SteemVM v0.0.3 Testnet Relaunch & Infrastructure Downtime
Hi everyone 👋
The Steem Virtual Machine (SVM) continues to evolve rapidly. As we prepare for our biggest release yet with v0.0.3, I want to share an important notice regarding how this upgrade will be deployed on our testnet environment.
⚠️ Important Notice: v0.0.3 Rolling as a New Chain
Yesterday, I published a deep dive into the massive features coming in SteemVM v0.0.3 (including SBD bridging, our validator-run price oracle, and the new unified validator accountability system).
Because of the fundamental nature of these updates—specifically the introduction of the STEEMBLACKHOLE module, the deep integration of the price oracle, and the completely reshaped fee economics—retaining the existing testnet state and migrating it forward is not possible and would be far too time-consuming for the testnet environment.
Therefore, v0.0.3 will be rolled out as a brand new chain for the testnet. The old testnet state will be retired, and we will start fresh with the new v0.0.3 architecture to ensure a clean, stable environment for developers and validators.
🛠️ Temporary Resource Downtime
To properly test these massive architectural changes and prepare the new chain genesis, some of my SVM resources and endpoints will be briefly down. I appreciate your patience during this testing phase while we ensure the network is fully optimized and ready for deployment!
What is SteemVM?
For those who are new, the Steem Virtual Machine (SVM) is an EVM app-chain bridged to the Steem main-chain. Bridged STEEM is the native gas token, contracts run in a real Ethereum Virtual Machine, and a quorum of bonded validators (not a trusted relay) secures every deposit and withdrawal.
SVM acts as Steem's Gateway to SocialFi and native DeFi. Our core objective is to bring modern Web3 infrastructure and smart contracts to the existing STEEM economy without replacing or fragmenting the blockchain that already works for millions of users.
(You can read our full technical whitepaper on the SVM and Sherpa Protocol here!)
Previous Updates
- SteemVM v0.0.3: SBD Bridging, Price Oracle, and Validator Accountability
- STEEM EVM Update: 413K Blocks & Progress on v0.0.3 Upgrade
- The Steem Virtual Machine (SVM) & Sherpa Protocol: Steem's Gateway to SocialFi
- 387K Blocks & SVM Scan Evolution
- 371K Blocks & Oracle Setup Progress
- SVM Scan: Building a Powerful Explorer
🔄 v0.0.3 Key Features (Coming to the New Chain)
- 🪙 SBD Bridging:
asbdbecomes a native bridged coin (ERC-20 precompile with a 1:1 peg). - 💸 Bridge Fees for Stakers: A tiny 0.25% bridge fee routes 100% to validator and delegator rewards.
- 📈 Price Oracle: Validator-run commit-reveal price feed with an EVM precompile for smart contracts.
- 🛡️ Unified Accountability: A single slashing engine across bridge attestations and price duties.
- ⚖️ New Fee Economics: 50% to stakers / 25% to the community pool / 25% burned.
How to Connect & Participate (Mainnet)
While the new testnet spins up and resources are briefly tested, our mainnet remains fully operational!
- Network Name: Steem Virtual Machine (SVM)
- RPC URL: https://evm.blazeapps.org
- Chain ID: 8163
- Currency Symbol: STEEM
- Explorer: https://svmscan.blazeapps.org/
- SVM App: https://svmapp.blazeapps.org
- Discord: https://discord.gg/xAtjgbm8Tr