Closed aesedepece closed 1 month ago
Just want to reiterate that the 50 WIT I added in that PR is nothing but a placeholder based on some rough numbers I put in a spreadsheet (see https://github.com/witnet/WIPs/pull/101#discussion_r1643395979). I assumed neither the issuance draft where it mentions 125 WIT / block nor my PR had to be considered as a final decision.
You all know that a few months ago I voiced my support for a near immediate inflation reduction (or be equivalent to accelerating a halving, if you want to see it that way), but that I was reluctant at the time to take the initiative to champion that change and put it in a WIP on my name, because of conflict of interests.
However, at this point, as the numbers presented in drcpu's table make quite a lot of sense to me under the perspective of achieving a competitive APY, nobody else in the community has voiced any opposition to such change, and the fact that existing stakeholders would be pleased by any issuance rate reduction measures, I can now confidently take a step forward and adopt that proposal or one that produces a similar effect.
Just for the sake of adding some more data, I actually ran a poll regarding inflation in wit\2 on Telegram around the time of the WIP publishing. This is a snapshot of the poll:
19 people voted for reduction, 11 people voted for a high APR (keeping the current inflation). With 30 votes on that poll and a solid 63% in favor of inflation reduction, I'd say a proposal following that result is fair game.
A quick look at crypto staking explorers shows that for top staking protocols in 2024:
Translating that into the wit/2 realm, for a first year of staking: | Issuance per minute | RR(SR=23%) | RR(SR=55%) | RR(SR=81%) |
---|---|---|---|---|
150 Wit | 24.84% | 10.39% | 7.05% | |
225 Wit | 37.26% | 15.58% | 10.58% | |
300 Wit | 49.68% | 20.77% | 14.11% |
Looking at these numbers, it becomes evident than the 150 Wit/minute proposal (namely, 50 Wit every 20 seconds) is indeed the one that is the most in line with the current staking market.
150 Wit/minute (50 Wit every 20 seconds) seems to be the consensus here. Let's move on!
We have multiple proposals in the table. The values in the initial issuance draft don't match the ones in DrCpu's PR. We have to make a decision on block reward and block time and adapt the WIP or the PR accordingly.