Proposal Details

Proposal #258

Passed

Proposal title

Burning Mechanism

Submit time

Deposit end time

Voting start time

Voting end time

Tally result

99.78%

Proposal #258 description

Description

Authors

Evmos Core Team: Federico Kunze Küllmer (Founder), Malte Herrmann (Core Engineer)

Motivation

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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 the

    BaseFee * DeveloperShares
    being 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.

Timelines

  • 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.

Vote Options

  • 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.

Discussion

For more details please head over to the Commonwealth forum discussion:

https://commonwealth.im/evmos/discussion/14301-evmos-token-economics-burning-mechanism-proposal

Proposal #258 overview

Total votes
3,888
Voters
3,858
Total deposit
7,000 EVMOS

Proposal #258 votes

#

Validator

Account Address

Options
1Cosmos CatsYes
2TessellatedYes
3MeriaYes
4Cypher CoreYes
5Dora FactoryYes
6CrosnestYes
7Smart Stake 📈📊Yes
8Oni ⛩️Yes
9Bro_n_BroYes
10DECALI.ioYes
11StakecitoYes
12Legion NodesYes
13AlphaNodes🛸Yes
14#decentralizehk - DHK daoYes
15ProvalidatorYes
16CosmosPug 🍒Yes
17P2P ValidatorYes
18Chorus OneYes
19Please Redelegate, Closing Down.Yes
20OrbitalApes.comYes
210base.vcYes
22HashKey CloudAbstain
23MultiplexYes
24BitNordicYes
25Stake&Relax 🦥Yes
26Cosmos SpacesYes
2701nodeYes
28TC NetworkYes
29binary_holdingsYes
30blockscapeYes
31KalpaTechYes
32Stakely.ioYes
33WitvalYes
34NotionalYes
35CosmostationYes
36kingnodes 👑Yes
37Regenerator | Green Validator 🌱Yes
38RHINO | 10% to WildlifeYes
39InteropYes
40Ztake.orgYes
41Citadel.oneYes
42AgoraNodesYes
43Frens (🤝,🤝)Yes
44Citizen Web3Yes
45stake.systemsYes
46jabbeyYes
47windpowerstakeYes
48Kalia NetworkYes
49NosNode🔮Yes
50ValidatusYes
51CryptoDungeonYes
52polkachu.comYes
53SecorDYes
54Let's Node!Yes
55Let's Node | Expandingspace.ioYes
56Jerry's PoolYes
57EZ StakingYes
58danku_zone w/ DAICYes
59spacefi.ioYes
60StakeTownYes
61NodeStakeYes
62Tedcrypto.io 🧸 | TedLottoYes
63[Beehive]Yes
64Upnode | 0% FeeYes
65w3coinsYes
66Active NodesYes
67sleepykittenYes
68🔥STAVR🔥 REStake ON✅Yes
69KingSuperYes
70Antrix ValidatorsYes
71redelegate_pleaseYes
72GATA DAOYes
73Imperator.coYes
74AlphabetYes
75KleomedesAbstain
76MaxxrootYes
77AM Solutions 🪐Yes
78POSTHUMAN ꝏ DVSYes
79ValidaviaYes
80DOUBLETOPAbstain
81ECO Stake 🌱Yes
82AllnodesYes
83Architect NodesYes
84Swiss StakingYes
85AutoStake 🛡️ Slash ProtectedYes
86InterblocYes
87CosmoshieldYes
88pro-nodes75Yes
89MZONDERYes
90HoodRunYes
91Hanchon.liveYes
92Forza 💥Yes
93StakinYes
94ArcticYes
95alkadetaYes
96Crypto Lion 🦁Yes
97GalaxyStaking.space 🌑Yes
98silentYes
99LiveRaveNYes
100BlockHunters 🎯Yes

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