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implement fee burning mechanism #32

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brenzi opened this issue Sep 7, 2021 · 2 comments

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brenzi commented Sep 7, 2021 •

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Along the tokenomics paper Sec. 6:

We need to

count the cumulative number of extrinsics on the chain
upon fee payment, burn a fraction of the fees according to the formula in the paper
- a lookup table with 100 entries is sufficient: yields burning rate resolution of 1%. that's smooth enough.
- only if more efficient, use fixpoint math instead.
transfer the remainder to the treasury

learn more about burning and imbalances: https://blog.polymath.network/substrate-deep-dive-imbalances-8dfa89cc1d1?gi=7948e9237106

Collaborator Author

brenzi commented Sep 18, 2021

first step is done in: #43

burn a constant fraction (99%), rest to treasury

Collaborator Author

brenzi commented Sep 18, 2021 •

edited

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counting extrinsics per block is already done here:
https://github.com/paritytech/substrate/blob/ba153b9ae050eda022f002d74d76f98d1e339a81/frame/system/src/lib.rs#L582
however, AFAIK there is no global monotonic counter yet

Option 1

implement a dedicated pallet that just features on_finalize and adds ExtrinsicCount to the global counter it holds

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