Proposal For Reducing The Mining Reward, Voting Results For Proposals 8,9,11,12,13
Proposal 14: Reduce mining reward to 0.2MCB/Block
Currently, the Etheruem Gas Price is extremely high (about 500 gwei), which is beyond our design (below 10 gwei). As a result, the trading cost (gas + fee) is too high for the traders. The platform is not able to make a profit from the fee. Besides, due to the current AMM’s design, the slippage is high, and capital efficiency is low.
The team is working hard to deal with the following problems:
- Development of MC-Fund: As MC-Fund raises funds and trades at large volumes, the gas fee problem could then be ignored. We will launch the MC-Fund in October 2020.
- Development of MCDEX v3: v3 has a new AMM model with high capital efficiency and will be deployed to L2 and some other faster blockchains.
Jie suggests the community to give the team more time. He proposes to reduce the mining reward to 0.2MCB/Block (10% of current value) ASAP. And make it larger when MC-Fund launches along with the launch of v3.
If this proposal is approved. It will make the TLV in AMM reduce hugely. However, as the AMM’s capital efficiency is low, which means the liquidity is not be used efficiently, it will not hurt the current traders and the traders still can trade on Order Book. On the other hand, the inflation of MCB will be hugely reduced until we have a solid and profitable product.
Please note we are still following the white paper, that only up to 5% (no more than 5%) of MCB tokens are used in user incentives every year.
This proposal will take effect 24 hours after the voting is passed.
Vote Now — https://vote.mcdex.io/mainnet/proposal/12
Our community didn’t hesitate to splash votes for the governance proposals which were active for voting last week!
Here are the voting results:
Proposal 8 — Reduce MCB Supply by 30 Million
Status — Failed — https://vote.mcdex.io/mainnet/proposal/7
Proposal 9 — Increase the mining efficiency of DeFi coins
Status —Passed — https://vote.mcdex.io/mainnet/proposal/8
Proposal 11 — Reward 100 MCB for proposing MIPS that are implemented
Status — Passed — https://vote.mcdex.io/mainnet/proposal/9
Proposal 12— Improve mining efficiency to 500% For long-term MCB holders（Defense smart pool proposal)
Status —Passed — https://vote.mcdex.io/mainnet/proposal/10
Proposal 13 — Increasing Uniswap MCB-ETH Pair Rewards
Status — Passed — https://vote.mcdex.io/mainnet/proposal/11