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SP Onboarding process
This document is intended for those Storage Providers who wish to participate in the Collectif DAO protocol and runs the mining operation in the Filecoin network.
- 2.The Collectif DAO team would evaluate the historical performance of the miner actor
- 3.Determine the total allocation for a pledge and daily allocation depending on the sealing capacity
- 4.Integrate Collectif Go-lang SDK into your pipeline
- 5.Register your miner actor in the Collectif DAO protocol
- 6.Collateralize your FIL to the collateral system to cover slashing risks
- 7.Daily pledge FIL for your pledges and seal new sectors
- 8.Collectif DAO would distribute daily mining rewards after profit sharing
Before onboarding Storage Provider our team conducts a risk assessment to evaluate the historical performance using on-chain data. Data points include but are not limited to:
- Historical Quality-Adjusted Power (QAP) and Raw Byte Power (RBP) trends
- Proportion of FIL+ data
- Slashing metrics and sector uptime
- Rewards history
- Changes in actor balances (initial pledge, locked rewards, available balance)
- Gas costs profile and sealing cost
- Historical FIL-on-FIL ratios
Those metrics are evaluated per miner and compared against the required standards of operational quality.
Moreover, we evaluate Storage Providers on their capital expenditure (CAPEX) and operational expenditure (OPEX) profiles, existing financing deals (either pledge deal or CAPEX loan from traditional finance), and financial pressure.
Beyond operational requirements, SPs are assessed based on the existing distribution of FIL in their geographical area as Collectif DAO aims to avoid over-concentration in specific regions.
In the event of unforeseen circumstances (e.g., natural disasters, internet outages, acts of war, or political instability), SPs are required to have relocation protocols in place to ensure operational reliability.
- Imbalanced leverage, implying risky financial practices
- Insufficient financial buffer to withstand an 80% drop in FIL price
- Ambiguous hardware ownership due to third-party data center agreements
- Operation in regions with high uncertainty or instability
- High slashing rate and delays in sector recoveries
- Low data availability and slow data retrieval speeds
- Unpredictable QAP/RBP growth or reduction
- Non-enterprise setup and lack of data center certifications
In order to maintain high operational standards, Storage Providers (SPs) are continually monitored on various metrics including on-chain activity, usage of FIL pledges from the liquid staking pool, sector uptimes, sealing capacity, and sealing costs. Through the use of the Collectif API, SPs can optimize rewards and are regularly evaluated on compliance with guidelines to maximize their mining yields.
Ongoing surveillance also serves as a safeguard in instances of slashing, sector recoveries, or terminations. When slashing is detected on the Filecoin network, the slashing amount is deducted from the SP's collateral to compensate for stakers losses. Furthermore, as sectors are bundled into partitions, a single slashed sector could prevent reward generation for over 2048 sectors, leading to missed rewards for stakers. In such scenarios, the SP is expected to compensate for these non-earned rewards.
Should an SP's operational quality decline, its total and daily allocations are adjusted to ensure the most efficient distribution of FIL from the liquid staking pool. This mechanism creates a strong incentive for SPs to maintain their operations in optimal condition.
Conversely, if an SP consistently improves its operational quality, total/daily allocations are increased. This system incentivizes excellence and ensures that non-performing SPs are not rewarded at the expense of those who are continually improving their operations.