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feat: strict inflation schedule (#1578)
### Description Part of celestiaorg/celestia-app#1570 Implement the strict inflation schedule specified in celestiaorg/celestia-app#1584 ### Remaining tasks - [x] implement inflation rate change based on block timestamp rather than block height - [x] set genesis time in x/mint state - [x] move `MintDenom` from param to `x/mint` state - [x] remove `TestRandomizedGenState` - [x] investigate why `TestQueryGRPC` / other integration tests are never run - [x] write a test that 1. starts a new chain, 2. verifies state of x/mint module for first few blocks, 3. skips ahead to a block one year later, 4. verifies inflation rate went down a bit - [x] remove `Params` entirely - [x] annual provisions for a year should be based on total supply at the beginning of that year - [x] for time-based inflation, calculate block provision as current block timestamp - previous block timestamp = seconds elapsed / seconds in a year * annual provisions for a year - [x] remove `BlocksPerYear` - [x] elaborate in README.md ### FLUPs - celestiaorg/celestia-app#1755 - celestiaorg/celestia-app#1757 - celestiaorg/celestia-app#1758 - celestiaorg/celestia-app#1756 --------- Co-authored-by: Rootul P <rootulp@gmail.com> Co-authored-by: Evan Forbes <42654277+evan-forbes@users.noreply.github.com> Co-authored-by: Callum Waters <cmwaters19@gmail.com>
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@@ -9,5 +9,7 @@ coverage.txt | |
| tools-stamp | ||
| __debug_bin | ||
| profile.out | ||
| tmp/ | ||
| run.sh | ||
| testing/e2e/networks/*/ | ||
| square/testdata | ||
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| syntax = "proto3"; | ||
| package celestia.mint.v1; | ||
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| import "gogoproto/gogo.proto"; | ||
| import "celestia/mint/v1/mint.proto"; | ||
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| option go_package = "github.com/celestiaorg/celestia-app/x/mint/types"; | ||
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| // GenesisState defines the mint module's genesis state. | ||
| message GenesisState { | ||
| // minter is a space for holding current inflation information. | ||
| Minter minter = 1 [(gogoproto.nullable) = false]; | ||
| } |
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| syntax = "proto3"; | ||
| package celestia.mint.v1; | ||
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| option go_package = "github.com/celestiaorg/celestia-app/x/mint/types"; | ||
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| import "gogoproto/gogo.proto"; | ||
| import "cosmos_proto/cosmos.proto"; | ||
| import "google/protobuf/timestamp.proto"; | ||
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| // Minter represents the mint state. | ||
| message Minter { | ||
| // InflationRate is the rate at which new tokens should be minted for the | ||
| // current year. For example if InflationRate=0.1, then 10% of the total | ||
| // supply will be minted over the course of the year. | ||
| string inflation_rate = 1 [ | ||
| (cosmos_proto.scalar) = "cosmos.Dec", | ||
| (gogoproto.customtype) = "github.com/cosmos/cosmos-sdk/types.Dec", | ||
| (gogoproto.nullable) = false | ||
| ]; | ||
| // AnnualProvisions is the total number of tokens to be minted in the current | ||
| // year due to inflation. | ||
| string annual_provisions = 2 [ | ||
| (cosmos_proto.scalar) = "cosmos.Dec", | ||
| (gogoproto.customtype) = "github.com/cosmos/cosmos-sdk/types.Dec", | ||
| (gogoproto.nullable) = false | ||
| ]; | ||
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| // GenesisTime is the timestamp of the genesis block. | ||
| google.protobuf.Timestamp genesis_time = 3 [(gogoproto.stdtime) = true]; | ||
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| // PreviousBlockTime is the timestamp of the previous block. | ||
| google.protobuf.Timestamp previous_block_time = 4 [(gogoproto.stdtime) = true]; | ||
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| // BondDenom is the denomination of the token that should be minted. | ||
| string bond_denom = 5; | ||
| } |
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| syntax = "proto3"; | ||
| package celestia.mint.v1; | ||
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| import "gogoproto/gogo.proto"; | ||
| import "google/api/annotations.proto"; | ||
| import "celestia/mint/v1/mint.proto"; | ||
| import "google/protobuf/timestamp.proto"; | ||
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| option go_package = "github.com/celestiaorg/celestia-app/x/mint/types"; | ||
