After the conclusion of the 14th round of voting, we received feedback from some users regarding the final voting results. To provide a clearer understanding of the voting mechanism and the calculation process of the results, we hereby outline the specific voting logic and the method for determining parameter adjustments.
1️⃣ Voting Mechanism
This vote is based on the CIP-94 proposal, which introduces the built-in contract ParamsControl, allowing the on-chain DAO voting to decide and update reward parameters without hardfork. The specific process is as follows:
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Voting Rights: Users earn voting rights by staking and locking $CFX, and they can allocate their votes according to their preferences.
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Voting Round: During a voting round, each user can reallocate their voting rights at any time. Each round lasts 60 days, and the voting results will take effect at the end of the following round.
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Voting Options: Each network parameter has three voting options, and voters can distribute their votes across these three options as they wish. The three voting options mean:
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Remain unchanged.
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Increase by 100%. (if all votes are cast for this option, the parameter will double)
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Decrease by 50%. (if all votes are cast for this option, the parameter will be halved)
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Furthermore, this voting mechanism is designed to be continuous, with each round influencing the parameter adjustments in the subsequent round. A minimum number of votes is required for the adjustments to take effect.
2️⃣ Parameter Adjustment
At the end of round x, the network parameters are adjusted based on the votes from round x-1 (as mentioned earlier, there is a one-round delay in the parameter adjustments). The new value for this parameter is computed as：
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Here, old represents the network parameter before adjustment, and new represents the adjusted network parameter.
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n_unchange, n_increase, and n_decrease represent the number of votes for the “unchanged”, “increase”, and “decrease” options, respectively.
At the end of each round:
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When the votes for “increase” and “decrease” are equal, the network parameter will remain unchanged.
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The adjustment range for the network parameter in each round is [1/2 * old, 2 * old], with the minimum and maximum values corresponding to all votes being cast for “decrease” or “increase”.
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Casting votes for the “unchanged” option will cause the final adjustment to tend toward 1, making the parameter stay closer to its original value.
3️⃣ Final Results of the 14th Round of Voting
Based on the final results of the 14th round of voting, the following adjustments will be made to Conflux’s key network parameters:
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PoW block rewards will increase from 1.00 CFX/block to 1.60 CFX/block
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Interest rate will rise from 4.08% to 6.50%
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Storage point ratio will increase from 50% to 63%
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Base fee sharing ratio will be raised from 50% to 63%
Currently, ConfluxHub does not provide direct access to individual vote counts. Users can check specific voting data by reading the built-in ParamsControl contract. In the future, we plan to introduce a dedicated voting details page to provide users with easier and more convenient access to relevant information.
We sincerely appreciate all community members who participated in the governance vote. The final voting results were determined through proportional calculation, with the level of support for each option affecting the resulting parameter adjustments. If you have any questions, feel free to reach out. Thanks once again for your active participation and contributions to the community governance!