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inflation.go
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inflation.go
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// Copyright 2022 Evmos Foundation
// This file is part of the Evmos Network packages.
//
// Evmos is free software: you can redistribute it and/or modify
// it under the terms of the GNU Lesser General Public License as published by
// the Free Software Foundation, either version 3 of the License, or
// (at your option) any later version.
//
// The Evmos packages are distributed in the hope that it will be useful,
// but WITHOUT ANY WARRANTY; without even the implied warranty of
// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
// GNU Lesser General Public License for more details.
//
// You should have received a copy of the GNU Lesser General Public License
// along with the Evmos packages. If not, see https://github.com/evmos/evmos/blob/main/LICENSE
package keeper
import (
sdk "github.com/cosmos/cosmos-sdk/types"
ethermint "github.com/evmos/ethermint/types"
evmos "github.com/evmos/evmos/v11/types"
incentivestypes "github.com/evmos/evmos/v11/x/incentives/types"
"github.com/evmos/evmos/v11/x/inflation/types"
)
// 200M token at year 4 allocated to the team
var teamAlloc = sdk.NewInt(200_000_000).Mul(ethermint.PowerReduction)
// MintAndAllocateInflation performs inflation minting and allocation
func (k Keeper) MintAndAllocateInflation(
ctx sdk.Context,
coin sdk.Coin,
params types.Params,
) (
staking, incentives, communityPool sdk.Coins,
err error,
) {
// skip as no coins need to be minted
if coin.Amount.IsNil() || !coin.Amount.IsPositive() {
return nil, nil, nil, nil
}
// Mint coins for distribution
if err := k.MintCoins(ctx, coin); err != nil {
return nil, nil, nil, err
}
// Allocate minted coins according to allocation proportions (staking, usage
// incentives, community pool)
return k.AllocateExponentialInflation(ctx, coin, params)
}
// MintCoins implements an alias call to the underlying supply keeper's
// MintCoins to be used in BeginBlocker.
func (k Keeper) MintCoins(ctx sdk.Context, coin sdk.Coin) error {
coins := sdk.Coins{coin}
return k.bankKeeper.MintCoins(ctx, types.ModuleName, coins)
}
// AllocateExponentialInflation allocates coins from the inflation to external
// modules according to allocation proportions:
// - staking rewards -> sdk `auth` module fee collector
// - usage incentives -> `x/incentives` module
// - community pool -> `sdk `distr` module community pool
func (k Keeper) AllocateExponentialInflation(
ctx sdk.Context,
mintedCoin sdk.Coin,
params types.Params,
) (
staking, incentives, communityPool sdk.Coins,
err error,
) {
distribution := params.InflationDistribution
// Allocate staking rewards into fee collector account
staking = sdk.Coins{k.GetProportions(ctx, mintedCoin, distribution.StakingRewards)}
if err := k.bankKeeper.SendCoinsFromModuleToModule(
ctx,
types.ModuleName,
k.feeCollectorName,
staking,
); err != nil {
return nil, nil, nil, err
}
// Allocate usage incentives to incentives module account
incentives = sdk.Coins{k.GetProportions(ctx, mintedCoin, distribution.UsageIncentives)}
if err = k.bankKeeper.SendCoinsFromModuleToModule(
ctx,
types.ModuleName,
incentivestypes.ModuleName,
incentives,
); err != nil {
return nil, nil, nil, err
}
// Allocate community pool amount (remaining module balance) to community
// pool address
moduleAddr := k.accountKeeper.GetModuleAddress(types.ModuleName)
inflationBalance := k.bankKeeper.GetAllBalances(ctx, moduleAddr)
err = k.distrKeeper.FundCommunityPool(
ctx,
inflationBalance,
moduleAddr,
)
if err != nil {
return nil, nil, nil, err
}
return staking, incentives, communityPool, nil
}
// GetAllocationProportion calculates the proportion of coins that is to be
// allocated during inflation for a given distribution.
func (k Keeper) GetProportions(
ctx sdk.Context,
coin sdk.Coin,
distribution sdk.Dec,
) sdk.Coin {
return sdk.Coin{
Denom: coin.Denom,
Amount: sdk.NewDecFromInt(coin.Amount).Mul(distribution).TruncateInt(),
}
}
// BondedRatio the fraction of the staking tokens which are currently bonded
// It doesn't consider team allocation for inflation
func (k Keeper) BondedRatio(ctx sdk.Context) sdk.Dec {
stakeSupply := k.stakingKeeper.StakingTokenSupply(ctx)
isMainnet := evmos.IsMainnet(ctx.ChainID())
if !stakeSupply.IsPositive() || (isMainnet && stakeSupply.LTE(teamAlloc)) {
return sdk.ZeroDec()
}
// don't count team allocation in bonded ratio's stake supple
if isMainnet {
stakeSupply = stakeSupply.Sub(teamAlloc)
}
return sdk.NewDecFromInt(k.stakingKeeper.TotalBondedTokens(ctx)).QuoInt(stakeSupply)
}
// GetCirculatingSupply returns the bank supply of the mintDenom excluding the
// team allocation in the first year
func (k Keeper) GetCirculatingSupply(ctx sdk.Context, mintDenom string) sdk.Dec {
circulatingSupply := sdk.NewDecFromInt(k.bankKeeper.GetSupply(ctx, mintDenom).Amount)
teamAllocation := sdk.NewDecFromInt(teamAlloc)
// Consider team allocation only on mainnet chain id
if evmos.IsMainnet(ctx.ChainID()) {
circulatingSupply = circulatingSupply.Sub(teamAllocation)
}
return circulatingSupply
}
// GetInflationRate returns the inflation rate for the current period.
func (k Keeper) GetInflationRate(ctx sdk.Context, mintDenom string) sdk.Dec {
epp := k.GetEpochsPerPeriod(ctx)
if epp == 0 {
return sdk.ZeroDec()
}
epochMintProvision := k.GetEpochMintProvision(ctx)
if epochMintProvision.IsZero() {
return sdk.ZeroDec()
}
epochsPerPeriod := sdk.NewDec(epp)
circulatingSupply := k.GetCirculatingSupply(ctx, mintDenom)
if circulatingSupply.IsZero() {
return sdk.ZeroDec()
}
// EpochMintProvision * 365 / circulatingSupply * 100
return epochMintProvision.Mul(epochsPerPeriod).Quo(circulatingSupply).Mul(sdk.NewDec(100))
}
// GetEpochMintProvision retrieves necessary params KV storage
// and calculate EpochMintProvision
func (k Keeper) GetEpochMintProvision(ctx sdk.Context) sdk.Dec {
return types.CalculateEpochMintProvision(
k.GetParams(ctx),
k.GetPeriod(ctx),
k.GetEpochsPerPeriod(ctx),
k.BondedRatio(ctx),
)
}