From 15bbfdb314985174adab8ec49b5a864f61a96606 Mon Sep 17 00:00:00 2001 From: George Appiah <48031636+iamGeorgePro@users.noreply.github.com> Date: Mon, 16 Sep 2024 02:02:20 +0000 Subject: [PATCH] Create meeting notes Sig-economics #18 (#674) * Create meeting notes Sig-economics #18 Signed-off-by: George Appiah <48031636+iamGeorgePro@users.noreply.github.com> * Update 018-2024-08-07.md add recording link Signed-off-by: Drinkwater --------- Signed-off-by: George Appiah <48031636+iamGeorgePro@users.noreply.github.com> Signed-off-by: Drinkwater Co-authored-by: Drinkwater --- sig-economics/meetings/018-2024-08-07.md | 102 +++++++++++++++++++++++ 1 file changed, 102 insertions(+) create mode 100644 sig-economics/meetings/018-2024-08-07.md diff --git a/sig-economics/meetings/018-2024-08-07.md b/sig-economics/meetings/018-2024-08-07.md new file mode 100644 index 00000000..6badb33a --- /dev/null +++ b/sig-economics/meetings/018-2024-08-07.md @@ -0,0 +1,102 @@ +# Akash Network - Economics Special Interest Group (SIG) - Meeting #19 + +## Agenda +- Review of previous meeting topics +- Discussion of current proposals +- Provider Incentive Program (PIP) update +- Open discussion + +## Meeting Details +- Date: Wednesday, August 07, 2024 +- Time: 10:00 AM PT (Pacific Time) +- [Recording](https://qextbwdkzexp6rjoxd43vbxe4gmojck4wartnjykb3lsjbwtoemq.arweave.net/gS8w2GrJLv9FLrj5uobk4ZjkiVywIzanCg7XJIbTcRk) +- [Transcript](#transcript) + +## Participants + +- B S +- Cheng Wang +- Cristiano +- Dev Composer +- Kaylem +- oo o +- Robert Del Rey +- Robert Koschig +- Scott Carruthers +- Scott Hewitson +- Scott Hewitson's + +## Meeting Notes +### Introduction and Previous Meeting Review + +- 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 + +### Current Proposals + +#### Inflation Update Proposal + +- 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 + +#### Developer Onboarding Funding Proposal + +- 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 + +### Provider Incentive Program (PIP) Update + +- 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 + +### Zealy Campaign Update + +- 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 + +### Open Discussion + +- No additional topics were raised by participants +- Scott mentioned always thinking about ways to better progress the network + +### Closing Remarks + +- 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 + +## 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 + +## Transcript