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witnet / witnet-rust

Open source Rust implementation of the Witnet decentralized oracle protocol, including full node and wallet backend 👁️🦀
https://docs.witnet.io
GNU General Public License v3.0
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Make a final decision on block time and block reward #2474

Closed aesedepece closed 1 month ago

Tommytrg commented 2 months ago

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.

drcpu-github commented 2 months 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.

aesedepece commented 2 months ago

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.

drcpu-github commented 2 months ago

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:

inflation_reduction_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.

aesedepece commented 2 months ago

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.

aesedepece commented 1 month ago

150 Wit/minute (50 Wit every 20 seconds) seems to be the consensus here. Let's move on!