MCCP 24: Reduce weekly MTA emissions

It is proposed to reduce the emissions of the Emissions Controller specified in the MIP 24 to a simple linear function, extending the emissions schedule from 6 years to 12. The goal of this proposal is to decrease weekly emissions and therefore reduce the selling pressure of MTA.

The Emissions Controller distributes an amount of MTA per week, according to what Stakers vote using dials. The amount of MTA to be distributed per week is a result of a polynomial function (specified in MIP 24), which ends up distributing 30M MTA throughout 6 years.

This proposal suggests updating the emissions controller and reducing overall weekly emissions by 45%, changing the emissions curve to a linear function and extending emissions of the same amount over 6 more years.

Technical Specification

The Emissions Controller contract on Ethereum mainnet follows the proxy upgradable pattern with the following address: 0xBa69e6FC7Df49a3b75b565068Fb91ff2d9d91780

The current implementation of the Emissions Controller on Ethereum mainnet is deployed to the following address: 0xebfd9cd78510c591eda8735d0f8a87414ef27a83.

A new implementation contract of the EmissionsController.sol will be deployed with the following constructor arguments:

An Instance of the EmissionsController.sol will be deployed with the following constructor arguments:

• nexus = 0xAFcE80b19A8cE13DEc0739a1aaB7A028d6845Eb3 (Nexus Contract)
• rewardToken = 0xa3BeD4E1c75D00fa6f4E5E6922DB7261B5E9AcD2 (MTA Token)
• TopLevelConfig = { A: 141142065475643, B: 88072648856801500, C: 0, D: 0, EPOCHS: 612 }

A and B are used for the new linear distribution schedule. C and D are no longer in use but have to be defined in order to match the storage pattern of the proxy contract.

The EmissionsController.sol will be updated in the following way:

• function topLineEmission(uint32 epoch) public view returns (uint256 emissionForEpoch) change to a linear emission function as specified above.

The new implementation contract should remove the initialize function as the proxy has already has the storage data. The EmissionsController still needs to implement Initializable to preserve the storage slots in the proxy contract.

Links

• RFC: Disable all dials except staking & treasury and create a v2-incentives one
• Proposal: MCCP 24: Reduce weekly MTA emissions
• Discussion: MCCP 24: Reduce weekly MTA emissions

Should the emissions be modified to a simple linear function in order to extend the emissions schedule from 6 to 12 years as proposed in MCCP 24?