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Members of the Cosmos community voted against Proposal 868, which aimed to implement a major change to the network’s economic policy by reducing the minimum inflation parameter from 7% to 0% if more than two-thirds of the supply is bonded. However, this proposal did not gain support.
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Proposal 868, submitted by Stakelab, a contributor to Cosmos, aimed to reduce inflationary pressures on the ATOM token, especially in scenarios where a significant portion of the coins are bonded.
Despite the potential benefits highlighted by the proposal owner, such as reducing the inflation rate if the total bond token supply increases, concerns were raised about the implications of reducing the inflation rate to zero, particularly its impact on the security of the Hub.
The Hub acts as the central hub of the Cosmos Ecosystem, facilitating communication and interoperability between the many blockchains built on Cosmos. ATOM is the native token of the Hub, used for transaction fees, security, and governance.
Vote Results (Cosmos)
48.6% of validators voted against the proposal, 25% supported it, and 25.9% abstained.
Notable validators with significant voting power who voted against the proposal included Everstake, Cosmostation, Chorus One, Allnodes, Stake.fish, Swish Staking, Forbole, Provalidator, Keplr, and others.
Validators who supported the proposal included Game, Informal, Stakecito, P2P, Polkachu, Pryzm, IrisNet, Leap, and many others.
This latest proposal came after the accepted Proposal 848, which set a limit of 10% on the maximum inflation rate to regulate token emissions, down from the previous 20%.
In Cosmos, validators vote as well as provide staking power, and voters can delegate their stake to them.
The inflation rate on the Cosmos Hub had been a major point of discussion in 2023. Some contributors to Cosmos want it to be as minimal as possible, believing that this optimizes fresh emissions.