Governance Transaction Notice – May 16th

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

Gateway Fee Burn

Following the approval of PIP-29: Burn Gateway Burn, 606,843.35 POKT of gateway fees was burned. (Test, Actual).

This corresponds with 3 weeks of gateway fees. Moving forward, gateway fees will be burned on a weekly basis.

Parameter Changes

1. RelaysToTokensMultiplier parameter change

Following the FREN inflation reduction program, we have updated the RelaysToTokensMultiplier parameter value to 386 (0.000386 POKT/relay) to target a daily emissions value of 610k POKT (corresponding with the SER emission schedule).

This was calculated based on a Trailing 7-day Avg Daily Relays of ~1.582B, 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 14.75%. For reference, the total supply as of Jan 1st 2023 was ~1.51B and the current total supply is ~1.604B.

2. ServicerStakeWeightMultiplier parameter change

Following PUP-21, we have adjusted the SSWM parameter to 2.713, reflecting the average bin of servicers.