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* Create meeting notes Sig-economics #18 Signed-off-by: George Appiah <[email protected]> * Update 018-2024-08-07.md add recording link Signed-off-by: Drinkwater <[email protected]> --------- Signed-off-by: George Appiah <[email protected]> Signed-off-by: Drinkwater <[email protected]> Co-authored-by: Drinkwater <[email protected]>
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| # Akash Network - Economics Special Interest Group (SIG) - Meeting #19 | ||
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| ## Agenda | ||
| - Review of previous meeting topics | ||
| - Discussion of current proposals | ||
| - Provider Incentive Program (PIP) update | ||
| - Open discussion | ||
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| ## Meeting Details | ||
| - Date: Wednesday, August 07, 2024 | ||
| - Time: 10:00 AM PT (Pacific Time) | ||
| - [Recording](https://qextbwdkzexp6rjoxd43vbxe4gmojck4wartnjykb3lsjbwtoemq.arweave.net/gS8w2GrJLv9FLrj5uobk4ZjkiVywIzanCg7XJIbTcRk) | ||
| - [Transcript](#transcript) | ||
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| ## Participants | ||
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| - B S | ||
| - Cheng Wang | ||
| - Cristiano | ||
| - Dev Composer | ||
| - Kaylem | ||
| - oo o | ||
| - Robert Del Rey | ||
| - Robert Koschig | ||
| - Scott Carruthers | ||
| - Scott Hewitson | ||
| - Scott Hewitson's | ||
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| ## Meeting Notes | ||
| ### Introduction and Previous Meeting Review | ||
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| - Scott Hewitson welcomed attendees and those who may watch the video later | ||
| - Last month's meeting was brief (about 15 minutes) and covered PIP updates and the inflation proposal | ||
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| ### Current Proposals | ||
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| #### Inflation Update Proposal | ||
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| - Cheng Wang provided a detailed update: | ||
| - Originally proposed to reduce inflation and increase community tax | ||
| - Initial proposal suggested increasing community pool tax from 20% to 40% (or 10% to 40%, exact figures not recalled) | ||
| - After community feedback, the proposal was modified to only adjust inflation | ||
| - Reducing inflation would also result in a reduction of APR for staking | ||
| - The new inflation rate is set to take effect the day after the meeting | ||
| - Reasons for the adjustment: | ||
| - Community pool is well-funded despite recent market volatility | ||
| - Current emissions are ahead of the original schedule | ||
| - The community pool tax increase was removed from the proposal due to community pushback | ||
| - Original goal was to have community pool tax at roughly 50% | ||
| - Community suggested separating inflation parameter adjustment from community pool adjustments | ||
| - Spreadsheet calculations now take into account staking ratios for more accurate projections | ||
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| #### Developer Onboarding Funding Proposal | ||
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| - Referred to as "Developer onboarding funding proposal number two" | ||
| - Robert is running this proposal, which is a continuation of a successful version one | ||
| - The proposal is currently on-chain and open for voting | ||
| - Scott encouraged those who haven't voted to do so | ||
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| ### Provider Incentive Program (PIP) Update | ||
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| - Cheng Wang provided a comprehensive update on PIP: | ||
| - PIP One Phase One is nearing completion | ||
| - PIP One launched in February of the current year | ||
| - Major initiatives funded by the community pool in 2024: | ||
| - PIP One Phase One (approximately 3 million tokens, or $3-4 million at the time) | ||
| - Coinbase Learn and Earn program (about $7 million) | ||
| - Final funds from PIP One are being committed, including for new H100 GPUs | ||
| - Detailed reporting and invoicing are being prepared for transparency | ||
| - Spreadsheet updated to take into account staking ratios for accurate calculations | ||
| - Challenges with implementing the liquidity pool phase due to the need for verified resources | ||
| - Concerns about potential spoofing of resources (e.g., fake H100 GPUs) by scammers | ||
| - PIP Two discussions to begin in the coming 3-6 weeks | ||
| - PIP One had three phases: committed phase, liquidity pool phase, and R&D phase | ||
| - PIP Two will likely focus on another committed batch | ||
| - Learnings from PIP One will be applied to PIP Two | ||
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| ### Zealy Campaign Update | ||
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| - Robert Del Rey discussed the ongoing Zealy campaign: | ||
| - Aims to increase participation in SIGs and working groups | ||
| - Extra XP points offered for attending calls like sig-economics | ||
| - XP points can be exchanged for AKT | ||
| - Secret word can be submitted even if heard from the recording | ||
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| ### Open Discussion | ||
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| - No additional topics were raised by participants | ||
| - Scott mentioned always thinking about ways to better progress the network | ||
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| ### Closing Remarks | ||
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| - Cheng Wang encouraged community participation in upcoming PIP Two discussions | ||
| - Cheng emphasized the importance of sharing thoughts and questions in Discord, Steering committee, and SIG economics | ||
| - Scott Hewitson thanked everyone for joining and closed the meeting | ||
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| ## Action Items | ||
| - Cheng and Scott to prepare and share a detailed PIP One spending report. | ||
| - Community members to watch for and participate in upcoming PIP Two discussions on GitHub, Discord, and in future SIG meetings | ||
| - Group to monitor the implementation of the new inflation rate set to take effect the day after the meeting | ||
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| ## Transcript |