We propose a change to the reward distribution mechanism that will benefit the Waves ecosystem.
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.
- 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.
- Once the new feature
19is 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
Rby 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_6666wavelets and miner would receive
- Beneficiary addresses for custom networks may be specified in the
waves.blockchain.custom.functionalitysection of the configuration file under
xtn-buyback-addresskeys. 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 / 3WAVES.
/blockchain/rewardsAPI method response will be extended with the two new fields (
xtnBuybackAddress) containing the configured (or pre-defined) addresses.