mint

package
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 Go to latest Published: Jul 15, 2024 License: Apache-2.0 Imports: 23 Imported by: 1,238

README

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x/mint

Contents

Concepts

The Minting Mechanism

The minting mechanism was designed to:

  • allow for a flexible inflation rate determined by market demand targeting a particular bonded-stake ratio
  • effect a balance between market liquidity and staked supply

In order to best determine the appropriate market rate for inflation rewards, a moving change rate is used. The moving change rate mechanism ensures that if the % bonded is either over or under the goal %-bonded, the inflation rate will adjust to further incentivize or disincentivize being bonded, respectively. Setting the goal %-bonded at less than 100% encourages the network to maintain some non-staked tokens which should help provide some liquidity.

It can be broken down in the following way:

  • If the actual percentage of bonded tokens is below the goal %-bonded the inflation rate will increase until a maximum value is reached
  • If the goal % bonded (67% in Cosmos-Hub) is maintained, then the inflation rate will stay constant
  • If the actual percentage of bonded tokens is above the goal %-bonded the inflation rate will decrease until a minimum value is reached

State

Minter

The minter is a space for holding current inflation information.

  • Minter: 0x00 -> ProtocolBuffer(minter)
https://github.com/cosmos/cosmos-sdk/blob/v0.47.0-rc1/proto/cosmos/mint/v1beta1/mint.proto#L10-L24

Params

The mint module stores its params in state with the prefix of 0x01, it can be updated with governance or the address with authority.

  • Params: mint/params -> legacy_amino(params)
https://github.com/cosmos/cosmos-sdk/blob/v0.47.0-rc1/proto/cosmos/mint/v1beta1/mint.proto#L26-L59

Begin-Block

Minting parameters are recalculated and inflation paid at the beginning of each block.

Inflation rate calculation

Inflation rate is calculated using an "inflation calculation function" that's passed to the NewAppModule function. If no function is passed, then the SDK's default inflation function will be used (NextInflationRate). In case a custom inflation calculation logic is needed, this can be achieved by defining and passing a function that matches InflationCalculationFn's signature.

type InflationCalculationFn func(ctx sdk.Context, minter Minter, params Params, bondedRatio math.LegacyDec) math.LegacyDec
NextInflationRate

The target annual inflation rate is recalculated each block. The inflation is also subject to a rate change (positive or negative) depending on the distance from the desired ratio (67%). The maximum rate change possible is defined to be 13% per year, however, the annual inflation is capped as between 7% and 20%.

NextInflationRate(params Params, bondedRatio math.LegacyDec) (inflation math.LegacyDec) {
	inflationRateChangePerYear = (1 - bondedRatio/params.GoalBonded) * params.InflationRateChange
	inflationRateChange = inflationRateChangePerYear/blocksPerYr

	// increase the new annual inflation for this next block
	inflation += inflationRateChange
	if inflation > params.InflationMax {
		inflation = params.InflationMax
	}
	if inflation < params.InflationMin {
		inflation = params.InflationMin
	}

	return inflation
}

NextAnnualProvisions

Calculate the annual provisions based on current total supply and inflation rate. This parameter is calculated once per block.

NextAnnualProvisions(params Params, totalSupply math.LegacyDec) (provisions math.LegacyDec) {
	return Inflation * totalSupply

BlockProvision

Calculate the provisions generated for each block based on current annual provisions. The provisions are then minted by the mint module's ModuleMinterAccount and then transferred to the auth's FeeCollector ModuleAccount.

BlockProvision(params Params) sdk.Coin {
	provisionAmt = AnnualProvisions/ params.BlocksPerYear
	return sdk.NewCoin(params.MintDenom, provisionAmt.Truncate())

Parameters

The minting module contains the following parameters:

Key Type Example
MintDenom string "uatom"
InflationRateChange string (dec) "0.130000000000000000"
InflationMax string (dec) "0.200000000000000000"
InflationMin string (dec) "0.070000000000000000"
GoalBonded string (dec) "0.670000000000000000"
BlocksPerYear string (uint64) "6311520"

Events

The minting module emits the following events:

BeginBlocker

Type Attribute Key Attribute Value
mint bonded_ratio {bondedRatio}
mint inflation {inflation}
mint annual_provisions {annualProvisions}
mint amount {amount}

Client

CLI

A user can query and interact with the mint module using the CLI.

Query

The query commands allows users to query mint state.

simd query mint --help
annual-provisions

The annual-provisions command allows users to query the current minting annual provisions value

simd query mint annual-provisions [flags]

Example:

simd query mint annual-provisions

Example Output:

22268504368893.612100895088410693
inflation

The inflation command allows users to query the current minting inflation value

simd query mint inflation [flags]

Example:

simd query mint inflation

Example Output:

0.199200302563256955
params

The params command allows users to query the current minting parameters

simd query mint params [flags]

Example:

blocks_per_year: "4360000"
goal_bonded: "0.670000000000000000"
inflation_max: "0.200000000000000000"
inflation_min: "0.070000000000000000"
inflation_rate_change: "0.130000000000000000"
mint_denom: stake

gRPC

A user can query the mint module using gRPC endpoints.

AnnualProvisions

The AnnualProvisions endpoint allows users to query the current minting annual provisions value

/cosmos.mint.v1beta1.Query/AnnualProvisions

Example:

grpcurl -plaintext localhost:9090 cosmos.mint.v1beta1.Query/AnnualProvisions

Example Output:

{
  "annualProvisions": "1432452520532626265712995618"
}
Inflation

The Inflation endpoint allows users to query the current minting inflation value

/cosmos.mint.v1beta1.Query/Inflation

Example:

grpcurl -plaintext localhost:9090 cosmos.mint.v1beta1.Query/Inflation

Example Output:

{
  "inflation": "130197115720711261"
}
Params

The Params endpoint allows users to query the current minting parameters

/cosmos.mint.v1beta1.Query/Params

Example:

grpcurl -plaintext localhost:9090 cosmos.mint.v1beta1.Query/Params

Example Output:

{
  "params": {
    "mintDenom": "stake",
    "inflationRateChange": "130000000000000000",
    "inflationMax": "200000000000000000",
    "inflationMin": "70000000000000000",
    "goalBonded": "670000000000000000",
    "blocksPerYear": "6311520"
  }
}

REST

A user can query the mint module using REST endpoints.

annual-provisions
/cosmos/mint/v1beta1/annual_provisions

Example:

curl "localhost:1317/cosmos/mint/v1beta1/annual_provisions"

Example Output:

{
  "annualProvisions": "1432452520532626265712995618"
}
inflation
/cosmos/mint/v1beta1/inflation

Example:

curl "localhost:1317/cosmos/mint/v1beta1/inflation"

Example Output:

{
  "inflation": "130197115720711261"
}
params
/cosmos/mint/v1beta1/params

Example:

curl "localhost:1317/cosmos/mint/v1beta1/params"

Example Output:

{
  "params": {
    "mintDenom": "stake",
    "inflationRateChange": "130000000000000000",
    "inflationMax": "200000000000000000",
    "inflationMin": "70000000000000000",
    "goalBonded": "670000000000000000",
    "blocksPerYear": "6311520"
  }
}

Documentation

Index

Constants

View Source 
const ConsensusVersion = 2

ConsensusVersion defines the current x/mint module consensus version.

Variables

This section is empty.

Functions

func BeginBlocker 

func BeginBlocker(ctx context.Context, k keeper.Keeper, ic types.InflationCalculationFn) error

BeginBlocker mints new tokens for the previous block.

Types

type AppModule 

type AppModule struct {
	AppModuleBasic
	// contains filtered or unexported fields
}

AppModule implements an application module for the mint module.

func NewAppModule 

func NewAppModule(
	cdc codec.Codec,
	keeper keeper.Keeper,
	ak types.AccountKeeper,
	ic types.InflationCalculationFn,
	ss exported.Subspace,
) AppModule

NewAppModule creates a new AppModule object. If the InflationCalculationFn argument is nil, then the SDK's default inflation function will be used.

func (AppModule) AutoCLIOptions added in v0.50.1 

func (am AppModule) AutoCLIOptions() *autocliv1.ModuleOptions

func (AppModule) BeginBlock 

func (am AppModule) BeginBlock(ctx context.Context) error

BeginBlock returns the begin blocker for the mint module.

func (AppModule) ConsensusVersion added in v0.43.0 

func (AppModule) ConsensusVersion() uint64

ConsensusVersion implements AppModule/ConsensusVersion.

func (AppModule) ExportGenesis 

func (am AppModule) ExportGenesis(ctx sdk.Context, cdc codec.JSONCodec) json.RawMessage

ExportGenesis returns the exported genesis state as raw bytes for the mint module.

