Difference between revisions of "Improvement Proposals"

From DeFiChain-Wiki
Line 36: Line 36:
 
Refer to README for voting instructions.
 
Refer to README for voting instructions.
  
===== Vote options =====
+
==== Vote options ====
  
 
* Yes, I agree. Sign: <code>dfip-1 yes</code>
 
* Yes, I agree. Sign: <code>dfip-1 yes</code>
Line 56: Line 56:
 
Yield Farming is created for the same reason, to drive adoption and action for many DeFi activities, especially that of new protocols and services. DeFiChain requires a mechanism for us to drive adoption.
 
Yield Farming is created for the same reason, to drive adoption and action for many DeFi activities, especially that of new protocols and services. DeFiChain requires a mechanism for us to drive adoption.
  
===== Increasing miner reward =====
+
==== Increasing miner reward ====
 
With the recent move by DeFiChain Foundation to unstake all its 288 nodes, and placing them into a single publicly-verifiable address, staking reward for DeFiChain has seen a major increase in yield. Before this move, stakers receive about 25% - 28% of mining reward p.a., since the unstaking of foundation nodes, stakers now receive 50% - 60% of mining reward p.a.
 
With the recent move by DeFiChain Foundation to unstake all its 288 nodes, and placing them into a single publicly-verifiable address, staking reward for DeFiChain has seen a major increase in yield. Before this move, stakers receive about 25% - 28% of mining reward p.a., since the unstaking of foundation nodes, stakers now receive 50% - 60% of mining reward p.a.
  
Line 86: Line 86:
 
Refer to README for voting instructions.
 
Refer to README for voting instructions.
  
===== Vote options =====
+
==== Vote options ====
  
 
* Yes, I agree. Sign: <code>dfip-2 yes</code>
 
* Yes, I agree. Sign: <code>dfip-2 yes</code>
Line 98: Line 98:
  
 
DFIP #1 passes.
 
DFIP #1 passes.
 +
 +
=== DFIP #3: Maintain liquidity mining rewards at 100 DFI per block with airdrop fund and rewards ratio adjustments ===
 +
 +
==== Overview ====
 +
Shortly after launching the Decentralized Exchange in November, the Liquidity Mining Rewards had been increased to 100 DFI / block in order to kick everything off and drive fast growth.
 +
 +
And with over $68 Million Total Value Locked (TVL) after a mere month, very much successfully so.
 +
 +
These incentive rewards are currently being funded through what was decided in DFIP 2, where the community approved to set aside 25% of staking rewards for the upcoming liquidity mining.
 +
 +
That fund will be able to run for approximately another 3 weeks, before rewards then would settle to the regular 45 DFI / block.
 +
 +
==== Proposal ====
 +
2 parts to this proposal:
 +
 +
# That the incentive rewards of 100 DFI per block be sustained, with the additional fund coming from the remaining airdrop fund, AND
 +
# And with the recent increase of ETH’s market cap, that the ratio of rewards be changed from:
 +
#* BTC-DFI: 85%
 +
#* ETH-DFI: 10%
 +
#* USDT-DFI: 5%  To:
 +
#* BTC-DFI: 80% ''(reduction of 5%)''
 +
#* ETH-DFI: 15% ''(increment of 5%)''
 +
#* USDT-DFI: 5%
 +
 +
Upon approval, this proposal will be implemented during one of the the upcoming hard forks.
 +
 +
==== Stage ====
 +
 +
* Voting
 +
* Results
 +
 +
==== Voting ====
 +
Masternode snapshot will be taken at block 556,100 of DeFiChain mainnet.
 +
 +
Voting will open until Monday, 11 January 2021 12:00 UTC. Please post your votes and proofs here in this GitHub issue before the closing time.
 +
 +
Refer to README for voting instructions.
 +
 +
==== Vote options ====
 +
 +
* Yes, I agree. Sign: <code>dfip-3 yes</code>
 +
* No, I do not agree. Sign: <code>dfip-3 no</code>
 +
* Neutral. Sign: <code>dfip-3 neutral</code>.
 +
 +
==== Results ====
 +
DFIP 3 passes with 15 yeses to 1 no.
 +
 +
ETH-DFI DeFi incentives have been adjusted to 15% (+5% from 10%), and BTC-DFI to 80% (-5% from 85%). #5 (comment)
 +
 +
=== DFIP #4: Reduction of masternode collateral to 20,000 DFI ===
 +
 +
==== Overview ====
 +
Currently, the collateral to run a masternode is 1,000,000 DFI.
 +
 +
With the steady increase of price of DFI to now $2, it is getting very costly to set up a DFI masternode, both on the collateral and on the creation fee (100 DFI).
 +
 +
==== Proposal ====
 +
2 parts to this proposal:
 +
 +
# Proposal collateral to be reduced to 20,000 DFI.
 +
# Matsernode creation fee to be reduced to 10 DFI.
 +
 +
Upon approval, this proposal will be implemented during one of the the upcoming hard forks.
 +
 +
==== Stage ====
 +
 +
* Voting
 +
* Results
 +
 +
==== Voting ====
 +
Masternode snapshot will be taken at block 556,100 of DeFiChain mainnet.
 +
 +
Voting will open until Monday, 11 January 2021 12:00 UTC. Please post your votes and proofs here in this GitHub issue before the closing time.
 +
 +
Refer to README for voting instructions.
 +
 +
==== Vote options ====
 +
 +
* Yes, I agree. Sign: <code>dfip-4 yes</code>
 +
* No, I do not agree. Sign: <code>dfip-4 no</code>
 +
* Neutral. Sign: <code>dfip-4 neutral</code>.
 +
 +
==== Results ====
 +
DFIP 4 passes with 14 yeses to 1 no.

