Proposal #23
Passed on 12 May 2023 with 99.2% of the votes for yes.
Yes
99.2%
99.4% without abstain
Veto
0.0%
of votes cast
Ended
12 May 2023
99.18%
of votes cast
0.26%
of votes cast
0.56%
of votes cast
0.00%
of votes cast
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 [Hidden link], 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.
This proposal aims to update the minting parameters as follows:
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).
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 [Hidden link]
More details, and a forum discussion on THIS proposal can be found [Hidden link].
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.