Persistence One

Restaking

Proposal Details

Proposal #23

Passed

Proposal title

Change in Inflation Parameters

Submit time

Deposit end time

Voting start time

Voting end time

Tally result

99.18%

Proposal #23 description

Background

When the Persistence core-1 chain went live slightly over 2 years ago, the 'blocks per year' parameter was set based on an estimate block time of 5 seconds. Besides that, a so-called 'inflation halving event' was coded in, in order to reduce the inflation parameters every 2 years.

Now, since the actual average block time is closer to 6 seconds, the inflation halving code is only expected to run around early August 2023, while current inflation has already reached the minimum of 25%.

In close collaboration with the community -including a working group around a review of XPRT token economics- it is suggested to bring forward the 'inflation halving event' so that the inflation rate can continue to reduce, as long as the staking ratio is higher than the target bonding rate.

Suggested changes

This proposal aims to update the minting parameters as follows:

  • Inflation Min = 12.5% (from 25%)
  • Inflation Max = 25.0% (from 45%*)
  • Blocks per year = 5,259,600 (from 6,311,520)

If and when this proposal passes, the persistence core-1 team will also recalibrate the halving module in the next chain upgrade so that the next halving is 2 x 5,259,600 blocks (~2 years) after this proposal passes and the inflation changes are effective.

*Note that the suggested max is not exactly half of the current max. This is to avoid a sudden shock in inflation from the current 25% to 22.5%, but rather have a smooth transition from the current inflation value. Without correction now, this type of shock would otherwise happen every halving event in the future (a design oversight in my opinion).

Additional Context

This proposal forms the first stage of a larger, governance-driven change in XPRT token economics coming out of a dedicated community working group.

More details, and a forum discussion on the overall token economics can be found here

More details, and a forum discussion on THIS proposal can be found here.

Voting

By voting YES, you agree with the proposed inflation parameter changes

By voting NO, you disagree with the proposed inflation parameter changes, and you'll share your arguments on the forum threads linked above

By voting NO WITH VETO, you think this is a SPAM proposal, and the proposal’s creator should lose their deposit.

By voting ABSTAIN, you choose not to participate in this proposal's voting; however, you contribute to the quorum.

Proposal #23 overview

Total votes
905
Voters
884
Total deposit
512 XPRT

Proposal #23 votes

#

Validator

Account Address

Options
1QuantNodeYes
2Shutting down please redelegateYes
3Citadel.oneYes
4DSRVYes
5STC CapitalYes
6MaxFoton nodesYes
7Coinage x DAICYes
8Cosmic ValidatorYes
9Chorus OneYes
10BaryonYes
11BlockdaemonYes
12ZenscapeYes
13Simply StakingYes
14P2P.ORG - P2P ValidatorYes
15JECOYes
16StakeflowYes
17MeriaYes
18StakecitoYes
19BridgeTowerYes
20coinhall.org 📈🔄Yes
21KalpaTechYes
22BlueStake 🚀 | 100% insuranceYes
23Stakewolle.com | Auto-compoundYes
24👽 Deep FieldsYes
25ProvalidatorYes
26Informal SystemsYes
27AUDIT.oneYes
28Frens (🤝,🤝)Yes
2901nodeYes
30✅ CryptoCrew Validators #IBCgangYes
31Staking4AllYes
32BwareLabsYes
33BlockpowerYes
34ALTER | pathrockYes
35MultiplexYes
36EnigmaYes
37Stake&Relax 🦥Yes
38AutoStake 🛡️ Slash ProtectedYes
39CommonwealthCollective.ioYes
40Architect NodesYes
41Active NodesYes
42StakeWithUsYes
43Swiss StakingYes
44KilnYes
45Imperator.coYes
46HighStakes.ch | Stake for AirdropYes
47COSMØSTAKEYes
48👽Stigga👽 Restake Enabled ⚡️Yes
49Stakely.ioYes
50LoulouCryptoYes
51StakinYes
52CosmostationYes
53Cosmonaut Stakes XPRTYes
54IRISnetYes
55CrosnestYes
56Smart Stake 📈📊Yes
57KitKatYes
58StakePoolYes
59Paranormal Bros.Yes
60[Sunsetting, please redelegate] ForboleYes
61polkachu.comYes
62Nodes.GuruYes

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