Revision as of 17:08, 12 April 2021

DeFiChain Improvement Proposals (DFIPs)

DFIPs already processed

DFIP #1: Bitcoin anchor reward source and mechanics adjustments

Overview

In the white paper, every 60 blocks 5 DFI is set aside to be paid out to successful Bitcoin anchoring. The paper does not mention the source of the 5 DFI. This proposal is to address the source for anchor funding and make it clear and trackable.

Proposal

0.1 DFI from each mined block to be accumulated in a smart contract address. This 0.1 DFI should be coming from the community part of the reward (i.e. 10% of block rewards).

If this proposal passes: block reward would look as follows:

  • 180 DFI as mining reward for masternode
  • 19.9 DFI goes to community fund
  • 0.1 DFI goes to Bitcoin anchor reward smart contract

Upon successful anchoring, the entirety of the smart contract holding (in DFI) will be awarded to the anchorer.

Upon approval, this proposal will be implemented during the next hard fork.

Stage

  • Request for Comment (RFC)
  • Voting
  • Concluded - PASSED

This proposal is currently on RFC stage for discussion. Once it gets the initial general understanding and acceptance, it will then proceed to voting stage. Voting will be conducted by masternodes. As this is likely one of the first votes of DeFiChain, voting instructions will be announced in due time.

Voting

Masternode snapshot will be taken at block 294,000 of DeFiChain mainnet.

Voting will open until Monday, 21 September 2020 00:00 UTC. Please post your votes and proofs here in this GitHub issue before the closing time.

Refer to README for voting instructions.

Vote options

  • Yes, I agree. Sign: dfip-1 yes
  • No, I do not agree. Sign: dfip-1 no
  • Neutral. Sign: dfip-1 neutral.

Results

21 votes received.

20 masternodes voted for yes. 1 voted for no.

DFIP #1 passes.

DFIP #2: DeFi incentive funding

Overview

DeFiChain will be launching various decentralized financial (DeFi) transactions soon. As with all financial services, centralized or decentralized alike, liquidity is key in adoption. An exchange with a bare order book would not be attracting much trading action.

Yield Farming is created for the same reason, to drive adoption and action for many DeFi activities, especially that of new protocols and services. DeFiChain requires a mechanism for us to drive adoption.

Increasing miner reward

With the recent move by DeFiChain Foundation to unstake all its 288 nodes, and placing them into a single publicly-verifiable address, staking reward for DeFiChain has seen a major increase in yield. Before this move, stakers receive about 25% - 28% of mining reward p.a., since the unstaking of foundation nodes, stakers now receive 50% - 60% of mining reward p.a.

Proposal

25% of miner reward to be set aside into a smart contract for DeFi incentive funding.

