GLM Provider Subsidy — ZkSync to Polygon
Last week Golem released its Beta IV, which includes Polygon support. This is a new payment driver that marks a decrease of ~150x the transaction fees of our previously used as default ZkSync payment driver. The costs of on-boarding and off-boarding are even greater. We expect that, over time, Polygon is where the majority of GLM mainnet transfers will be occurring on the Golem Network.
In the major release blog, we had a section on “ What does this mean for GLM on ZkSync?” mentioned to look out for our GLM Provider Subsidy -and it’s here! We are supporting our committed Providers of the Golem Network to give back some of the fees that Providers might experience if they’re off-boarding their tokens from ZkSync. These GLM token transfers will occur on Polygon.
To be eligible for the GLM Provider Subsidy you need to have run as a Golem Provider to the point that you’ve earned GLM on ZkSync.
Yesterday (Dec 13th 12:00 CET) we froze the list of the zkSync addresses eligible for the subsidy. So eligibility is already determined and those eligible are on the list, queued to receive their GLM subsidy. This is the reason we were recommending in the Beta IV announcement for Providers not to exit any tokens from ZkSync, until this announcement.
The tokens on the Provider ZkSync address will be matched and transferred to the address on Polygon. There will be a cap for subsidy of 200 GLM where this is the maximum amount transferred to the same address Polygon.
The current fee for exiting tokens from ZkSync to Ethereum is roughly ~50 GLM (as of 15:00 CET, today). So for a portion of the really committed Golem Providers, this subsidy will have a bonus on top of compensating for the cost.
Note: keep in mind that ZkSync exit fees fluctuate and are linked to Ethereum Gas Prices. Checkout this took that one of our developers created (in their free time) to track the fees: https://zk-tools.github.io/zk-fee/
What do I need to do if I’m eligible?
If you’ve been a Provider on Golem for a while then you’ll most likely be eligible, and we’ve already collected the list of eligible Providers that we will be transferring tokens to the same address, on Polygon.
Everything will be automatic as long as you’ve upgraded and continue to be online. Eligible users should upgrade to the Beta.IV release and be active on the network as Providers. Our subsidy tool will request a sample task on the Golem Network to check if your node is up and running. After successful computation the usual payment will be made and then (possibly after a few hours) a separate transaction with the subsidy amount will arrive to your account on Polygon. Transfers will begin today and we will cease the Subsidy process on Jan 15th, 2022.
If you’re interested to learn more about Polygon token transfers and ways to interact with your GLM on Polygon, please see our Polygon Explained video. And for the demonstration of exporting your keystore, please refer to this timestamp of the video.
Just to highlight again, if you’re a Provider then don’t forget to update your node! Upgrading your node is required to be eligible for the subsidy.
Before we finish up, we’d like to thank each and every Golem Provider for their commitment to contributing to the Golem project. The project wouldn’t be the same without each and every one of you! 🥰
Originally published at https://blog.golemproject.net on December 14, 2021.