According to the voting results of the governance lock-up mining technology plan, plan 2 has won the support of the community. After the code dev and testing, the smart contract of governing lock-up is now ready, and the governance lock-up mining can initiate at any time.
Let's have a review on the logic of KUN token's governance locking mining:
The development of KUN governance mining is completed, which is as following:
- The gov mining time is two years (96 weeks, adjustable), a total of 48 activity rounds will be online
- Two weeks for each round (adjustable)
- For round N, there are three factors that affect the release of mining rewards:
3.1 reward: the maximum number of rewards for round N
3.2 stake: the actual number of KUN tokens locked in round N-1
3.3 target: the lock target for round N-1
The actual number of rewards in round N is: (stake / target) * reward- For round 1, participants can get the maximum amount of rewards, that is, the amount distributed is 100%* reward
- For user A, the actual reward A can get is:
Proportion of locked token × current distribution rate × duration of locking in current round = proportion of locked token × (actual number of rewards in current round / total time of current round) × duration of locking in current round
For the second technical solution passed by the community voting, the content is:
The community can vote to determine the number of rewards for subsequent rounds during each round.
For example, it can be decided during round N:
The maximum rewards amount and the lock target for round M (M > N)
Based on the above content, David proposes that the reward parameters for the round 1 of governance mining are as follows:
Lock target
For the Ethereum network, the current KUN circulation is about 735,222 KUN, with 50% KUN for governance lock-up as the target, set at 367,600 KUN
For the BSC network, the current KUN circulation is about 754,297 KUN, with 50% of KUN for governance lock-up as the target, set at 377,100 KUN
Maximum number of KUN rewards
If the APY (calculated based on the number of KUN tokens) that can be obtained by locking KUN is 200%, the KUN rewards obtained on the two blockchains in the first round of governance mining are:
Ethereum network, the maximum number of KUN rewards: 28,278 KUN, released linearly in 14 days
BSC network, the maximum number of KUN rewards: 29,011 KUN, released linearly in 14 days
The above plan is now submitted to the community for discussion and approval. If there is no major objection, a governance vote will be initiated within 48 hours, and the governance lock-up mining will be officially launched within 24 hours after the vote is passed.