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Proposal #258 description
Evmos Core Team: Federico Kunze Küllmer (Founder), Malte Herrmann (Core Engineer)
The Evmos Core team proposed a burning mechanism for Evmos to create a positive effect on inflation and the total supply on Commonwealth. After discussion with the community, we are taking the adjusted proposal on-chain to be voted on. Please note that the original suggestion to burn all tokens (~133M EVMOS) from the usage incentives account will be submitted as a separate proposal.
Proposed Burning Mechanism
We are proposing to:
Burn all Cosmos transaction fees, which is in line with the announcement of the deprecation of the Cosmos transaction format.
This targets to drive more adoption to the EVM extensions in our transition to support all native Cosmos functionality through them.
Deprecate the incentives module and reduce the allocation to the incentives pool to 0% from it’s current value of 33.3% to avoid accumulating more tokens to that pool.
The usage incentives model has not been efficient in facilitating growth for a number of reasons discussed on Commonwealth, which is why we will retire it. Handling of the current incentives pool balance is being discussed and will be put to vote in a different proposal.
Reduce token issuance (inflation) by 66.6% since the usage incentives allocation is not required anymore and as a result of additional discussions with validators.
Burn 100% of the EIP-1559 Base Fee for unregistered contracts
The priority tip, that is being sent with EIP-1559 compliant transactions is allocated to block proposers, while the base fee is being processed according to registration with Evmos’ revenue module. Any registered contract will have thebeing allocated to the contract developer’s chosen withdrawal address, the rest of it being burned. Any unregistered contract will have the entire base fee burned.
- Points 1 to 3 will be implemented in and go live by the next release (v16).
- Point 4 will be implemented before the end of January 2024.
- YES: indicates approval of the proposal in its current form.
- NO: indicates disapproval of the proposal in its current form.
- NO WITH VETO: indicates stronger opposition to the proposal than simply voting No. If the number of NoWithVeto votes is greater than a third of total votes excluding Abstain votes, the proposal is rejected and the deposits are burned.
- ABSTAIN: indicates that the voter is impartial to the outcome of the proposal.
For more details please head over to the Commonwealth forum discussion: