Bismuth address.
The Bismuth Foundation has launched this token in advance so that there will be a wide distribution once the utility arrives. We have some great plans and the community will hear of them soon enough.
If you’re using a shared Hypernodes service, we guess the operators will define some rules to share these tokens as well.
This is a first step toward new features and use-cases, stay tuned!