CIP-draft: Disable additional inflation period for first year

Governance Inactive Proposals
1

Summary

Welcome! This proposal is a suggestion to mint an arbitrarily small amount of COW to prevent any additional inflation for the first 365 days.

Motivation

The initial max inflation for COW in its first year is 30,000,000 COW (3%) (with a cool-down period between inflation mints of 365 days). I would like to propose we postpone any additional inflation for the first year to reduce ambiguity around the token’s inflation in its infancy.

Specification

Once the COW token is transferrable, the DAO should call mint with a small amount - ie. 0. This will activate the cool-down period and prevent any further inflation for the first 365 days. Within this cool-down phase, the cowmunity should then establish criteria / specifications for future supply inflations.

Code block for reference:

function mint(address target, uint256 amount) external onlyCowDao {
        if (amount > (totalSupply() * MAX_YEARLY_INFLATION) / 100) {
            revert ExceedingMintCap();
        }
        // solhint-disable-next-line not-rely-on-time
        if (timestampLastMinting + TIME_BETWEEN_MINTINGS > block.timestamp) {
            revert AlreadyInflated();
        }
        timestampLastMinting = block.timestamp; // solhint-disable-line not-rely-on-time
        _mint(target, amount);
    }

Rationale

  • Encouragement of price discovery of the $COW asset
  • Establish inflationary criteria and give structure to when that function should be called
2 Likes
2

I like this idea @vroomdoom. It will put pressure on supply/demand dynamics, which is a good thing for holders and the DAO. :+1:

3

In principal cool proposal and I agree, but the inflation function anyways can’t be triggered for the first 365 days after deployment :slight_smile:

5 Likes
4

Ah, that’s good to hear! Next time I’ll have to read the contracts a little closer :sweat_smile:

Feel free to archive this or leave it open as a place to discuss criteria for future inflation mints

5

Like the idea, for it.

6

Loved the idea but yea unfortunately :slight_smile: