EOS PowerUp Model Update
In EOS Hot Sauce Episode 86 we covered the Block.one rebrand for the new resource model: the EOS PowerUp Model. Since then, EOS Nation has been busy getting it ready for deployment.
Most of the work required to make such a fundamental change to the underlying base layer of the EOS Mainnet goes mainly unnoticed by most token holders as it’s simply too technical in nature.
Earlier in December 2020, the Block.one Public Blockchain Engagement team released a modeling tool designed to let developers run simulations of different resource renting models. This was great as it let us do some much-needed fast forwarded projections of the transition to come.
This week, we released a new tool that is easy to use by all and will help us come up with PowerUp Model parameters in anticipation for our recommendations and inevitable deployment. This simulates the fee to reserve a certain percentage of network capacity for a period of 24 hours (24H) once we are fully transitioned over to the new PowerUp Model.
Note that the numbers below are simply examples, these are not the suggested parameters, which are yet to be determined.
Here’s how to use it:
You pick how much you want to rent (0.00001%-100%) and set the desired model parameters (exponent, min price and max price).
For example, if you set the exponent at 4, a minimum price at 10,000 and max price at 400,000 (these should be the default parameters upon tool load) you would see that you would need to pay ~20 EOS to rent 0.1% of the full network capacity (~34 seconds of CPU) for a 24H period when the network is utilized at 30%.
For perspective, historically, REX prices have been fluctuating between 1.8 EOS and 12 EOS per 0.1% per 24H, depending on the CPU market. To note, REX does not allow the renting of resources for less than 30 days, so it’s not a direct apples to apples comparison, but it does give a general idea.
Alongside the new tool, we are also releasing a rough timeline of steps to come, keeping in mind this is subject to change:
- Determine and settle on launch parameters
- Creation of accounts, deployment of contracts;
- First Half of February 2021
- Initialize the PowerUp Model and start transition;
- Fully transitioned over to the new PowerUp Model;
General FAQ for the new PowerUp Model
- Staking CPU/Net will no longer meaningfully allocate CPU/NET under the PowerUp Model once fully diluted. You do still technically get resources when delegating, but very diluted. That is based on the config option target_weight_ratio. If target_weight_ratio is set to 1% then the old model will get you 1% of what it used to get you. Effectively most accounts will get no resources from delegatebw. This is a technical requirement as setting the target to 0 would cause the cfgpowerup call to fail;
- Staking CPU/NET will still allow you to vote for producers;
- Lending to REX earns you all system rewards + powerup, no need to do anything if you’re already in REX;
- Lending to REX still gives you the same voting rights as you currently have;
- At a high level nothing changes in terms of voting, everything is the same;
- REX now has a new revenue bucket and voters will no longer have CPU/NET; and,
Voting doesn’t change whatsoever, for example, B1 still has the same voting power and no proxies will be affected.