📣 Official Bittensor Update (2024-05-01T17:52:52.059000+00:00)

Hi @everyone

Roughly one year ago we opened up stake delegation allowing TAO holders to delegate their TAO. This mechanism was a huge success, spring shotting many of todays largest validators into our consciousnesses, Taostats, Taobridge, The OTF validator, The Bittensor Guru Podcast, Tao-Validator etc.

When we initially launched this feature we set the initial and fixed take value at 18% which was somewhat contentious, and many people have figured out ways to circumnavigate this limit with the goal of getting more TAO into nominator’s hands. This has been positive and we are moving to remove this cap, allowing validators on Bittensor to directly set the `take` value going forward, anywhere from 0 to 18%, competitively, to attract nominators.

Currently on the Staging chain you can already test this feature, and as a validator set your take value. Next week we are staging releases, both on Python and through a chain upgrade to allow this on Finney. We are very excited to move Bittensor into the realm of competitive take values and have research pending to show how this term can be used to competitively drive demand for TAO.

We will be talking about this change and others coming soon on Thursday’s Novelty Search while we talk with @0xDrP | [τ, Ω] about the work they are doing at OmegaLabs.
See you there