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| // Query defines the gRPC querier service. | ||
| service Query { | ||
| // InflationRate returns the current inflation rate. | ||
| rpc InflationRate(QueryInflationRateRequest) returns (QueryInflationRateResponse) { | ||
| option (google.api.http).get = "/cosmos/mint/v1beta1/inflation_rate"; | ||
| } | ||
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| // AnnualProvisions returns the current annual provisions. | ||
| rpc AnnualProvisions(QueryAnnualProvisionsRequest) returns (QueryAnnualProvisionsResponse) { | ||
| option (google.api.http).get = "/cosmos/mint/v1beta1/annual_provisions"; | ||
| } | ||
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| // GenesisTime returns the genesis time. | ||
| rpc GenesisTime(QueryGenesisTimeRequest) returns (QueryGenesisTimeResponse) { | ||
| option (google.api.http).get = "/cosmos/mint/v1beta1/genesis_time"; | ||
| } | ||
| } | ||
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| // QueryInflationRateRequest is the request type for the Query/InflationRate RPC method. | ||
| message QueryInflationRateRequest {} | ||
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| // QueryInflationRateResponse is the response type for the Query/InflationRate RPC | ||
| // method. | ||
| message QueryInflationRateResponse { | ||
| // InflationRate is the current inflation rate. | ||
| bytes inflation_rate = 1 [(gogoproto.customtype) = "github.com/cosmos/cosmos-sdk/types.Dec", (gogoproto.nullable) = false]; | ||
| } | ||
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| // QueryAnnualProvisionsRequest is the request type for the | ||
| // Query/AnnualProvisions RPC method. | ||
| message QueryAnnualProvisionsRequest {} | ||
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| // QueryAnnualProvisionsResponse is the response type for the | ||
| // Query/AnnualProvisions RPC method. | ||
| message QueryAnnualProvisionsResponse { | ||
| // AnnualProvisions is the current annual provisions. | ||
| bytes annual_provisions = 1 | ||
| [(gogoproto.customtype) = "github.com/cosmos/cosmos-sdk/types.Dec", (gogoproto.nullable) = false]; | ||
| } | ||
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| // QueryGenesisTimeRequest is the request type for the Query/GenesisTime RPC method. | ||
| message QueryGenesisTimeRequest {} | ||
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| // QueryGenesisTimeResponse is the response type for the Query/GenesisTime RPC method. | ||
| message QueryGenesisTimeResponse { | ||
| // GenesisTime is the timestamp associated with the first block. | ||
| google.protobuf.Timestamp genesis_time = 1 [(gogoproto.stdtime) = true]; | ||
| } |
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| # `x/mint` | ||
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| `x/mint` is a fork of the Cosmos SDK `x/mint` module that makes some changes to the inflation mechanism. | ||
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| 1. Remove all parameters from the module | ||
| 1. Calculate inflation rate once per year based on the number of years since genesis | ||
| 1. Calculate annual provisions once per year based on the total supply | ||
| 1. Calculate block provision once per block based on the number of seconds elapsed between the current block and the previous block | ||
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| ## Constants | ||
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| See [./types/constants.go](./types/constants.go) for the constants used in this module. | ||
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| Note: this module assumes `DaysPerYear = 365.2425` so when modifying tests, developers must define durations based on this assumption because ordinary durations won't return the expected results. In other words: | ||
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| ```go | ||
| // oneYear is 31,556,952 seconds which will likely return expected results in tests | ||
| oneYear, err := time.ParseDuration(fmt.Sprintf("%vs", minttypes.SecondsPerYear)) | ||
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| // this oneYear is 31,536,000 seconds which will likely return unexpected results in tests | ||
| oneYear := time.Hour * 24 * 365 | ||
| ``` | ||
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| ## Inflation Schedule | ||
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| | Year | Inflation (%) | | ||
| |------|-------------------| | ||
| | 0 | 8.00 | | ||
| | 1 | 7.20 | | ||
| | 2 | 6.48 | | ||
| | 3 | 5.832 | | ||
| | 4 | 5.2488 | | ||
| | 5 | 4.72392 | | ||
| | 6 | 4.251528 | | ||
