Hi Brian, you link seems to be the wrong one.
Thanks @lamps → repo here
A fair bit of time has passed on this, and in a few weeks, we will be at month 15, which was the original outline for removing supercharged rewards.
Given that the hard fork is not imminent and will likely happen well past 15 months and that supercharged rewards have been higher than initially projected (due to the lack of any hard fork to reduce them), assuming there is some social consensus, I will draft a MIP to remove them following the hard fork. Under this proposal, after the hard fork, locked and unlocked tokens will receive the same rewards. Currently, unlocked tokens still receive approx 21% APR. Assuming other tokenomics proposals are not implemented, this will result in a halving of rewards for unlocked tokens. Best estimates for the current staking rate are around 90%.
- Do you support removing supercharged rewards at the next hard fork?
Is there an estimate of how long until the next hard fork? With there not being one in sight it feels like something should be done sooner than the next fork to fix the inflation because it’s not following the original tokenomics that were published.
Inflation is certainly higher than the expected one. Should be modified ASAP for the clearness of report.
Q3 `22 according to Mina Ecosystem Roadmap - Q2 2022 | Mina Protocol. It’s worth noting that there were only 805,385,692 in the Genesis ledger as opposed to the 1 Billion in the initial tokenomics so we are actually running under schedule - as a result, I don’t think there is any real urgency to this and it can wait until the next planned hard fork.
it should definitely be removed, its continuation affects inflation badly
I see that there was a lot of discussion here at one time. And none of it. Nothing changes, the forum is no longer alive. Inflation is overwhelming and the investment in Mina at the beginning was a mistake for many, individual or company. So many tokens are added to circulation every day that Mina is a total waste of money.
The issue is no major changes can be made to the monetary policy without a hard fork, and there will be no hard fork until zkApps are ready for mainnet. I fully expect a change to inflation at that time, and you will likely be able to signal your support of any proposal to reduce it before the hard fork occurs Mina Ecosystem Roadmap – Q3 2022 | Mina Protocol
Very curious as to why there is a dependency of zkApps being ready with conducting a hard fork adjusting just inflation?
Hi dgedia, my understanding is that it isn’t a requirement and the separating them would require 2 hardforks.
Maybe someone else can confirm this
This is correct. Just simpler to bundle into the planned hard fork than have multiple, albeit this hard fork has taken longer than initially planned.
Anyway, I submitted this MIP for review MIP: Remove Supercharged Rewards by garethtdavies · Pull Request #8 · MinaProtocol/MIPs · GitHub.
Great news! Thanks Gareth!!
Great work Gareth.
Great to see this.this is right on the time.
I assumed this was going to be part of the next fork already. That’s probably a mistake on my end. I didn’t get too deep with all the numbers of supercharged and planned token schedule right now. Removing the supercharged directly without changing the mechanism to dynamic is a good step in the right direction. Assuming dynamic reward will be not included with the fork. If it’s going to be included with the fork then removing just supercharged is a good base point to observe and make further decisions down the line. Considering doing many drastic changes around the reward system and causing disruption.
Given timing, I think it may be worth considering a simple, single-purpose hard fork to remove the super charged rewards now/soon, vs. waiting for zkapp hard fork to go live? A trivial hard fork before the big one probably wouldn’t hurt as a community exercise. It should be a -much- simpler upgrade to the network vs. all the changes for the zkapp fork. I think worth team consideration.
Here are the recordings from today’s meeting. Thanks to MF for facilitating.
Slidedeck: CommunityCallSlidesDec12.pdf - Google Drive
Recording: GMT20221212-164310_Recording.cutfile.20221212193353065_1920x1080.mp4 - Google Drive
Subtitles: GMT20221212-164310_Recording.cutfile.20221212193353065.cc.vtt - Google Drive
Chat: GMT20221212-164310_Recording.txt - Google Drive
This MIP has reached the last call status, so if you have additional feedback, please make it known. There is an overview of the MIP process here.