EOS Tokenomics (System Contract v3.4.0 Upgrade)

v3.4.0 Release Notes

Token distribution flowchart

graph TD
    eosio --> |3.61% continuous_rate=0.03617097| annual_rate(Annual Rate 75.8M EOS/year)
    annual_rate --> |16.45% inflation_pay_factor=60767| producer(Block Producer Pay 12.4M EOS/year)
    vote_payfactor --> | 75% votepay_factor=40000 | eosio.vpay(eosio.vpay 9.3M EOS/year)
    vote_payfactor --> | 25% votepay_factor=40000 | eosio.bpay(eosio.bpay 3.1M EOS/year)
    producer --> vote_payfactor{% factor}
    eosio --> |100% system fees| eosio.fees
    eosio.fees --> weights_fees{% weights}
    weights_fees -.-> |100% Donate To REX 1.0| rex
    weights_fees -.-> |100% Distribute to eosio.bpay| bpay(21 producers)
    annual_rate --> |83.55% unallocated bucket| eosio.saving(eosio.saving 63.3M EOS/year)
    percent --> |53.71% percent=5371| eosio.reward(eosio.reward 34M EOS/year)
    percent --> |29.55% percent=2955| eosio.grants(eosio.grants 18.7M EOS/year)
    percent --> |16.74% percent=1674| eoslabs.io(eoslabs.io 10.6M EOS/year)
    eosio.saving --> percent{% percent}
    eosio.reward --> weights_rewards{% weights}
    weights_rewards --> |100% Donate To REX 2.0| rex{eosio.rex}

Loading

Allocations (Annual Rate)

Sender	Receiver	Allocation (%)	Amount/year
eosio		100%	75,959,037 EOS
eosio	eosio.saving	83.55%	63,300,000 EOS
eosio	producer pay	16.45%	12,400,000 EOS
producer pay	eosio.vpay	75%	9,375,035 EOS
producer pay	eosio.bpay	25%	3,125,011 EOS
eosio.saving	eosio.reward	53.71%	34,083,823 EOS
eosio.saving	eosio.grants	29.55%	18,752,131 EOS
eosio.saving	eoslabs.io	16.74%	10,623,034 EOS

Build CDT (v4.0.1)

git clone --recursive https://github.com/AntelopeIO/cdt
cd cdt
git checkout v4.0.1
mkdir build
cd build
cmake ..
make -j $(nproc)

Compile EOS System Contracts (v3.4.0)

gh repo clone eosnetworkfoundation/eos-system-contracts
cd eos-system-contracts
git checkout v3.4.0
export CDT_INSTALL_DIR="<path>/cdt/build"
./build.sh

Contract sha-256 checksums

$ shasum -a 256 ./build/contracts/**/*.wasm
c54c983e9702d395af6262e7235aaee1f1e27b7126f9e19bf5964d63b4a7d8fa  ./build/contracts/eosio.fees/eosio.fees.wasm
b78e2bfcceea88b337f195bb1e362a33cb5365aaaf02a2c32bcbf6698b1b832f  ./build/contracts/eosio.system/eosio.system.wasm
0a16e1dac533c4558698c8754f41219839ba2a2b75e517e65ea2537f76681f49  ./build/contracts/eosio.token/eosio.token.wasm

$ shasum -a 256 ./build/contracts/**/*.abi
1b7153927691bc464602f0aadd8badfa25e92926342e6294967ad2f2cc66564e  ./build/contracts/eosio.fees/eosio.fees.abi
ce92b0030ef8413c55de96bf807a5740181d02880b825ff98b7fe9b471d999c2  ./build/contracts/eosio.system/eosio.system.abi
6961da382f16caddc255acd287d3f19011aa1d4ddcc7be5955768b4629ec9b16  ./build/contracts/eosio.token/eosio.token.abi

