This release focuses on tokenomic changes.
Overview
Following a discussion around a tokenomics proposal this release introduces changes required to support a significant update in EOS tokenomics that changes the way EOS inflation and distribution function. These system smart contract changes are required to create an onchain multi-sig that block producers will vote on to approve or oppose the proposal.
Token Changes
The proposal centers around a lowering of the maximum supply to 2.1b tokens, and an issuing up to that target number instead of a slow inflation in order to create a fixed supply.
New actions on the eosio.token contract are required to make that possible, as well as some core changes to the way that block producers are paid when the token's maximum supply equals the current supply.
setmaxsupply
void setmaxsupply(
const name& issuer,
const asset& maximum_supply
);Sets the maximum supply of the token to maximum_supply.
The issuer must match the original issuer of the token.
issuefixed
void issuefixed(
const name& to,
const asset& supply,
const string& memo
);Issues the delta between the current supply and the supply parameter, and allocates those tokens to the to account.
A memo can also be included.
Changes to block producer rewards and eosio.saving
When a block producer calls claimrewards it will now check if the current supply is equal to
the maximum supply, and if so then it will use the tokens that the eosio account holds.
If not, then it will continue to inflate as it did prior to these changes.
New static methods
To make it easy for external parties to integrate with these changes, and to keep the contract clean internally two new static methods were introduced.
static asset get_max_supply(
const name& token_contract_account,
const symbol_code& sym_code
);
static name get_issuer(
const name& token_contract_account,
const symbol_code& sym_code
);Vesting Schedules
In order to distribute the fixed tokens to the relevant parties a vesting schedule is introduced. This allows dynamically setting date/rate pairs that define how much of the existing supply is distributed to block producers and the eosio.saving contract.
schedules table
struct schedules_info {
time_point_sec start_time;
double continuous_rate;
uint64_t primary_key() const { return start_time.sec_since_epoch(); }
};The schedules table holds the time/rate pairs, and is always scoped to self (eosio).
setschedule
void setschedule(
const time_point_sec start_time,
double continuous_rate
);Adds or updates a scheduled vesting distribution rate at a given date to the schedules table.
start_time- The date this rate can be appliedcontinuous_rate- A percentage of the current supply divided by 100
An example of a 5% distribution rate:
{"start_time": "2024-06-01T00:00:00Z", "continuous_rate": 0.05}delschedule
void delschedule(
const time_point_sec start_time
);Deletes a schedule if it exists, or fails.
execschedule
void execschedule();Executes the next schedule sorted by closest date. The schedule's start_time must have already passed.
setpayfactor
void setpayfactor(
int64_t inflation_pay_factor,
int64_t votepay_factor
);This new action is identical to the setinflation action except that it does not allow changing the annual_rate which would then compute the continuous_rate, as that is now set through vesting schedules.
This allows modifying the block producer bpay, vpay, and eosio.saving splits.
For more information about how these parameters work, see the comments on the code here.
unvest
void unvest(
const name account,
const asset unvest_net_quantity,
const asset unvest_cpu_quantity
);This action retires the unvested tokens from the b1 account, enforces only the unvested tokens can be touched, and updates the locking logic to allow b1 to take any remaining tokens that have already vested after the unvested tokens have been retired.
Fees Upgrade
In order to allow distribution of system fees to new buckets (block producers, rex, and RAM) and pushing fees from new origins, changes to the system contracts have been made and a new eosio.fees contract will be deployed.
System contract changes and new actions
donatetorex
void donatetorex(
const name& payer,
const asset& quantity,
const std::string& memo
);This allows anyone to donate EOS into the REX markets. Since a new eosio.fees contract will be controlling the distribution of fees the system contract needs a way to accept donations from external entities as previously it was only possible internally.
Important to note that this does not require a token transfer, and instead EOS will be taken from the account the same way as the system does in other actions like buyram.
buyramburn
struct action_return_buyram {
name payer;
name receiver;
asset quantity;
int64_t bytes_purchased;
int64_t ram_bytes;
asset fee;
};
action_return_buyram buyramburn(
const name& payer,
const asset& quantity,
const std::string& memo
);This action buys ram and burns it within a single action instead of having to call multiple actions.
logsystemfee
void logsystemfee(
const name& protocol,
const asset& fee,
const std::string& memo
);The logsystemfee adds another log to the system contracts that helps track fees, where they are coming from and where they are going. It is called inline in every action that would incur fees (such as name auctions, or ram market trades).
Changes to return values and logs
Both logbuyram and logsellram now have a const binary_extension<asset>& fee at the end of their parameter lists. This helps track that fee for external parties.
The action_return_buyram and action_return_sellram return value structs have also been modified to add an asset fee;
Static methods
New methods are exposed on eosio.system.hpp to exposed if REX is available or not. These are aimed at helping integrators that want to use the new donatetorex action.
static bool rex_system_initialized(
name system_account = "eosio"_n
);
static bool rex_available(
name system_account = "eosio"_n
);The get_core_symbol method was also modified to make it simpler to use.
static symbol get_core_symbol(
name system_account = "eosio"_n
);eosio.fees contract
This new contract handles the distribution of fees to configurable destinations and rates.
This simplifies the ability to control the flow of fees within EOS as well as making them easier to track and view on explorers and other tooling.
Tables
struct strategies_row {
name strategy;
uint16_t weight;
uint64_t primary_key() const { return strategy.value; }
};The strategies table is always scoped to self (eosio).
struct settings_row {
uint32_t epoch_time_interval = 600;
time_point_sec next_epoch_timestamp;
};The settings table is always scoped to self (eosio).
init
void init(
const uint32_t epoch_time_interval
);Initializes the eosio.fees contract and sets the interval allowed for distributions (in seconds).
setstrategy
Available strategies:
buyramburn- Buys ram and burns itbuyramself- Buy ram foreosio.feesand holds itdonatetorex- Sends fees to REXeosio.bpay- Sends fees to be paid to producers
void setstrategy(
const name strategy,
const uint16_t weight
)Sets (create or update) a strategy's weight into effect for subsequent distributions.
strategy- Must be one of the predefined strategies aboveweight- A number proportional to the total weight of all strategies
delstrategy
void delstrategy( const name strategy );Removes a strategy from distributions.
distribute
void distribute();Distributes accumulated fees to the designated strategies based on their weights once every epoch period. The next epoch is updated to be a distance of epoch_time_interval from the second this action is called.
Static methods
static uint16_t get_total_weight(
const name contract = "eosio.fees"_n
);The get_total_weight static method returns the sum of all weights for all configured strategies.
WASM Hashes
eosio.system - b78e2bfcceea88b337f195bb1e362a33cb5365aaaf02a2c32bcbf6698b1b832f
eosio.token - 0a16e1dac533c4558698c8754f41219839ba2a2b75e517e65ea2537f76681f49
Contributors
Special thanks to the contributors that worked on this release:
Full Changelog: v3.3.0...v3.4.0
