The first decentralized upgrade of Tellor using the Tellor Improvement Proposal process has been released! This is our new token governance method of upgrading the Tellor protocol after our recent admin key burn. For this proposal we are looking to make some simple but effective changes to the mining network, which we believe will make it more robust and resilient.
TLDR:
- Staking reduced from 1000 TRB to 500 TRB
- Current miner reward changed from 1 TRB + tips/2 to 1 TRB + tips/2 + timeSinceLastMineValue/5Min
*tips/2 = half the total tips since half are burned
Proposal
There are two key features of this upgrade, chosen specifically to be non-controversial so as to get a vote through. They are:
Reduced stake
Move from 1000 to 500 TRB
Decreasing the stake amount attempts to incentivize more miners to join the network. This change complements an update done on Tellor V2 where miners are now only allowed to “win” once every 15 minutes to incentivize growth in the miner network.
Reward is now a function of blocktime
Instead of miners getting paid a fixed reward each block, the mining reward will be based on the time since the last block. The current reward is 1 TRB per miner per Tellor block with the difficulty target at 5 minutes. The problem is that if gas costs are high enough that 1TRB + tips is less than the cost, no miners submit and the network stalls. Users can tip extra to miners, but this is a heavily manual process and forces even more txns on the already clogged network. The solution is to make the reward based upon the time since the last Tellor block. Now if a block is mined at 5 minutes, the reward will be 1 TRB per miner. If the block is mined at 10 minutes, the reward will be 2 TRB per miner.
Now the Tellor network will have a more predictable inflation rate, move slower during times of high gas costs, but even for the parties that cannot tip exorbitant amounts, the TRB network will still continue to function.
How to Vote
There is a seven day on-chain voting period for all TIPs. Voting is token weighted. This means the more TRB you have in your wallet the more powerful your vote. The TRB you vote with must be in the same wallet they were in at the time the voting period was initiated.
- Implemented/rejected: After the voting period, on-chain updates and votes will be automatically implemented or rejected. Proposals to the miner code base or any other off-chain improvements will be implemented accordingly.
- Navigate to the Tellor Dispute Center
- Click Tellor V2.5! (Don’t forget to connect to your metamask!)
- Click the Vote button
- Click Support and submit the transaction
- That’s it!
*Voting does not send or spend any of your TRB to vote — it only will cost gas for the transaction
For more information about the Tellor Improvement Proposal (TIP) process read here
Remember, every vote counts! Even if you don’t have a lot of TRB, your participation in this process is very important. Thank you!
-Tellor Core
