title: Governance token lock-up and mining plans
author: David Lei
* discussions-to: Kun治理挖矿方案分析
* updated: 11/20/2020
* requires: No
* resolution: Snapshot Voting
- Brief Summary
Choose QIAN's smart contract technology solution for governance lock-up and mining
According to the results of the community discussion, there are currently three technical solutions for governance lock-up mining. This proposal will explain the pros and cons of these three solutions, and initiate a community vote based on the three solutions to choose a final proposal.
The technical solution for governance lock-up mining will determine the lock-up incentive method of the governance token KUN, which will affect the portion of KUN lock-up and voting participation, and ultimately determine whether the subsequent governance can be effectively carried out. Therefore, all KUN holders are required to make a choice and hope that all community members will make their own responsible choices based on the description in the specification.
Before the event starts, fix the maximum amount to be issued in each term, the actual locked amount, and the lock target. This is the implementation logic of the current contract. As long as the parameters are set, lock-up mining can be started immediately.
However, the disadvantage of Option 1 is that once mining starts, it cannot be modified and cannot be adjusted according to the subsequent KUN lock-up situation. It lacks flexibility and requires strong predictive ability in the configuration parameters of mining.
每期活动进行时可以投票决定后面活动的奖励数量。例如，在第 n 期活动时可以决定
Each term of the event can vote to determine the number of rewards for subsequent events. For example, during the term N, we can decide
The maximum number of KUN issued, lock-up target of term M ( M > N )
This solution is more flexible, but the current contract does not support this solution. If the community chooses this solution, we need to conduct development and testing, and the launch time is to be determined.
Change: Abandon the existing code and adopt another set of codes which are designed for liquid mining. The changes are significant. Although the contract can be upgraded and can be changed to this solution, after all, there are already user assets in the contract, and this method may cause certain risks.
In order to protect the security of user assets, it takes time to complete the test of the solution, and the estimated time is longer than the solution two.
At present, KUN governance mining smart contract for solution one has been developed and the current business logic is:
- The total event time is two years (96 weeks, adjustable), with a total of 48 terms
- Two weeks for each term (adjustable)
Event time = time for each term * number of term in total
The event time and the time of each term must be decided before the activity starts, and cannot be modified midway.
For the term N, there are three factors that affect the issuance of mining rewards:
4.1 Reward: the maximum number of rewards issued in the term N
4.2 Stake: the actual number of locked tokens stake in term N-1
4.3 Target: the lock target in term N-1, then the actual reward amount in term N is
Actual reward = (stake / target) * reward
- For the first term of the event, the default reward amount is to distribute according to the maximum reward quantity, that is, the distributed quantity is 100% × reward
- For user A, the actual reward who can get is
The proportion of locked positions × current issuance rate × duration of locked positions in the current term = proportion of locked positions × (the actual amount of rewards in the current term / total time of the current term) × locked time in the current term
According to the current contract logic, before the lock-up mining is launched, the parameters that must be formulated are
- Event time (e.g. 96 weeks)
- Time of each term (e.g. 2 weeks)
- The number of rewards issued in the first term, the lock-up target
- Test Cases
The smart contract of solution one has been tested, and after the second and third solutions are confirmed, the contract will be developed and fully tested before it was launched.
- Copyright Waiver
Abandon all copyright and related rights through CC0