PIP-26: Adjust Emission Rate #58
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It is encouraged to test the real scenario beyond unit tests, that is, forking the real environment as it is today and compare both scenarios with and without the upgrade/change. For that we need to time-travel (i.e. each 2 weeks - which is the usual minting cadence) to see real impact and assert the expected values along the time.
| @@ -224,6 +226,6 @@ contract DefaultEmissionManagerTest is Test { | |||
| inputs[2] = vm.toString(delay); | |||
| inputs[3] = vm.toString(polygon.totalSupply()); | |||
| uint256 newSupply = abi.decode(vm.ffi(inputs), (uint256)); | |||
| assertApproxEqAbs(newSupply, emissionManager.inflatedSupplyAfter(block.timestamp + delay), 1e20); | |||
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Some assertions have been removed without further explanation like removing += by = as well as block.timestamp dependencies which is not good as we are just testing within a block now (not recommended for critical production env)
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I added this comment in line 200:
// now that we actually pass this to calc.js, we only need to set it once.
uint256 initialTotalSupply = polygon.totalSupply();
before, calc.js had startSupply hardcoded at 10_000_000_000e18
now that our value actually gets parsed, we only set initialTotalSupply one time at the beginning.
This leads to us also not having to increment the balance and stakeManagerBalance anymore, but simply setting them to the new value, because when we calculate totalAmtMinted, initialTotalSupply now stays the same. Hope that makes sense :)
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| /// @custom:security-contact [email protected] | ||
| contract DefaultEmissionManager is Ownable2StepUpgradeable, IDefaultEmissionManager { | ||
| using SafeERC20 for IPolygonEcosystemToken; | ||
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| uint256 public constant INTEREST_PER_YEAR_LOG2 = 0.04264433740849372e18; | ||
| uint256 public constant INTEREST_PER_YEAR_LOG2 = 0.03562390973072122e18; // log2(1.025) |
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Just a comment about accuracy, it seems log2(1.025) = 0,0356239097307213452956518780335185248288369925056043873955
so maybe we can use 0.03562390973072135e18 wdyt? How the number was calculated?
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calculated it in python, you? :D
| @@ -224,6 +226,6 @@ contract DefaultEmissionManagerTest is Test { | |||
| inputs[2] = vm.toString(delay); | |||
| inputs[3] = vm.toString(polygon.totalSupply()); | |||
| uint256 newSupply = abi.decode(vm.ffi(inputs), (uint256)); | |||
| assertApproxEqAbs(newSupply, emissionManager.inflatedSupplyAfter(block.timestamp + delay), 1e20); | |||
With this PR, the overall emission rate is lowered from 3% to 2.5%
This is done in order to lower the share going to the StakeManager from 2% to 1.5%
as was planned in PIP-26.
To achieve this, the DefaultEmissionManagerProxy will have its implementation upgraded to 1.2.0
In the new implementation,
INTEREST_PER_YEAR_LOG2is set to a new value representinglog2(1.025),startTimestampis reset to the time of reinitialization and a new start supply (START_SUPPLY_1_2_0) public storage variable is introduced, because the old one is a constant.The new emission rate goes into effect as soon as the proxy has been updated an reinitialized.
(note: setting a new treasury address (Community Governance) will also be part of the 1.2.0 upgrade and can be seen tested here, but will be handled in a different PR)