Tokenomics

Initial Total Supply

  • 100 Billion GGX
  • 18 decimals
  • 8886 Chain ID

All amounts in this document are in GGX.

APY

Schedule of APY will be next:

Date Yearly APY**
2024 16.00%
2025 14.93%
2026 13.93%
2029 11.31%
2044 4%
2054 2%
2055 2%

APY decreases by 6.7% per year.

After 30 years, the APY stabilizes at 2%.

Current State

  • Initial total supply is distributed to multisig to distribute to selected network validators.
  • 18 decimals.
  • APY is configured to 16% and drops 6.7% every year until it reaches 2% (configured by DefaultInflationPercent and DefaultInflationDecay).
  • APY decrease happens every 365.25 days to address leap years.

Staking

Each new validator enters PoS with 1100 GGX staked for 1 year.

Staking rewards are distributed each session.

  • Session period: 4 hours
  • Era period: 4 hours

Slashing

Misbehavior Amount Parameters
Consensus Offline 0.01% to 44% * Stake Starting from 10% validators offline, linear increase
Consensus Equivocation for Blocks (Double Sign) 0.01% * Stake Validator signs conflicting blocks
MPC Signature (Wrong message) 0.01% * Stake Validator signs an incorrect MPC message
MPC Key Generation (Failure to Participate) 0.001% * Stake Validator fails to participate in key generation
Early Unstake 10% * Stake Unstaking before the bonding period ends

Slashed amounts are sent to the treasury.

Nominations

Account Part Type
Validator Variable% Configurable commission
Nominator + Validator Variable% Shared between nominators and validator
  • Validators receive a commission that is deducted from the nominators' rewards. The commission rate is configurable and determined as the median value of all validators' preferred rates. The remaining rewards, after the commission deduction, are shared between the nominators and the validator based on their respective stakes.
  • 10% of validators' rewards go to the Treasury:
Account Part
Validator 90%
Treasury 10%

Current State

  • 1-year stake withdrawal.
  • Session period is 4 hours. Era period is 4 hours (configured by EpochDurationInBlocks, SessionsPerEra).
  • Payout at the end of the session (configured by runtime/mainnet/src/pos/session_payout/mod.rs).
  • Median commission to nominators from validator preferences calculated each session. Static commission can be enabled by referenda (configured by runtime/mainnet/src/pos/session_payout/mod.rs).
  • 10% Treasury commission is implemented (configured by runtime/mainnet/src/pos/currency.rs).
  • Github: https://github.com/ggxchain

Rewards

From Block Rewards

Account Part Description
Validators 730,594 GGX per session Reward for producing blocks and maintaining the network. Distribution based on session points and commission.
Nominators 6,575,342 GGX per session Shared among nominators based on their stake. Distribution after validator commission.
Treasury 73,059 GGX per session Leftover rewards and failed to pay amounts are sent to the treasury. Treasury commission also applies.

Details:

  • Validator Rewards: Calculated per session based on the total session points earned by the validator. A commission (static or median) is applied before distributing rewards to nominators.
  • Nominator Rewards: Calculated from the remaining rewards after the validator commission is deducted. Distributed proportionally among nominators based on their stake.
  • Treasury: Receives any remaining rewards after distribution to validators and nominators, and also gets a specific commission from the staking rewards.

Example Calculation:

  • Total Session Reward (session_reward): 7,305,936 GGX (assuming 2190 sessions per year)
  • Validator Reward: 730,594 GGX (10% of session reward)
  • Nominator Reward: 6,575,342 GGX (remaining 90% of session reward)

  • Treasury Commission: 73,059 GGX per session

  • All these values are based on the initial supply and 1st year of inflation.

From Transaction Fees

Account Part
Treasury 100%
Validator (block producer) 0%
Burn 0%

Fees are distributed each block.

From Transaction Tips

Account Part
Treasury 25%
Validator (block producer) 75%
Burn 0%

Fees

Category Type Amount
Transaction 1 second of execution (or equivalent proof size) 10,000 GGX
Transaction MPC signature 100 GGX
Storage Existential Deposit (ED) for account 0.1 GGX

Parameters Configuration

Parameters can be changed by OpenGov.

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