Kusama: Make the current inflation formula adjustable. #364

kianenigma · 2024-06-27T13:22:58Z

This PR does not alter the inflation of Kusama, but instead make the current parameters of the system fully configurable.

Parameters

The parameters are as follows:

/// Minimum inflation rate used to calculate era payouts.
pub static MinInflation: Perquintill = Perquintill::from_rational(25u64, 1000);

/// Maximum inflation rate used to calculate era payouts.
pub static MaxInflation: Perquintill = Perquintill::from_percent(10);

/// Ideal stake ratio used to calculate era payouts.
pub static IdealStake: Perquintill = Perquintill::from_percent(75);

/// Falloff used to calculate era payouts.
pub static Falloff: Perquintill = Perquintill::from_percent(5);

/// Whether to use auction slots or not in the calculation of era payouts, then we subtract
/// `num_auctioned_slots.min(60) / 200` from `ideal_stake`.
///
/// That is, we assume up to 60 parachains that are leased can reduce the ideal stake by a
/// maximum of 30%.
///
/// With the move to agile-coretime, this parameter does not make much sense and should
/// generally be set to false.
pub static UseAuctionSlots: bool = true;

All of the above are exactly the current values in Kusama, and leave everything unchanged, leading to roughly 1kKSM minted for validators, and around 90KSM for treasury.

All of the above can be changed via the Root track only.

Given that it is hard to come to consensus, I highly advise this PR (and a similar PR to Polkadot) to NOT alter any parameter and leave that to the token holders.

Just to provide one example, if we set UseAuctionSlots = false and leave everything else un-changed, the amount minted per era would be:

807KSM for staking
238KSM for treasury

This, in my opinion, is the most non-controversial change as the incorporation of auctions in the inflation rate is already meaningless with agile-coretime.

Consideration for UIs

This PR is shipped with a new runtime API that is only added to the Kusama runtime: Inflation_experimental_inflation_info. I hope this API is used by the UIs to show the inflation parameters of the network, rather than re-creating the Rust logic in the front-end.

Signed-off-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io>

@ggwpez

Based on polkadot-fellows#381 CC @ggwpez

@brenzi

Simply updates the encointer-pallets to v1.14.0. Nothing else happened there in the meantime. cc @brenzi

Signed-off-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io>

kianenigma · 2024-07-17T14:34:34Z

Some updates:

Depends on Update to SDK 1.14 #381
Would also preferably depend on sdk 1.15 to get the new relay_inflation helper fn.
Based on the last fellowship call, for now we will only add this to Kusama https://www.youtube.com/live/oWppBMrgU7M?si=b4O-G_mIEBp1tnV4&t=2137

Signed-off-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io>

@ggwpez

…llows#393) In the update to [sdk 1.14](polkadot-fellows#381) the `request_revenue_info` is now implemented but this call had been switched off when it was added in polkadot-fellows#212. This PR just enables this again in the coretime interface. cc @ggwpez @s0me0ne-unkn0wn

…iz-inflation

acatangiu

high-level looks good, did not double-check the actual staking initial values coded in

acatangiu · 2024-08-19T13:50:05Z

relay/common/src/lib.rs

+// ---- TODO: Above is copy pasted from sdk, remove once we pull the version containing
+// https://github.com/paritytech/polkadot-sdk/pull/4938


would be better if you referenced the crate name and (min) version required, instead of this PR, otherwise it becomes a non-trivial chore to figure out when this can be removed and no one will do it :)

(same above)

seadanda

Code looks good, some nits with docs/comments

relay/common/src/lib.rs

seadanda · 2024-08-19T14:27:54Z

relay/kusama/src/lib.rs

+	type AdminOrigin = DynamicParameterOrigin;
+	type WeightInfo = weights::pallet_parameters::WeightInfo<Runtime>;
+}
+
 pub struct EraPayout;


