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fix(inflation): lock default inflation params with tokenomics curve #1661

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fix(inflation): lock default inflation params with tokenomics curve #1661

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4ece711
chore(inflation): fix a and c
k-yang Nov 3, 2023
51670c7
fix(inflation): category distribution amounts
k-yang Nov 3, 2023
96de17b
update changelog
k-yang Nov 3, 2023
8c564e5
Merge branch 'master' into fix/inflation/default-params
k-yang Nov 6, 2023
501bc5a
fix: proper decimals
k-yang Nov 6, 2023
3ef4a48
fix: TestMintAndAllocateInflation
k-yang Nov 6, 2023
0ce0a1a
fix: TestCalculateEpochMintProvision
k-yang Nov 6, 2023
4dab028
fix(inflation): tests
k-yang Nov 6, 2023
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1 change: 1 addition & 0 deletions CHANGELOG.md
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Expand Up @@ -86,6 +86,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
* [#1606](https://github.com/NibiruChain/nibiru/pull/1606) - fix(perp): emit `MarketUpdatedEvent` in the absence of index price
* [#1649](https://github.com/NibiruChain/nibiru/pull/1649) - fix(ledger): fix ledger for newer macos versions
* [#1655](https://github.com/NibiruChain/nibiru/pull/1655) - fix(inflation): inflate NIBI correctly to strategic treasury account
* [#1661](https://github.com/NibiruChain/nibiru/pull/1661) - fix(inflation): update default params to follow tokenomics curve

## [v0.21.10]

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2 changes: 1 addition & 1 deletion x/inflation/keeper/inflation.go
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Expand Up @@ -111,7 +111,7 @@ func (k Keeper) GetCirculatingSupply(ctx sdk.Context, mintDenom string) sdkmath.
return k.bankKeeper.GetSupply(ctx, mintDenom).Amount
}

// GetInflationRate returns the inflation rate for the current period.
// GetInflationRate returns the annualized inflation rate for the current period.
func (k Keeper) GetInflationRate(ctx sdk.Context, mintDenom string) sdk.Dec {
epochMintProvision := k.GetEpochMintProvision(ctx)
if epochMintProvision.IsZero() {
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44 changes: 22 additions & 22 deletions x/inflation/keeper/inflation_test.go
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Expand Up @@ -37,12 +37,12 @@ func TestMintAndAllocateInflation(t *testing.T) {
{
name: "pass",
coinsToMint: sdk.NewCoin(denoms.NIBI, sdk.NewInt(1_000_000)),
expectedStakingAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(278_000)),
expectedStrategicAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(100_000)),
expectedCommunityAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(622_000)),
expectedStakingRewardsBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(278_000)),
expectedStrategicReservesBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(100_000)),
expectedCommunityPoolBalance: sdk.NewDecCoins(sdk.NewDecCoin(denoms.NIBI, sdk.NewInt(622_000))),
expectedStakingAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(277_572)),
expectedStrategicAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(370_837)),
expectedCommunityAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(351_591)),
expectedStakingRewardsBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(277_572)),
expectedStrategicReservesBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(370_837)),
expectedCommunityPoolBalance: sdk.NewDecCoins(sdk.NewDecCoin(denoms.NIBI, sdk.NewInt(351_591))),
rootAccount: "nibi1qyqf35fkhn73hjr70442fctpq8prpqr9ysj9sn",
},
{
Expand All @@ -59,12 +59,12 @@ func TestMintAndAllocateInflation(t *testing.T) {
{
name: "pass - no root account",
coinsToMint: sdk.NewCoin(denoms.NIBI, sdk.NewInt(1_000_000)),
expectedStakingAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(278_000)),
expectedStrategicAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(100_000)),
expectedCommunityAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(622_000)),
expectedStakingRewardsBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(278_000)),
expectedStrategicReservesBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(100_000)),
expectedCommunityPoolBalance: sdk.NewDecCoins(sdk.NewDecCoin(denoms.NIBI, sdk.NewInt(622_000))),
expectedStakingAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(277_572)),
expectedStrategicAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(370_837)),
expectedCommunityAmt: sdk.NewCoin(denoms.NIBI, sdk.NewInt(351_591)),
expectedStakingRewardsBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(277_572)),
expectedStrategicReservesBalance: sdk.NewCoin(denoms.NIBI, sdk.NewInt(370_837)),
expectedCommunityPoolBalance: sdk.NewDecCoins(sdk.NewDecCoin(denoms.NIBI, sdk.NewInt(351_591))),
rootAccount: "",
},
}
Expand All @@ -82,9 +82,9 @@ func TestMintAndAllocateInflation(t *testing.T) {