| | 7 | 3.8263752 | | ||
| | 8 | 3.44373768 | | ||
| | 9 | 3.099363912 | | ||
| | 10 | 2.7894275208 | | ||
| | 11 | 2.51048476872 | | ||
| | 12 | 2.259436291848 | | ||
| | 13 | 2.0334926626632 | | ||
| | 14 | 1.83014339639688 | | ||
| | 15 | 1.647129056757192 | | ||
| | 16 | 1.50 | | ||
| | 17 | 1.50 | | ||
| | 18 | 1.50 | | ||
| | 19 | 1.50 | | ||
| | 20 | 1.50 | | ||
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| ## References | ||
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| 1. ADR-019 |
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| package mint | ||
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| import ( | ||
| "time" | ||
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| "github.com/celestiaorg/celestia-app/x/mint/keeper" | ||
| "github.com/celestiaorg/celestia-app/x/mint/types" | ||
| "github.com/cosmos/cosmos-sdk/telemetry" | ||
| sdk "github.com/cosmos/cosmos-sdk/types" | ||
| ) | ||
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| // BeginBlocker updates the inflation rate, annual provisions, and then mints | ||
| // the block provision for the current block. | ||
| func BeginBlocker(ctx sdk.Context, k keeper.Keeper) { | ||
| defer telemetry.ModuleMeasureSince(types.ModuleName, time.Now(), telemetry.MetricKeyBeginBlocker) | ||
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| maybeSetGenesisTime(ctx, k) | ||
| maybeUpdateMinter(ctx, k) | ||
| mintBlockProvision(ctx, k) | ||
| setPreviousBlockTime(ctx, k) | ||
| } | ||
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| // maybeSetGenesisTime sets the genesis time if the current block height is 1. | ||
| func maybeSetGenesisTime(ctx sdk.Context, k keeper.Keeper) { | ||
| if ctx.BlockHeight() == 1 { | ||
| genesisTime := ctx.BlockTime() | ||
| minter := k.GetMinter(ctx) | ||
| minter.GenesisTime = &genesisTime | ||
| k.SetMinter(ctx, minter) | ||
| } | ||
| } | ||
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| // maybeUpdateMinter updates the inflation rate and annual provisions if the | ||
| // inflation rate has changed. | ||
| func maybeUpdateMinter(ctx sdk.Context, k keeper.Keeper) { | ||
| minter := k.GetMinter(ctx) | ||
| newInflationRate := minter.CalculateInflationRate(ctx) | ||
| if newInflationRate == minter.InflationRate { | ||
| // The minter's InflationRate AnnualProvisions already reflect the | ||
| // values for this year. Exit early because we don't need to update | ||
| // them. | ||
| return | ||
| } | ||
| minter.InflationRate = newInflationRate | ||
| k.SetMinter(ctx, minter) | ||
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| totalSupply := k.StakingTokenSupply(ctx) | ||
| minter.AnnualProvisions = minter.CalculateAnnualProvisions(totalSupply) | ||
| k.SetMinter(ctx, minter) | ||
| } | ||
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| // mintBlockProvision mints the block provision for the current block. | ||
| func mintBlockProvision(ctx sdk.Context, k keeper.Keeper) { | ||
| minter := k.GetMinter(ctx) | ||
| if minter.PreviousBlockTime == nil { | ||
| // exit early if previous block time is nil | ||
| // this is expected to happen for block height = 1 | ||
| return | ||
| } | ||
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| toMintCoin := minter.CalculateBlockProvision(ctx.BlockTime(), *minter.PreviousBlockTime) | ||
| toMintCoins := sdk.NewCoins(toMintCoin) | ||
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| err := k.MintCoins(ctx, toMintCoins) | ||
| if err != nil { | ||
| panic(err) | ||
| } | ||
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| err = k.SendCoinsToFeeCollector(ctx, toMintCoins) | ||
| if err != nil { | ||
| panic(err) | ||
| } | ||
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| if toMintCoin.Amount.IsInt64() { | ||
| defer telemetry.ModuleSetGauge(types.ModuleName, float32(toMintCoin.Amount.Int64()), "minted_tokens") | ||
| } | ||
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| ctx.EventManager().EmitEvent( | ||
| sdk.NewEvent( | ||
| types.EventTypeMint, | ||
| sdk.NewAttribute(types.AttributeKeyInflationRate, minter.InflationRate.String()), | ||
| sdk.NewAttribute(types.AttributeKeyAnnualProvisions, minter.AnnualProvisions.String()), | ||
| sdk.NewAttribute(sdk.AttributeKeyAmount, toMintCoin.Amount.String()), | ||
| ), | ||
| ) | ||
| } | ||
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| func setPreviousBlockTime(ctx sdk.Context, k keeper.Keeper) { | ||
| minter := k.GetMinter(ctx) | ||
| blockTime := ctx.BlockTime() | ||
| minter.PreviousBlockTime = &blockTime | ||
| k.SetMinter(ctx, minter) | ||
| } |
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