If this proposal and the previous one (#1) passes, block reward would look as follows:

  • 135 DFI as mining reward for masternode
  • 45 DFI goes to DeFi incentive funding smart contract
  • 19.9 DFI goes to community fund
  • 0.1 DFI goes to Bitcoin anchor reward smart contract

Upon approval, this proposal will be implemented during the next hard fork.

Stage

  • Request for Comment (RFC)
  • Voting
  • Result - PASSED

This proposal is currently on RFC stage for discussion. Once it gets the initial general understanding and acceptance, it will then proceed to voting stage. Voting will be conducted by masternodes. As this is likely one of the first votes of DeFiChain, voting instructions will be announced in due time.

Voting

Masternode snapshot will be taken at block 294,000 of DeFiChain mainnet.

Voting will open until Monday, 21 September 2020 00:00 UTC. Please post your votes and proofs here in this GitHub issue before the closing time.

Refer to README for voting instructions.

Vote options

  • Yes, I agree. Sign: dfip-2 yes
  • No, I do not agree. Sign: dfip-2 no
  • Neutral. Sign: dfip-2 neutral.

Results

21 votes received.

20 masternodes voted for yes. 1 voted for no.

DFIP #1 passes.

DFIP #3: Maintain liquidity mining rewards at 100 DFI per block with airdrop fund and rewards ratio adjustments

Overview

Shortly after launching the Decentralized Exchange in November, the Liquidity Mining Rewards had been increased to 100 DFI / block in order to kick everything off and drive fast growth.

And with over $68 Million Total Value Locked (TVL) after a mere month, very much successfully so.

These incentive rewards are currently being funded through what was decided in DFIP 2, where the community approved to set aside 25% of staking rewards for the upcoming liquidity mining.

That fund will be able to run for approximately another 3 weeks, before rewards then would settle to the regular 45 DFI / block.

Proposal

2 parts to this proposal:

  1. That the incentive rewards of 100 DFI per block be sustained, with the additional fund coming from the remaining airdrop fund, AND
  2. And with the recent increase of ETH’s market cap, that the ratio of rewards be changed from:
    • BTC-DFI: 85%
    • ETH-DFI: 10%
    • USDT-DFI: 5% To:
    • BTC-DFI: 80% (reduction of 5%)
    • ETH-DFI: 15% (increment of 5%)
    • USDT-DFI: 5%

Upon approval, this proposal will be implemented during one of the the upcoming hard forks.

Stage

  • Voting
  • Results

Voting

Masternode snapshot will be taken at block 556,100 of DeFiChain mainnet.

Voting will open until Monday, 11 January 2021 12:00 UTC. Please post your votes and proofs here in this GitHub issue before the closing time.

Refer to README for voting instructions.

Vote options

  • Yes, I agree. Sign: dfip-3 yes
  • No, I do not agree. Sign: dfip-3 no
  • Neutral. Sign: dfip-3 neutral.

Results

DFIP 3 passes with 15 yeses to 1 no.

ETH-DFI DeFi incentives have been adjusted to 15% (+5% from 10%), and BTC-DFI to 80% (-5% from 85%). #5 (comment)

DFIP #4: Reduction of masternode collateral to 20,000 DFI

Overview

Currently, the collateral to run a masternode is 1,000,000 DFI.

With the steady increase of price of DFI to now $2, it is getting very costly to set up a DFI masternode, both on the collateral and on the creation fee (100 DFI).

Proposal

2 parts to this proposal:

  1. Proposal collateral to be reduced to 20,000 DFI.
  2. Matsernode creation fee to be reduced to 10 DFI.

Upon approval, this proposal will be implemented during one of the the upcoming hard forks.

Stage

  • Voting
  • Results

Voting

Masternode snapshot will be taken at block 556,100 of DeFiChain mainnet.

Voting will open until Monday, 11 January 2021 12:00 UTC. Please post your votes and proofs here in this GitHub issue before the closing time.

Refer to README for voting instructions.

Vote options

  • Yes, I agree. Sign: dfip-4 yes
  • No, I do not agree. Sign: dfip-4 no
  • Neutral. Sign: dfip-4 neutral.

Results

DFIP 4 passes with 14 yeses to 1 no.