Polkadot: Constant yearly emission

Cargo.toml

@@ -7,6 +7,7 @@ license = "GPL-3.0-only" # TODO <https://
 
 [workspace.dependencies]
 assert_matches = { version = "1.5.0" }
+approx = { version = "0.5.1" }
 asset-hub-kusama-emulated-chain = { path = "integration-tests/emulated/chains/parachains/assets/asset-hub-kusama" }
 asset-hub-kusama-runtime = { path = "system-parachains/asset-hubs/asset-hub-kusama" }
 asset-hub-polkadot-emulated-chain = { path = "integration-tests/emulated/chains/parachains/assets/asset-hub-polkadot" }

relay/polkadot/Cargo.toml

@@ -110,6 +110,7 @@ sp-debug-derive = { workspace = true }
 polkadot-parachain-primitives = { workspace = true }
 
 [dev-dependencies]
+approx = { workspace = true }
 sp-keyring = { workspace = true }
 sp-trie = { workspace = true }
 separator = { workspace = true }

relay/polkadot/src/lib.rs

@@ -700,39 +700,31 @@ impl pallet_parameters::Config for Runtime {
  type AdminOrigin = DynamicParameterOrigin;
  type WeightInfo = weights::pallet_parameters::WeightInfo<Runtime>;
 }
+
 /// Defines how much should the inflation be for an era given its duration.
 pub struct EraPayout;
 impl pallet_staking::EraPayout<Balance> for EraPayout {
  fn era_payout(
- total_staked: Balance,
+ _total_staked: Balance,
  _total_issuance: Balance,
  era_duration_millis: u64,
  ) -> (Balance, Balance) {
- const MILLISECONDS_PER_YEAR: u64 = 1000 * 3600 * 24 * 36525 / 100;
-
- let params = relay_common::EraPayoutParams {
- total_staked,
- total_stakable: Balances::total_issuance(),
- ideal_stake: dynamic_params::inflation::IdealStake::get(),
- max_annual_inflation: dynamic_params::inflation::MaxInflation::get(),
- min_annual_inflation: dynamic_params::inflation::MinInflation::get(),
- falloff: dynamic_params::inflation::Falloff::get(),
- period_fraction: Perquintill::from_rational(era_duration_millis, MILLISECONDS_PER_YEAR),
- legacy_auction_proportion: if dynamic_params::inflation::UseAuctionSlots::get() {
- let auctioned_slots = parachains_paras::Parachains::<Runtime>::get()
- .into_iter()
- // all active para-ids that do not belong to a system chain is the number of
- // parachains that we should take into account for inflation.
- .filter(|i| *i >= LOWEST_PUBLIC_ID)
- .count() as u64;
- Some(Perquintill::from_rational(auctioned_slots.min(60), 300u64))
- } else {
- None
- },
- };
+ const MILLISECONDS_PER_YEAR: u64 = (1000 * 3600 * 24 * 36525) / 100;
+ // A normal-sized era will have 1 / 356.25 here:
+ let relative_era_len =
+ FixedU128::from_rational(era_duration_millis.into(), MILLISECONDS_PER_YEAR.into());
 
- log::debug!(target: LOG_TARGET, "params: {:?}", params);
- relay_common::relay_era_payout(params)
+ // TI at the time of execution of [Referendum 1139](https://polkadot.subsquare.io/referenda/1139), block hash: `0x39422610299a75ef69860417f4d0e1d94e77699f45005645ffc5e8e619950f9f`.
+ let fixed_total_issuance: i128 = 15_011_657_390_566_252_333;
+ let yearly_inflation_rate = FixedU128::from_rational(8, 100);
+ let yearly_emission = yearly_inflation_rate.saturating_mul_int(fixed_total_issuance);
+
+ let era_emission = relative_era_len.saturating_mul_int(yearly_emission);
+ // 15% to treasury, as per ref 1139.
+ let to_treasury = FixedU128::from_rational(15, 100).saturating_mul_int(era_emission);
+ let to_stakers = era_emission.saturating_sub(to_treasury);
+
+ (to_stakers.saturated_into(), to_treasury.saturated_into())
  }
 }
 
@@ -3377,6 +3369,7 @@ mod multiplier_tests {
  dispatch::DispatchInfo,
  traits::{OnFinalize, PalletInfoAccess},
  };
+ use pallet_staking::EraPayout;
  use polkadot_runtime_common::{MinimumMultiplier, TargetBlockFullness};
  use separator::Separatable;
  use sp_runtime::traits::Convert;
@@ -3408,6 +3401,64 @@ mod multiplier_tests {
  })
  }
 
+ use approx::assert_relative_eq;
+ const MILLISECONDS_PER_DAY: u64 = 24 * 60 * 60 * 1000;
+
+ #[test]
+ fn staking_inflation_correct() {
+ let (to_stakers, to_treasury) = super::EraPayout::era_payout(
+ 123, // ignored
+ 456, // ignored
+ MILLISECONDS_PER_DAY,
+ );
+
+ // Values are within 0.1%
+ assert_relative_eq!(to_stakers as f64, (279_477 * UNITS) as f64, max_relative = 0.1);
+ assert_relative_eq!(to_treasury as f64, (49_320 * UNITS) as f64, max_relative = 0.1);
+ }
+
+ #[test]
+ fn staking_inflation_correct_longer_era() {
+ // Twice the era duration means twice the emission:
+ let (to_stakers, to_treasury) = super::EraPayout::era_payout(
+ 123, // ignored
+ 456, // ignored
+ 2 * MILLISECONDS_PER_DAY,
+ );
+ assert_relative_eq!(to_stakers as f64, (279_477 * UNITS) as f64 * 2.0, max_relative = 0.1);
+ assert_relative_eq!(to_treasury as f64, (49_320 * UNITS) as f64 * 2.0, max_relative = 0.1);
+ }
+
+ #[test]
+ fn staking_inflation_correct_whole_year() {
+ let (to_stakers, to_treasury) = super::EraPayout::era_payout(
+ 123, // ignored
+ 456, // ignored
+ (35625 * MILLISECONDS_PER_DAY) / 100, // 1 year
+ );
+
+ // 8% of the fixed total issuance: 120M Dot per year
+ let yearly_emission = 120_093_259 * UNITS;
+
+ assert_relative_eq!(to_stakers as f64, yearly_emission as f64 * 0.85, max_relative = 0.1);
+ assert_relative_eq!(to_treasury as f64, yearly_emission as f64 * 0.15, max_relative = 0.1);
+ }
+
+ // 10 years into the future, our values do not overflow.
+ #[test]
+ fn staking_inflation_correct_not_overflow() {
+ let (to_stakers, to_treasury) = super::EraPayout::era_payout(
+ 123, // ignored
+ 456, // ignored
+ (35625 * MILLISECONDS_PER_DAY) / 10, // 10 years
+ );
+ let initial_ti: i128 = 15_011_657_390_566_252_333;
+ let projected_total_issuance = (to_stakers as i128 + to_treasury as i128) + initial_ti;
+
+ // In 2034, there will be about 26.7 billion DOTs in existence.
+ assert_eq!(projected_total_issuance, 26_725_065_621_398_235_666);
+ }
+
  #[test]
  fn fast_unstake_estimate() {
  use pallet_fast_unstake::WeightInfo;