PIP-104: Update Paloma Mainnet Inflation Parameters

Governance
1

PIP Name: PIP-104: Update Paloma Mainnet Inflation Parameters

Status: Proposed

Author(s): @MikeA

Type: Parameter Change

Discussions-to: Governance - Paloma

Created: 10/02/2024

Simple Summary

Due to the increase in the speed of Paloma Mainnet the blocks_per_year parameter needs to be adjusted to account for accelerated block times. The impact will be decreased inflation for the Paloma GRAIN token due to faster block times.

Abstract

Due to the increase in the speed of Paloma Mainnet the blocks_per_year parameter needs to be adjusted to account for accelerated block times.The impact will be decreased inflation for the Paloma GRAIN token due to faster block times.

Motivation

We wish to maintain the target inflation rate to adjust for the faster block times on Paloma. We identified a bug in the block time that was not adjusted when block times were sped up from 5 seconds to 1.5 seconds per block.

Specification Overview

Update the inflation mint parameter related to blocks_per_year .

Technical Specification

Paloma Proposed Inflation Parameters:

 "messages": [
  {
   "@type": "/cosmos.mint.v1beta1.MsgUpdateParams",
   "authority": "paloma10d07y265gmmuvt4z0w9aw880jnsr700jz87xyk",
   "params": {
    "mint_denom": "ugrain",
    "inflation_rate_change": "0.04",
    "inflation_max": "0.07",
    "inflation_min": "0.03",
    "goal_bonded": "0.67",
    "blocks_per_year": "21038400"
   }
  }
 ]

How to submit the proposal

Run the following governance command

palomad tx gov submit-proposal param-change <path to proposal.json> \
--from <Paloma Address> \
--gas auto \
--fees 1000ugrain \
--chain-id tumbler \
--node <node_name>

with the following pip-104.json

{
 "messages": [
  {
   "@type": "/cosmos.mint.v1beta1.MsgUpdateParams",
   "authority": "paloma10d07y265gmmuvt4z0w9aw880jnsr700jz87xyk",
   "params": {
    "mint_denom": "ugrain",
    "inflation_rate_change": "0.04",
    "inflation_max": "0.07",
    "inflation_min": "0.03",
    "goal_bonded": "0.67",
    "blocks_per_year": "21038400"
   }
  }
 ],
 "metadata": "ipfs://CID",
 "deposit": "10000000ugrain",
 "title": "PIP-104: Update Paloma Mainnet Inflation Parameters",
 "summary": "PIP-104: Update Paloma Mainnet Inflation Parameters",
 "expedited": false
}

How to Vote on the Proposal

palomad tx gov vote 130 yes \
--chain-id tumbler \
--from=<Paloma Address> \
--fees 400ugrain \
-b block
-y

Rationale

Parameter changes for inflation should make this update straightforward. No chain restart will be required.

About Paloma

Paloma wants to be the fastest relay chain in the world with the most decentralized network of validators that can attest to any transaction with the fastest possible execution. Paloma aims to make it easy for developers to control smart contracts on any Solana, Ethereum L1, L2, and L3 chain.

To learn more about Paloma, please visit https://palomachain.com

To follow the project on Github, please star the project GitHub - palomachain/paloma: The fast blockchain messenger protocol

To participate in the community, please join the Paloma Discord: Paloma

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