Governance Transaction Notice – Feb 12th 2023

Moving forward, PNF will be posting a notice like this to the forum every time we submit governance transactions on the DAO’s behalf.

Thanks to a recent update by POKTscan, you can now easily view the details of each transaction, like below.

This, along with an upcoming governance dashboard that the POKTscan team is working on, will serve to boost the transparency of PNF’s governance transaction activities.

With this transparency, you will be able to hold us accountable to submitting transactions in a timely and accurate manner.

Parameter Changes

1. RelaysToTokensMultiplier parameter change

Following the FREN inflation reduction program, we have updated the RelaysToTokensMultiplier parameter value to 580 (0.000580 POKT/relay) to target a daily emissions value of 690k POKT.

This was calculated based on a Trailing 7-day Avg Daily Relays of ~1.19B, using this calculator.

Note that we are now doing weekly updates and using a 7-day trailing average, following the approval of the ACCURATE proposal.

This results in an Effective Annual Inflation of 16.68%. For reference, the total supply at the start of FREN was ~1.38B and the current total supply is ~1.54B.

2. ServicerStakeWeightMultiplier parameter change

Following PUP-21, we have adjusted the SSWM parameter to 2.41, reflecting the average bin of servicers.

Bounty Payouts

We have made a payout from the DAO treasury totalling 430,031 POKT, corresponding to RAD and IDEAS bounties for the months of December and January.

You can see the sum payout here, made in one transaction to an intermediate PNF wallet, from which the bounty payouts were made.

For details on who was paid out, how much, and for which bounties, please see the RAD and IDEAS threads.