Governance Transaction Notice – July 4th

Announcements Foundation
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The following transactions were executed this week on behalf of the DAO.

Gateway Fee Burn

166,300.33 POKT of gateway fees was burned (tx), corresponding with last week’s gateway fees.

Parameter Changes

1. RelaysToTokensMultiplier parameter change

Following the FREN inflation reduction program, we have updated the RelaysToTokensMultiplier parameter value to 620 (0.000620 POKT/relay) to target a daily emissions value of 561k POKT (corresponding with the SER emission schedule).

This was calculated based on a Trailing 7-day Avg Daily Relays of ~904.8M, 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 13.56%. For reference, the total supply as of Jan 1st 2023 was ~1.51B and the current total supply is ~1.632B.

2. ServicerStakeWeightMultiplier parameter change

Following PUP-21, we have adjusted the SSWM parameter to 3.001, reflecting the average bin of servicers.

3. SupportedBlockchains parameter change

The following chains were allowlisted:

  • Sepolia-testnet (0077)
  • Sepolia-archival (0078)

DAO Payments

  • DAN Payments – Thunderstake, Community Chains, Stakenodes, Cryptonodes.tools, Miss_kitty
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Doesn’t 561k target daily emissions start on Jul-23, shouldn’t we be targeting 585k that started Jun-23?

Edit - silly Cryptocorn, I took the 23rd to mean we started on the 23rd of the month not the first, which of course we do and makes much more sense. :smiling_face_with_tear:

Plus point - we are targeting 10.5% emission rewards currently, so 0.4% less than I thought!

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It is July…

Every update to the target has taken place in the first transaction following the first of each month.

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In the process of updating the SupportedBlockchains parameter in the latest governance transaction batch (Aug 28th), it came to our attention that we did not include the previous SupportedBlockchains parameter change, to add Sepolia testnet and archival, in this notice. The change was announced in Discord to node operators, so adoption of the chains should not have been affected, but nevertheless we have now amended this notice to ensure accuracy.

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