STEEM EVM Update: 212K Blocks, Proposal #7 Upgrade & SHERPA Allocation Coming Soon

Note: Upvoting and resteeming this post directly motivates me to continue building and improving the Steem Virtual Machine ecosystem. Your support is greatly appreciated!

The Steem Virtual Machine (SVM) continues to demonstrate unwavering stability, having now processed over 212,000 blocks. Today marks a pivotal moment as we prepare for our first coordinated software upgrade via Proposal #7, which will bring critical bridge improvements and set the stage for the next phase of development.

Previous Updates

• 200K Blocks & Proposal Details
• Final Day for Validator Rewards
• 187K Blocks & Proposal #5 Voting

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Proposal #7: v0.0.2-Beta1 Upgrade & Bridge Gateway Fix

I have submitted Proposal #7, which combines two critical actions into a single on-chain governance decision:

1. Software Upgrade: Schedule the v0.0.2-Beta1 binary upgrade at block height 254,132 (target date: August 4, 2026).
2. Bridge Parameter Fix: Correctly set the bridge gateway/deposit account to svm.bank with the properly formatted LegacyDec threshold value.

Why This Matters

This proposal resolves the previous execution failure from Proposal #5 by using the correctly scaled decimal value (666666666666666667) for bridge_confirmation_threshold. It also ensures all validators upgrade to the new binary simultaneously, preventing chain splits and enabling the new bridge functionality.

Validator Action Required

If this proposal passes, validators must perform the following at halt height:

git checkout v0.0.2-Beta1
docker compose down   # Do NOT use -v flag
docker compose up -d

Voting Period: Ends on 2026-08-03 at 03:52:51 UTC

You can vote via the SVM App or CLI:
SVM App Governance

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Technical Post-Mortem: LegacyDec Round-Trip Fix

For transparency, I want to explain why Proposal #5 failed and how Proposal #7 fixes it.

The Root Cause:
The parameter bridge_confirmation_threshold is stored as a math.LegacyDec (18-decimal fixed-point). When queried via JSON, it outputs the raw scaled integer. My previous script fed this raw string back into MsgUpdateParams, causing the decoder to scale it by $10^{18}$ again, resulting in a value > 1 that was rejected by ValidateBasic.

The Fix:
Proposal #7 uses the correctly formatted decimal string representation, ensuring the value is interpreted properly during execution. The deposit from Proposal #5 was fully refunded since it passed voting but failed execution.

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Network Health & Statistics

The blockchain remains healthy with zero downtime or consensus failures.

Current Network Stats:

• Total Blocks Produced: 212,000+
• Total Transactions: 976
• Average Daily Transactions: ~31
• Registered Addresses: 79+
• Active Validators: 11+

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Upcoming: SHERPA Allocation Details

As we move past the August 1st validator deadline, I am finalizing the calculations for the 5,000,000 SHERPA genesis reward distribution.

I will be posting a detailed breakdown very soon, including:

• The final list of eligible validators.
• The exact token allocation for each participant.
• Information on how these rewards will be distributed upon the transition to the Live Public Network.

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Current Validator Set

A huge thank you to all current validators for their continued uptime and support:

1. @blaze.apps
2. @upex
3. @cur8
4. @blazed007
5. @steem-agora.evm
6. @xpilar.witness
7. @yasu
8. @dhaka.witness
9. @happycapital
10. @steem-space
11. @luxalok

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How to Connect & Participate

To start interacting with the SVM or setting up your wallet:

• Network Name: Steem Virtual Machine (SVM)
• RPC URL: https://evm.blazeapps.org
• Chain ID: 8163
• Currency Symbol: STEEM
• Explorer: https://evmscan.steemscanner.com
• SVM App: https://svmapp.blazeapps.org
• Discord: https://discord.gg/xAtjgbm8Tr

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Community Engagement

1. Vote on Proposal #7: Ensure your validator votes before August 3rd.
2. Stay Tuned: Watch for the upcoming post detailing the 5M SHERPA allocation.
3. Witness Support: Your vote supports the ongoing development and infrastructure costs of the SVM.

If you value proactive engineering, UX polish, and performance optimizations for the STEEM ecosystem, please consider supporting my witness: blaze.apps

Vote for blaze.apps Witness