The Hamal Release

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The Hamal Release

Later today (2/18/22, ~07:00-10:00 PM UTC), the Hamal release will begin. There will be no downtime on L1/L2. Here’s what’s included in this release:

  • SIP-202: Target Staking Ratio: Introduce a target staking ratio incentivized through inflation.

The above SIP introduces a substantial change to how staking inflation is calculated and rewarded on a system-wide scale; we recommend reading this document and then reading through SIP-202 for more details.

The purpose of the initial inflation rate (SIP-23) was to encourage a high staking ratio while the network was growing. Initially, this worked well, with the staking ratio peaking at 90%+. The staking ratio subsequently has fallen to below 70% as inflation has declined based on the curve specified in SIP-23.

SIP-202 sets a base level of inflation and then tracks the staking ratio within the network to modify the inflation rate weekly to ensure this target ratio is achieved. The staking ratio will be measured as the percentage of SNX collateral in staked addresses divided by the total SNX collateral.

This change introduces a target ratio for staking of 85%. It then adjusts the inflation weekly up or down by 10% depending on whether the staking ratio is below or above the target ratio to incentivize stakers to hit this target.

Here’s an example to more easily understand this change:

  1. Take a snapshot of the staking ratio across L1 and Optimism at fee period block number
  2. Determine inflation based on staking ratio

If staking ratio is below 80% increase inflation by 10%

Ex: 800,000 (Base)  x .1 (Adjustment)  = 880,000 SNX Inflation

If staking ratio is above 90% decrease inflation by 10%

If staking ratio is between 80-90% decrease inflation 5%

3.  Distribute inflation rewards alongside trading rewards on both L1 and L2

Release Phases

There is currently no method to measure the staking ratio on-chain, so the implementation of this SIP will be split into two phases.

The first phase will rely on an off-chain calculation and SCCP each week to modify the inflation rate.

Phase two will use a new Chainlink oracle to read the staking ratio at the end of each epoch and push this on-chain to allow the target ratio to be calculated and the inflation change determined.

Configurable Values (Via SCCP)

The below are configurable values set by this SIP and release and can be changed by SCCP proposal and Spartan Council vote.

Base Inflation: 800,000 SNX

Buffer rate: 5%

Positive adjustment: 10%

Negative adjustment: 5%

Any Questions?

This release is called Hamal, which like all releases, is named after a star (in order of visual magnitude). If you’ve got any comments or questions about the release, please join the conversation in Discord.



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