pub with no docs

relay/kusama/src/lib.rs

relay/common/src/lib.rs

relay/kusama/src/lib.rs

Co-authored-by: Dónal Murray <donalm@seadanda.dev>

joepetrowski · 2024-08-20T09:16:45Z

/merge

fellowship-merge-bot · 2024-08-20T09:18:23Z

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Trigger the v1.3.0 release with the following additional changes: - Bump `polkadot-runtime-parachains` version to get paritytech/polkadot-sdk#5369 in [63cb34d](63cb34d) and update tests in [e718c64](e718c64). - Filter calls to `interlace` on the Polkadot Coretime Chain until the relay implementation matures in [1126cf7](1126cf7). - Update all runtime versions to `1_003_000` in [08744df](08744df) TODO: - [x] Finalise changelog - [x] Wait for #433 - [x] Wait for #364 Closes #186 --------- Co-authored-by: Bastian Köcher <git@kchr.de> Co-authored-by: joe petrowski <25483142+joepetrowski@users.noreply.github.com> Co-authored-by: fellowship-merge-bot[bot] <151052383+fellowship-merge-bot[bot]@users.noreply.github.com>

Counterpart of #364. Similarly, it has no impact on the inflation as-is, and just exposes the params to the Root track. ## UI Consideration Similarly, it adds `Inflation_experimental_inflation_info` Runtime API, which can be used by UIs to fetch information about the inflation, without needing to rely on storage items. ## Example - With current parameters: ``` Inflation ==> staking = 402244.054 DOT (4,022,440,540,915,948) / leftover = 4178.285 DOT (41,782,856,835,356) ``` - With `UseLegacyAuctions = false`, which means we no longer set aside around 15% of tokens for auctions. This makes the difference between actual staked and ideal staking rate (staking inefficiency) grow, and therefore reduce the staking reward and increase the treasury income. ``` Inflation ==> staking = 340780.189 DOT (3,407,801,892,871,273) / leftover = 65642.150 DOT (656,421,504,843,446) ``` --------- Co-authored-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io> Co-authored-by: Gonçalo Pestana <g6pestana@gmail.com> Co-authored-by: Ankan <10196091+Ank4n@users.noreply.github.com>

Blueprint of how to fix inflation

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kianenigma changed the title ~~.Kiz new staking reward params~~ Make the current inflation formula adjustable. Jun 27, 2024

kianenigma mentioned this pull request Jun 28, 2024

Make Westend Inflation Parameterize-able paritytech/polkadot-sdk#4907

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Optimistic Project Funding #375

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ggwpez added 7 commits July 14, 2024 12:39

Update to 1.14

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Signed-off-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io>

Update Collectives

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Disable Encointer runtime

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Mock weights

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feat: introduce pallet-parameters to Westend to parameterize inflation paritytech/polkadot-sdk#4938

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Kusama coretime revenue integration (polkadot-fellows#384)

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Based on polkadot-fellows#381 CC @ggwpez

re-enable & bump encointer to polkadot-v1.14.0 (polkadot-fellows#385)

6ca6fcb

Simply updates the encointer-pallets to v1.14.0. Nothing else happened there in the meantime. cc @brenzi

Clippy

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Signed-off-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io>

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update kusama

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kianenigma mentioned this pull request Jul 17, 2024

ON HOLD: Flexible Inflation polkadot-fellows/RFCs#89

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Fixes

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Signed-off-by: Oliver Tale-Yazdi <oliver.tale-yazdi@parity.io>

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fmt

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kianenigma mentioned this pull request Aug 16, 2024

Asset Hubs: auto incremented asset id for trust backed assets #414

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fmt

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Merge branch 'kiz-inflation' of github.com:kianenigma/runtimes into k…

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Trigger release v1.3.0 #438

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Polkadot: Make the current inflation formula adjustable #443

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Kusama: Make the current inflation formula adjustable. #364

Kusama: Make the current inflation formula adjustable. #364

kianenigma commented Jun 27, 2024 •

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		// ---- TODO: Above is copy pasted from sdk, remove once we pull the version containing
		// https://github.com/paritytech/polkadot-sdk/pull/4938

Kusama: Make the current inflation formula adjustable. #364

Kusama: Make the current inflation formula adjustable. #364

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kianenigma commented Jun 27, 2024 • edited Loading

Parameters

Consideration for UIs

kianenigma commented Jul 17, 2024

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