Governance Transaction Update - December 18, 2024

Announcements
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Background

  • F-Chains Update:
    • As of December 17, 2024, most chains have been well adopted beyond the handful of entities that have temporary offchain cash subsidies. See this Google Sheet for a sorted comparison, showing adoption on a per-chain basis sorted by unique node-operator domains : F-Chain Adoption (Nov 18 - Dec 17, 2024 - Google Sheets
  • Onchain Incentives
    • Servicer+Validator inflation is being set at 4.31% at 375m daily relays, below the current average daily relay count. This inflation will be allowed to grow to 20% for a sustained period of time before adjustments are made to reset the baseline higher.
    • RTTM values were recalculated to follow the hardware costs for running a node. The harder it is to run a node, the more tokens that will be minted per relay.
    • This is being done to incentivize new node operators to join the network in the coming months, one of the objectives for the Foundation for 2025.
    • See this document for full RTTM and inflation changes: RTTM Calculations (December 18, 2024) - Google Sheets
  • Higher Inflation
    • In an effort to set up the Foundation and the ecosystem for the future, the DAO will continue taking an outsized portion of all newly minted tokens. The goal is to control at least 20% of the entire supply by the time Shannon launches in early Q2. The parameters were specifically chosen to be able to reach that goal in ~100 days while still enabling us to be able to pay for grants, proposals, exchanges, marketing, and salaries.
    • Please refer to the following for information on our Market Activities: PNF Update on Market Activities

Special thanks to Ramiro for thinking through how to approach these changes.

Parameter changes

pos/DAOAllocation

  • Submitted on Block: 153,581
  • Tx Hash: C1EFDB95E086735358AA6B82FA0F5FF6B132D70AFFBF67FFDF5255DC730270EB
  • Old Value: 69
  • New Value: 87

pos/RelaysToTokensMultiplier

  • Submitted on Block: 153,582
  • Tx Hash: 3B734C2B05E132199A66FDDEC33FB07F74714F11F316B206CFC5DC7DA26B4F86
    • Old Value: 404
    • New Value: 1318

pos/RelaysToTokensMultiplierMap

pocketcore/SupportedBlockchains

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