Working on this bit before I spend too much time on building this as I wanted some input.
This solution would be temporary until LUNC is stabilized to a predefined level.
Existing tokens being staked will be exempt from this change.
Maximum daily staking amount & time limits based on a percentage of total supply of tokens? Each day a new block would be opened up until say after 99 days, when we will have reached max staking limit. This would trigger the longest staked coin to be removed to allow room for new tokens to be staked.
Governance control percentages. Validators voting rights to be capped at X%
Increasing number of validators to xxx?
Let’s discuss this and other ideas on how can we restart staking in a quick but safe manner.
The purpose of this is to find a way to quickly re-enable staking.
- If staking is fully enabled, tokens would be moved into staking by the trillions. This system was not built for that volume, and that means these tokens would be locked up and unable to be burned.
- As Curculating supply gets reduced then there ould become an issue of overstaking as these number’s currently would remain the same.
- we already know the chances increase for governance attacks. This is already cirrently possible
- make it fair for both old and new validator’s joining.
- Add a feature to add % of rewards to the burn wallet to be destroyed permanently. Can be set between 0-100% and totally up to the validator and or Delegators.
It is necessary to urgently enable the burning of tokens. And only then it will be possible to talk about staking.Without burning, the Luna will go bankrupt, the most important action and priority.
I’m not disagreeing that burning is step one. It’s about to become a reality if not with 3568 then with 4080.
My plan is multifaceted, meaning it will ensure both maximum burning on chain, as well as enabling staking. By enabling staking, we are helping create value on the system. This will help the recovery for us all.
My plan is to do open it up slowley to ENSURE there is minimal disruption, and mazimize the transaction taxes abilities. It also helps restore confidence in the governance system. It gives enough protection to the current validators BUT also opens up the door for new ones.
What reasons do you have against opening up staking that this does not address? I am seriously asking, as I am trying to ensure this is done right.
Of course, staking is necessary. But token burning needs to be implemented even earlier.
No one is saying otherwise just because we are opeing this discussion now.
Token burning is about to be implemented if not by 3568 then by 4080 which has now technically passed as it reached Quorum.
We need to takle multiple issues simultaneously as there is a lot of work that needs to be done.
This solution is not yet ready to go to vote (hopefully soon) which means that the tax “should” have already started.
That said, if niether of those tax plans gets implemented then we have no hope on staking getting implemented anyways as that means were essentially being blocked by TFL. If that happens then we have plan B.