staking, strategic, community, err := nibiruApp.InflationKeeper.MintAndAllocateInflation(ctx, tc.coinsToMint, types.DefaultParams())
require.NoError(t, err)
assert.Equal(t, tc.expectedStakingAmt, staking)
assert.Equal(t, tc.expectedStrategicAmt, strategic)
assert.Equal(t, tc.expectedCommunityAmt, community)
assert.EqualValues(t, tc.expectedStakingAmt, staking)
assert.EqualValues(t, tc.expectedStrategicAmt, strategic)
assert.EqualValues(t, tc.expectedCommunityAmt, community)

// Get balances
var balanceStrategicReserve sdk.Coin
Expand All @@ -110,9 +110,9 @@ func TestMintAndAllocateInflation(t *testing.T) {
balanceCommunityPool := nibiruApp.DistrKeeper.GetFeePoolCommunityCoins(ctx)

require.NoError(t, err, tc.name)
assert.Equal(t, tc.expectedStakingRewardsBalance, balanceStakingRewards)
assert.Equal(t, tc.expectedStrategicReservesBalance, balanceStrategicReserve)
assert.Equal(t, tc.expectedCommunityPoolBalance, balanceCommunityPool)
assert.EqualValues(t, tc.expectedStakingRewardsBalance, balanceStakingRewards)
assert.EqualValues(t, tc.expectedStrategicReservesBalance, balanceStrategicReserve)
assert.EqualValues(t, tc.expectedCommunityPoolBalance, balanceCommunityPool)
})
}
}
Expand Down Expand Up @@ -141,13 +141,13 @@ func TestGetCirculatingSupplyAndInflationRate(t *testing.T) {
"high supply",
sdk.TokensFromConsensusPower(800_000_000, sdk.DefaultPowerReduction),
func(nibiruApp *app.NibiruApp, ctx sdk.Context) {},
sdk.MustNewDecFromStr("50.674438476562500000"),
sdk.MustNewDecFromStr("50.711975096875000000"),
},
{
"low supply",
sdk.TokensFromConsensusPower(400_000_000, sdk.DefaultPowerReduction),
func(nibiruApp *app.NibiruApp, ctx sdk.Context) {},
sdk.MustNewDecFromStr("101.348876953125000000"),
sdk.MustNewDecFromStr("101.423950193750000000"),
},
}
for _, tc := range testCases {
Expand All @@ -165,10 +165,10 @@ func TestGetCirculatingSupplyAndInflationRate(t *testing.T) {
require.NoError(t, err)

circulatingSupply := nibiruApp.InflationKeeper.GetCirculatingSupply(ctx, denoms.NIBI)
require.EqualValues(t, tc.supply, circulatingSupply)
assert.EqualValues(t, tc.supply, circulatingSupply)

inflationRate := nibiruApp.InflationKeeper.GetInflationRate(ctx, denoms.NIBI)
require.Equal(t, tc.expInflationRate, inflationRate)
assert.EqualValues(t, tc.expInflationRate, inflationRate)
})
}
}
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22 changes: 11 additions & 11 deletions x/inflation/types/inflation_calculation_test.go
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Expand Up @@ -5,7 +5,7 @@ import (
"testing"

sdk "github.com/cosmos/cosmos-sdk/types"
"github.com/stretchr/testify/require"
"github.com/stretchr/testify/assert"
)