func (AppModule) GenerateGenesisState 

func (AppModule) GenerateGenesisState(simState *module.SimulationState)

GenerateGenesisState creates a randomized GenState of the mint module.

func (AppModule) InitGenesis 

func (am AppModule) InitGenesis(ctx sdk.Context, cdc codec.JSONCodec, data json.RawMessage)

InitGenesis performs genesis initialization for the mint module. It returns no validator updates.

func (AppModule) IsAppModule added in v0.47.0 

func (am AppModule) IsAppModule()

IsAppModule implements the appmodule.AppModule interface.

func (AppModule) IsOnePerModuleType added in v0.47.0 

func (am AppModule) IsOnePerModuleType()

IsOnePerModuleType implements the depinject.OnePerModuleType interface.

func (AppModule) ProposalMsgs added in v0.47.0 

func (AppModule) ProposalMsgs(simState module.SimulationState) []simtypes.WeightedProposalMsg

ProposalMsgs returns msgs used for governance proposals for simulations.

func (AppModule) RegisterServices added in v0.40.0 

func (am AppModule) RegisterServices(cfg module.Configurator)

RegisterServices registers a gRPC query service to respond to the module-specific gRPC queries.

func (AppModule) RegisterStoreDecoder 

func (am AppModule) RegisterStoreDecoder(sdr simtypes.StoreDecoderRegistry)

RegisterStoreDecoder registers a decoder for mint module's types.

func (AppModule) WeightedOperations 

func (AppModule) WeightedOperations(_ module.SimulationState) []simtypes.WeightedOperation

WeightedOperations doesn't return any mint module operation.

type AppModuleBasic 

type AppModuleBasic struct {
	// contains filtered or unexported fields
}

AppModuleBasic defines the basic application module used by the mint module.

func (AppModuleBasic) DefaultGenesis 

func (AppModuleBasic) DefaultGenesis(cdc codec.JSONCodec) json.RawMessage

DefaultGenesis returns default genesis state as raw bytes for the mint module.

func (AppModuleBasic) Name 

func (AppModuleBasic) Name() string

Name returns the mint module's name.

func (AppModuleBasic) RegisterGRPCGatewayRoutes added in v0.40.0 

func (AppModuleBasic) RegisterGRPCGatewayRoutes(clientCtx client.Context, mux *gwruntime.ServeMux)

RegisterGRPCGatewayRoutes registers the gRPC Gateway routes for the mint module.

func (AppModuleBasic) RegisterInterfaces added in v0.40.0 

func (b AppModuleBasic) RegisterInterfaces(r cdctypes.InterfaceRegistry)

RegisterInterfaces registers the module's interface types

func (AppModuleBasic) RegisterLegacyAminoCodec added in v0.40.0 

func (AppModuleBasic) RegisterLegacyAminoCodec(cdc *codec.LegacyAmino)

RegisterLegacyAminoCodec registers the mint module's types on the given LegacyAmino codec.

func (AppModuleBasic) ValidateGenesis 

func (AppModuleBasic) ValidateGenesis(cdc codec.JSONCodec, config client.TxEncodingConfig, bz json.RawMessage) error

ValidateGenesis performs genesis state validation for the mint module.

type ModuleInputs added in v0.50.1 

type ModuleInputs struct {
	depinject.In

	ModuleKey              depinject.OwnModuleKey
	Config                 *modulev1.Module
	StoreService           store.KVStoreService
	Cdc                    codec.Codec
	InflationCalculationFn types.InflationCalculationFn `optional:"true"`

	// LegacySubspace is used solely for migration of x/params managed parameters
	LegacySubspace exported.Subspace `optional:"true"`

	AccountKeeper types.AccountKeeper
	BankKeeper    types.BankKeeper
	StakingKeeper types.StakingKeeper
}

type ModuleOutputs added in v0.50.1 

type ModuleOutputs struct {
	depinject.Out

	MintKeeper keeper.Keeper
	Module     appmodule.AppModule
}

func ProvideModule added in v0.47.0 

func ProvideModule(in ModuleInputs) ModuleOutputs

Source Files

View all Source files

Directories

Path Synopsis
migrations
v2
Package testutil is a generated GoMock package.
 Package testutil is a generated GoMock package.
NOTE: Usage of x/params to manage parameters is deprecated in favor of x/gov controlled execution of MsgUpdateParams messages.
 NOTE: Usage of x/params to manage parameters is deprecated in favor of x/gov controlled execution of MsgUpdateParams messages.

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