Swan Chain, an AI supercomputing chain jointly incubated by Binance, Filecoin and Ethereum OP Foundation, is redefining the ecosystem of cloud computing and AI computing power. This article will deeply analyze the mining mechanism of Swan Chain to help readers fully understand this innovative platform supported by Binance, Filecoin and Ethereum ecology.
1. Project Background: A decentralized vision beyond traditional cloud computing
Swan AI Superchain is jointly invested and incubated by Binance, Filecoin and Ethereum OP Foundation. It is the world's first L3 super cloud decentralized computing network, dedicated to building an efficient and flexible full-chain cloud computing ecosystem. The core technologies include IPFS + Filecoin storage technology, Google K8S virtualization cloud, and OPStack L2 technical support. After 4 years of product development and six rounds of test network optimization, the nodes cover 50 countries and regions around the world.
https://provider.swanchain.io/overview
Swan's ecological applications have expanded to 150 companies, including technology giants such as Google, Microsoft and Nvidia, which have participated in technology incubation, demonstrating strong market potential and technological competitiveness.
2. Mining Model and Revenue Mechanism
In the Swan system, miners are called computing providers (CPs), which are divided into two types: edge computing providers (ECPs) and fog computing providers (FCPs). ECPs are suitable for single-machine mining, while FCPs are suitable for cluster mining.
Revenue Sources
https://docs.swanchain.io/core-concepts/token/swan-universal-basic-income-ubi
Order revenue：
Users post computing tasks on the platform, and miners earn additional income by bidding and completing computing task orders.
Summary: In the early stage, miners mainly rely on UBI to provide stable returns. In the later stage, market order income will become the main source of income. As the network grows, the income potential will be gradually released.
3. Pledge and Resource Allocation
The staking mechanism of Swan Chain is an important part of its economic model, which directly determines the entry threshold and profitability of miners. By introducing a dynamic staking mechanism, Swan not only reduces the initial cost pressure of miners, but also provides a higher rate of return for high-performance hardware, motivating miners to optimize computing resources.
The core logic of the dynamic staking mechanism
In the Swan network, miners need to stake a certain amount of SWAN tokens for each computing device (GPU). This staking requirement is determined by two factors:
GPU Performance
High-performance GPUs can provide stronger computing power, and therefore require a higher stake amount, reflecting their resource contribution to the network.
For example, top-end graphics cards such as the H100 require much higher stakes than the RTX 3080, but the corresponding returns are also significantly higher.
For specific graphics card stake amounts, please refer to the following link: https://docs.swanchain.io/core-concepts/token/computing-provider-collateral/collateral-requirement-and-earning-multiplier
SWAN token total circulation
According to official data, the total amount of SWAN CP pledged will be controlled at 20% of the total circulation (currently the total amount of fil miners pledged is about 23%)
The total amount of computing resources in the entire network (Computing Units, CU)
The more abundant the computing resources of the entire network, the lower the staking requirements of a single device, thus avoiding network overload.
For example, when the computing units of the entire network are less than 3000, the stake of RTX 3080 is 3533 SWAN/card; when the computing units increase to 6000, the stake drops to 50% of the original (1766.5 SWAN/card). This dynamic adjustment reduces the threshold for miners to participate in periods of high resource supply and ensures resource utilization.
For detailed calculation rules, please refer to: https://docs.swanchain.io/core-concepts/token/computing-provider-collateral
Analysis of pledge and income model
Take RTX 4090 as an example:
Current staking amount: approximately 10,150 SWAN/card; daily UBI income is 66 SWAN/card (current price $0.2).
Hardware payback period: The hardware payback period is about 103 days, which is more advantageous than the traditional mining model (usually the payback period is more than 150 days). If the token price rises to $0.3, the average daily income will increase to $19.8, and the payback period will be shortened to 68 days.
The benefits of high-performance GPUs
Taking various GPUs as an example, the specific benefits and pledge requirements are as follows:
4. Token Economic Model and Value Potential
The total supply of Swan Chain tokens is 1 billion. Currently, Gate and MEXC have been launched for pre-market trading, with a price of approximately $0.2, corresponding to a total market value of $200 million. Compared with similar projects such as Akash ($1.65 billion) and Aethir ($3 billion), Swan Chain's valuation is significantly lower.
The project has completed $6 million in financing and received investment from leading institutions such as Binance, Filecoin, Chainlink and Optimism. Annual revenue is stable at $1 million, with a total investment of $10 million. Considering the development potential of the decentralized AI computing market, Swan Chain's market value and token price are expected to have a 10-15 times increase.
Swan Chain has announced that the Genesis Token Release (TGE) of the native token $SWAN will be held at 23:00 (Beijing time) on December 16, 2024. Prior to this, miners can contribute computing resources to obtain SWANU tokens by visiting the official documentation (https://docs.swanchain.io/bulders/computing-provider), and these SWANU will be exchanged for official SWAN tokens at a 1:1 ratio after TGE.
Community users can also visit the Swan Chain official mission platform (https://mission.swanchain.io) to obtain XP points by completing designated tasks. These points will serve as an important reference for future airdrops and are a great opportunity for users who want to participate in the early ecosystem of the project.