❗️ PREREQUISITE - Deployed v3.4.0 system contracts

https://github.com/eosnetworkfoundation/eos-system-contracts/releases

• Create new systems accounts for:
  • eosio.fees (15/21) (eosio + @eosio.code)
  • eosio.reward (15/21) (eosio + @eosio.code)
• Deploy new eosio system contract
• Deploy new eosio.token contract
• Deploy new eosio.fees contract

MSIG - EOS Tokenomics

1. Set MSIG execution time

time.eosn::checktime

{
    "time": "2024-06-01T00:00:00.000Z"
}

B1 unvest

2.1. Unvest B1 tokens (35M EOS NET + 29.6M EOS CPU)

eosio::unvest

{
    "account": "b1",
    "unvest_net_quantity": "35007851.2340 EOS",
    "unvest_cpu_quantity": "29662497.5145 EOS"
}

2.2. Tokens are retired from active supply

Set Max Supply

3.1. Set max supply 2.1B

eosio.token::setmaxsupply

{
    "issuer": "eosio",
    "maximum_supply": "2100000000.0000 EOS"
}

3.2. Issue fixed supply up to 2.1B (expected ~972M EOS) eosio.token::issuefixed

{
    "to": "eosio",
    "supply": "2100000000.0000 EOS",
    "memo": "EOS Tokenomics"
}

Transfer to EOS Distribution

4.1. Create new distribution accounts

• eosio.mware (2/2) (eosio.grants + eoslabs.io)
• fund.wram (2/2) (eosio.grants + eoslabs.io) 4.2. Transfer 350M from eosio to fund.wram 4.3. Transfer 15M from eosio to eosio.mware

[
    { "from": "eosio", "to": "fund.wram", "quantity": "350000000.0000 EOS", "memo": "EOS Tokenomics" },
    { "from": "eosio", "to": "eosio.mware", "quantity": "15000000.0000 EOS", "memo": "EOS Tokenomics" },
]

4.4. Remaining ~607M EOS in eosio to be distributed via producer pay & eosio.saving

Set vesting

5.2. Adjust inflation_pay_factor=60767 factor ratio to:

ratio	receiver
16.46%	block producers (bpay & vpay)
83.54%	eosio.saving (Rewards, ENF & Labs)

eosio::setpayfactor

{
    "inflation_pay_factor": 60767,
    "votepay_factor": 40000
}

5.3. Set 4 year halvening schedules (up to 20 years, 6 schedules)

eosio::setschedule (multiple actions)

[
  {"start_time": "2024-06-01T00:00:00Z", "continuous_rate": 0.03617097},
  {"start_time": "2028-06-01T00:00:00Z", "continuous_rate": 0.01808549},
  {"start_time": "2032-06-01T00:00:00Z", "continuous_rate": 0.00904274},
  {"start_time": "2036-06-01T00:00:00Z", "continuous_rate": 0.00452137},
  {"start_time": "2040-06-01T00:00:00Z", "continuous_rate": 0.00226069},
  {"start_time": "2044-06-01T00:00:00Z", "continuous_rate": 0.00113034}
]

5.4. Execute next schedule eosio::execschedule (no payload)

{}

Set eosio.saving distribution

6.1. Set eosio.saving ratios

ratio	receiver
53.71%	Staking Rewards (eosio.reward)
29.55%	ENF (eosio.grants)
16.74%	Labs (eoslabs.io)

eosio.saving::setdistrib

[
  {"account": "eosio.reward", "percent": 5371},
  {"account": "eosio.grants", "percent": 2955},
  {"account": "eoslabs.io", "percent": 1674}
]

https://bloks.io/msig/larosenonaka/eosio.fees

Configure System Fees

7.1 Set incoming fees to 100% go to REX via donatetorex strategy

eosio.fees::setstrategy

{
    "strategy": "donatetorex",
    "weight": 10000
}

Init Fees

7.2 Initialize fees contract to 600 seconds per epoch period

eosio.fees::init

{
    "epoch_period": 600
}