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PSR mechanics

PSR uses an on-chain program to cover any loss of performance from validator commission changes and prolonged downtime. Any validator who raises their commission in an epoch, or experiences extended downtime will cover the loss of rewards through their bond.
 
For validators to be delegated stake from Marinade, they must set up a bond and supply it with 1 SOL per 10,000 SOL of Marinade stake. (e.g. if a validator wants to be eligible for 100,000 Marinade stake, they must supply 10 SOL).
 
PSR Coverage Allocation:
  • Validator’s Responsibility: Validators cover 100% of the rewards lost when their uptime falls between 50% and 99%.
  • Marinade’s Coverage: Marinade covers the lost rewards corresponding to the lower 50% of uptime.
  • 1% Grace Period: The first 1% of validator downtime and the first 1 percentage point commission increase are ignored.
 
Example: PSR Coverage Adjustments
  • Scenario 1: Validator's uptime is 99.5% during an epoch.
    • Validator's Responsibility: No action is required as the downtime is within the 1% grace period.
    • Marinade's Coverage: None.
  • Scenario 2: Validator's uptime is 90% during an epoch.
    • Validator's Responsibility: Validator covers the lost rewards corresponding to the upper 50% of uptime, which is 9%.
    • Marinade's Coverage: None, as the validator's uptime is above 50%.
  • Scenario 3: Validator's uptime is 40% during an epoch.
    • Validator's Responsibility: Validator covers the lost rewards corresponding to the upper 50% of uptime, which is 49% of the total amount of expected rewards in the epoch.
    • Marinade's Coverage: Marinade covers the lost rewards corresponding to the lower 50% of uptime, which is 10% of the total amount of expected rewards in the epoch.