53 lines
1.9 KiB
Markdown
53 lines
1.9 KiB
Markdown
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# End Block
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Validator provisions are minted on an hourly basis (the first block of a new
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hour). The annual target of between 7% and 20%. The long-term target ratio of
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bonded tokens to unbonded tokens is 67%.
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The target annual inflation rate is recalculated for each provisions cycle. The
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inflation is also subject to a rate change (positive or negative) depending on
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the distance from the target ratio (67%). The maximum rate change possible is
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defined to be 13% per year, however the annual inflation is capped as between
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7% and 20%.
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Within the inflation module the tokens are created, and fed to the distribution
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module to be further processed and distributed similarly to fee distribution (with
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the exception that there are no special rewards for the block proposer)
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Note that params are global params (TODO: link to the global params spec)
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```
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EndBlock():
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//process provisions
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hrsPerYr = 8766 // as defined by a julian year of 365.25 days
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precision = 10000
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time = BFTTime() // time is in seconds
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if time > GetInflationLastTime() + 3600
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SetInflationLastTime(InflationLastTime + 3600)
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inflation = nextInflation(hrsPerYr).Round(precision)
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SetInflation(inflation)
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provisions = inflation * (pool.TotalSupply() / hrsPerYr)
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pool.LooseTokens += provisions
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distribution.AddInflation(provisions)
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nextInflation(hrsPerYr rational.Rat):
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bondedRatio = pool.BondedPool / pool.TotalSupply()
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inflationRateChangePerYear = (1 - bondedRatio / params.GoalBonded) * params.InflationRateChange
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inflationRateChange = inflationRateChangePerYear / hrsPerYr
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inflation = GetInflation() + inflationRateChange
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switch inflation
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case > params.InflationMax
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return params.InflationMax
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case < params.InflationMin
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return params.InflationMin
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default
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return inflation
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```
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