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GRT $0.01972 1.06% Market cap $217.6M

Decrease protocol issuance rate to keep annual issuance at 3%

GGP-0013 · Council vote #14 on The Graph

Overview

Updated

Approved

Voting ended
Oct 24, 2022
Opened Oct 18, 2022
Submitted
Oct 18, 2022
Oct 18, 01:37 UTC
Members voted
6
One vote each, on Snapshot

Put to the Council by 0x37bc95…b391

Votes

  • For 6 votes
  • Against 0 votes
  • Abstain 0 votes

How BitBasic reads the result

  • Approved when more Council members chose For than Against; Abstain doesn't count either way.
  • Each member has one vote, and Snapshot keeps a member's last.

Description

Indexing rewards in The Graph utilize a parameter that defines issuance rate of GRT per block. After The Merge, block generation is now faster along with the effective issuance rate. Ethereum now has 2628000 blocks a year instead of approximately 2425846, which at the current per block issuance rate will lead to yearly 3.2% rate, rather than The Graph's original 3% annnual issuance rate.

This proposal is to update the issuanceRate parameter of The Graph’s protocol smart contracts running on Ethereum Mainnet from the current 1000000012184945188 to 1000000011247641700

Forum discussion: https://forum.thegraph.com/t/indexing-rewards-and-the-merge/3523

The update must be performed by initiating a RewardsManager.setIssuanceRate() transaction with the proposed value on Ethereum Mainnet.

Following a successful “yes” vote, the protocol update should be carried out at the earliest convenience using The Graph Council’s Gnosis Multisig.

See the vote on Snapshot

How the Council voted

In the order they voted. Snapshot knows members by address only, so BitBasic doesn't name them.

Member Vote When
0xb02ce5…80b0 For Oct 18, 07:41 UTC
0x4530af…ba9a For Oct 18, 09:56 UTC
0x17118d…2c21 For Oct 18, 10:48 UTC
0x38fa68…4da8 For Oct 18, 17:31 UTC
0x37bc95…b391 For Oct 18, 17:33 UTC
0xd201c9…22aa For Oct 19, 14:21 UTC