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onflow / flow

Flow is a fast, secure, and developer-friendly blockchain built to support the next generation of games, apps, and the digital assets that power them 🌊
https://onflow.org
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Flow Fees Research #974

Open pgebheim opened 2 years ago

pgebheim commented 2 years ago

Summary

Recently, Segmented transaction fees was rolled out to flow. In this model the exeuction effort for various transaction operations is now taken into account in the total effort that Execution Nodes will spend to execute these transactions.

The goal of future work on fees (specifically around Inclusion Fees and Surge Fees) will be looked at next. As a part of this there are some research tasks which will provide inputs into the overall fee model.

This epic will contain a list of these tasks!

hoangh9 commented 2 years ago

I want to talk about the Flow minted every epoch, Inflation, usage of the network,…. in Depth Currently
(note: Flow is awsome, Relationships, investment funds, technology,... But there is some problem in tokenomics)

Calculation Mint reward every Epoch in PayRewards Function in Flow Staking contract https://flow-view-source.com/mainnet/account/0x8624b52f9ddcd04a/contract/FlowIDTableStaking

mintedRewards = totalRewards - feeBalance

totalRewards: epochTokenPayout (total amount of tokens that are paid as rewards every epoch) feeBalance: Number of Flow in gas fee mintedReward: Mint Flow for Staking/ Deligating Reward

——— This is the number of Total rewards according to https://flowscan.org/staking/history

5/5 (1.271.622 Flow Reward) 5/12 (1.272.815 Flow Reward) 5/19 (1.274.010 Flow Reward) 5/26 (1.275.206 Flow Reward) ——— This number is Flow Minted Every Epoch

5/4 (1.270.422 Flow Minted): https://flowscan.org/transaction/0b6a8f6b23949659338b7f68ee19aa4342ec104dbcf4148f7341e77cb192d0d7 5/11 (1.271.610 Flow Minted): https://flowscan.org/transaction/34e207b07960c467213136b1d3b7e6a00e404b2ff312d2d2e764b3ec57e4e4fe 5/18 (1.272.804 Flow Minted): https://flowscan.org/transaction/9a0aaa02902cf71da5f62d5a19be2fc65e1987a4c265da8167ef56deac948d18 5/25 (1.274.002 Flow Minted): https://flowscan.org/transaction/327a0a26aa75107189da320655fc9978f96109917c1c3ade571dbada1d759adf

——— Relative Number of transactions per Week and Gas Fee (0.00002 Flow/Transaction) Conver to Flow

Week 18: 3.538.811 Transaction = 3.538.811 * 0.00002 = 70.77 Flow Week 19: 3.128.840 Transaction = 62.57 Flow Week 20: 3.719.016 Transaction = 74 Flow Week 21: 4.728.923 Transaction = 94 Flow

——— Oke, so we can see just 70-100 Flow is used for gas fee and more than 1M Flow Minted Every Week. As the usage of the network increases, less new tokens will be minted every epoch because fees decrease newly minted tokens for reward payouts.

That’s True But how many transactions reach the Breakeven point? 0.00002 * 50.000.000.000 Transaction = 1000000 Flow

Are 50.000.000.000 Transactions per week is Possible?

And Currently, I don’t see any Flow Demand here. The NFT Projects don’t have to Lock any Token, NFT can purchase via credit, but Did Dapper or other Company Buy Back Flow tokens or Lock/ Burn Tokens?

Ok, the Inflation is around 4-5%, But what is the Demand for Buying Flow tokens? (I know flow fee can increase due to network traffic, but i want to use fix number to estimate )