YFXIP-2: Proposal for Dynamic Adjustment of YFX Mining Parameters

Abstract

In the BTC ecosystem, mining power adjusts periodically based on the participating hash rate, and the quantity of mining rewards changes accordingly. This mechanism has ensured the decentralized operation of BTC for over a decade.

In YFX V4, to keep the balance between trading volume, user participation, and output rewards, we have decided to adopt a dynamic mining solution just like BTC’s dynamic hash rate adjustment scheme.

Motivation

Through the dynamic adjustment scheme, the distribution of YFX token rewards can be optimized. The larger the trading volume and the higher the number of users, the greater the YFX token rewards, allowing more users to receive YFX tokens.

Specification

The initial adjusted daily mining reward output of YFX is 10,000 YFX, including 6,000 YFX and 4,000 iYFX. At the end of each month, we will release a YFXIP based on market trading volume and user participation. All YFX token holders will vote to decide the daily mining output for the next month.

In the future, the mining power will be automatically adjusted at the beginning of each month based on the monthly trading volume. The specific algorithm adjustments will be decided by voting.

If the proposal passes, the mining parameter modification time will be at 12:00 UTC on June 7.

Voting Chain: Arbitrum

Voting Tokens: YFX, iYFX, sbfYFX (Proof of YFX Staking), LYFX (Proof of YFX Locking)

Snapshot Time: 8:00 UTC, June 4th

Voting for YFXIP-2

The vote on this proposal is scheduled to start at 00:00 UTC, June 5th, and end at 00:00 UTC, June 7th

Vote on Snapshot now: https://snapshot.org/#/yfxcom.eth/proposal/0x2726870bab75222c15d35cb34308af544faad1380f0b86b02d3022f810964033