func TestCalculateEpochMintProvision(t *testing.T) {
Expand All @@ -17,42 +17,42 @@ func TestCalculateEpochMintProvision(t *testing.T) {
{
"pass - initial period",
0,
sdk.MustNewDecFromStr("1110672624143.835616438356000000"),
sdk.MustNewDecFromStr("1111495344589.041095890410000000"),
},
{
"pass - period 1",
1,
sdk.MustNewDecFromStr("555878103595.890410958904000000"),
sdk.MustNewDecFromStr("556289865136.986301369863000000"),
},
{
"pass - period 2",
2,
sdk.MustNewDecFromStr("278480843321.917808219178000000"),
sdk.MustNewDecFromStr("278687125410.958904109589000000"),
},
{
"pass - period 3",
3,
sdk.MustNewDecFromStr("139782213184.931506849315000000"),
sdk.MustNewDecFromStr("139885755547.945205479452000000"),
},
{
"pass - period 4",
4,
sdk.MustNewDecFromStr("70432898116.438356164383000000"),
sdk.MustNewDecFromStr("70485070616.438356164383000000"),
},
{
"pass - period 5",
5,
sdk.MustNewDecFromStr("35758240582.191780821917000000"),
sdk.MustNewDecFromStr("35784728150.684931506849000000"),
},
{
"pass - period 6",
6,
sdk.MustNewDecFromStr("18420911815.068493150684000000"),
sdk.MustNewDecFromStr("18434556917.808219178082000000"),
},
{
"pass - period 7",
7,
sdk.MustNewDecFromStr("9752247431.506849315068000000"),
sdk.MustNewDecFromStr("9759471301.369863013698000000"),
},
}
for _, tc := range testCases {
Expand All @@ -62,7 +62,7 @@ func TestCalculateEpochMintProvision(t *testing.T) {
tc.period,
)

require.Equal(t, tc.expEpochProvision, epochMintProvisions)
assert.EqualValues(t, tc.expEpochProvision, epochMintProvisions)
})
}
}
Expand All @@ -72,5 +72,5 @@ func TestCalculateEpochMintProvision_ZeroEpochs(t *testing.T) {
params.EpochsPerPeriod = 0

epochMintProvisions := CalculateEpochMintProvision(params, 1)
require.Equal(t, epochMintProvisions, sdk.ZeroDec())
assert.EqualValues(t, epochMintProvisions, sdk.ZeroDec())
}
12 changes: 6 additions & 6 deletions x/inflation/types/params.go
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Expand Up @@ -18,14 +18,14 @@ var (
var (
DefaultInflation = true
DefaultExponentialCalculation = ExponentialCalculation{
A: sdk.NewDec(int64(405_000_000)),
A: sdk.NewDec(int64(405_300_000)),
R: sdk.NewDecWithPrec(50, 2), // 50%
C: sdk.NewDecWithPrec(395_507_8125, 4),
C: sdk.NewDecWithPrec(395_800_775, 3),
}
DefaultInflationDistribution = InflationDistribution{
StakingRewards: sdk.NewDecWithPrec(27_8, 3), // 27.8%
CommunityPool: sdk.NewDecWithPrec(62_20, 4), // 62.20%
StrategicReserves: sdk.NewDecWithPrec(10, 2), // 10%
CommunityPool: sdk.NewDecWithPrec(35_159141, 8), // 35.159141%
StakingRewards: sdk.NewDecWithPrec(27_757217, 8), // 27.757217%
StrategicReserves: sdk.NewDecWithPrec(37_083642, 8), // 37.083642%
}
DefaultEpochsPerPeriod = uint64(365)
)
Expand Down Expand Up @@ -120,7 +120,7 @@ func validateInflationDistribution(i interface{}) error {

totalProportions := v.StakingRewards.Add(v.StrategicReserves).Add(v.CommunityPool)
if !totalProportions.Equal(sdk.OneDec()) {
return errors.New("total distributions ratio should be 1")
return fmt.Errorf("total distributions ratio should be 1, but it is currently %s", totalProportions.String())
}

return nil
Expand Down