Waves Ecosystem Support

Waves Enhancement Proposals
1

Abstract

We propose a change to the reward distribution mechanism that will benefit the Waves ecosystem.

Motivation

We need to ensure that the Waves ecosystem is making progress. For this purpose, we recommend utilizing mining rewards to increase miner engagement in ecosystem decisions and address the current issues facing the ecosystem. Moreover, miners can benefit from participating in the Waves DAO and contributing to the general ecosystem revival.

To achieve this, we propose breaking down the current inflation of 6 Waves per block into three parts of 2 Waves each. As before, miners can claim 2 Waves, but the remaining 4 Waves would be distributed as follows:

  • 2 Waves would be sent to the Waves DAO treasury. Miners will be able to claim LP of Waves DAO depending on their mining rewards, with the amount of tokens received determined by the current LP token price. Miners can share these tokens with leasers in case of pooled mining. They can also benefit from participating in the Waves DAO and its potential upside.
  • 2 Waves would be used to buy back XTN. These would be sent to a special multisignature address with a trading bot to carry out the buyback. All purchased XTN would be burned.

The Waves used for the XTN buyback can eventually be compensated for with the Waves DAO profits and the positive impact on the Waves price achieved by the buyback.

Specification

  1. For each public network (Mainnet, Testnet and Stagenet) two addresses will be defined: DAO address and XTN buy-back contract address. This specification will be updated once the addresses are finalized.
  2. Once the new feature 19 is activated, each of the predefined addresses will be receiving ⅓ of the total block reward R (integer division is assumed), with the remainder being debited to the block miner’s account. With current block reward being 6 WAVES, each of the three beneficiary addresses will be receiving 2 WAVES. If the community decides to change R by means described in WEP-4, the amount each address recieves would also change. E.g. if block reward increases to 8 WAVES, each of the pre-defined addresses would receive 8_0000_0000 / 3 = 2_6666_6666 wavelets and miner would receive 2_6666_6668 wavelets.
  3. Beneficiary addresses for custom networks may be specified in the waves.blockchain.custom.functionality section of the configuration file under dao-address and xtn-buyback-address keys. Both addresses are optional. If no addresses are specified, block miner would get all the reward. If both keys are set to the same address, this address would get 2 * R / 3 WAVES.
  4. /blockchain/rewards API method response will be extended with the two new fields (daoAddress and xtnBuybackAddress) containing the configured (or pre-defined) addresses.
4 Likes
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I am not agree directly to give 2 Waves to XTN buyback. Better 2 waves to DAO and later DAO to decite what to do :slight_smile:

3 Likes
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I don’t agree with that.
I believe that the current reward should not be changed for leasors.
This would be a disincentive to Waves’ stake.
No reward mechanism should be created for burning XTN, leave that to WavesDao.
You could leave it fixed at 1 Waves as a reward for WavesDao and not change the current rewards of 6 Waves (we would have 7 Waves created per block). 1440 more Waves per day would not burden the value of Waves too much.
It should also incentivize some kind of burn in Waves’ Supply (per transaction), 25% of all fees collected (fees from sent, create token, call contract, all tx).
It would be interesting to create a transaction to burn Waves’ Supply.

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4

I agree with using the 2 waves per block for XTN buyback. Lowering XTN supply should be the main priority for the waves eco

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5

Wouldn’t the value of XTN if a new IDO was launched on the Waves network that XTN holders could join?

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6

Why not print and give another 2 waves to wx gateway token holders you ripped off haha

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7

I could accept this if the proposal was not permanent, for example have this setup work for 8 weeks and we vote to extend based on the results. I’m reluctant to need another vote to undo it because it’s very risky to attach defi tokenomics to WAVES.

But I think the idea is very good, because an increase in burning XTN could potentially attract new liquidity and get us out of this mess.
With the current price it would mean we would be able to burn 100k XTN a day. That amount will probably increase over the course of time due to price increase but I think it’s a really good start.

On the other hand, we are still having an issue with SURF that could lead to a massive inflation. Maybe it could be a better solution to handle that first, like, migrate SURF to XTN so we don’t have to deal with future inflow of XTN tokens and we can handle it better from the Waves mining rewards.

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8

Is here any Leasing Pool who is going vote against this proposal? Post your address here in case some whales want to move their stakes.

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9

If the XTN buyback is present in the final proposal, DD eCoin Node is not going to support it. We aim to stabilize the blockchain and enhance its credibility, but we won’t be helping some private project, which is responsible for its own errors.

1 Like