Community Vote Opening: SIP-029 to Enhance Stacks Token Emission and Support sBTC Launch
November 15, 2024
Hey Stackers, following the successful completion of the community vote on SIP-028, another important SIP vote is opening up that will address critical network incentives during two major protocol developments: the launch of sBTC and the continued operation of Nakamoto Signers. Instead of the usual vote window coinciding with a Stacking cycle, this vote will be opening and closing at selected blocks. This adjustment allows the community a longer voting window and keeps sBTC plans on track.
Vote start: Block 870,750 (~Sun Nov 17)
Vote end: Block 872,750 (~Sun Dec 1)
In this post, we'll cover:
Vote start: Block 870,750 (~Sun Nov 17)
Vote end: Block 872,750 (~Sun Dec 1)
In this post, we'll cover:
- Key details about SIP-029
- Links to additional related resources
- Instructions on how to vote
- Next steps following the vote
SIP-029 Overview
Preserving Economic Incentives During Stacks Network Upgrades
SIP-029 is a crucial step in the development of sBTC and the Stacks ecosystem, focusing on modifying the Stacks token emission schedule to address critical network incentives.The main objectives of SIP-029 include:
Proposed Token Emission Changes
To enable the Stacks ecosystem to function effectively during these major protocol developments, SIP-029 proposes the following changes:
Resources and more information
SIP-029 is a crucial step in the development of sBTC and the Stacks ecosystem, focusing on modifying the Stacks token emission schedule to address critical network incentives.The main objectives of SIP-029 include:
- Bootstrapping sBTC liquidity by maintaining adequate PoX rewards
- Ensuring continued participation of high-quality Nakamoto Signers
- Balancing short-term incentives with long-term supply management
Proposed Token Emission Changes
To enable the Stacks ecosystem to function effectively during these major protocol developments, SIP-029 proposes the following changes:
- Extension of Current Emission Rate: Maintain the 1000 STX per block emission until April 2026.
- Modified Reduction Schedule: Implement a new reduction schedule following the extension period.
- Alignment with Bitcoin Halving: Better synchronize the emission schedule with Bitcoin's halving cycle.
- Long-term Supply Management: Result in a final 2050 supply 0.77% below the originally proposed 1.818B STX cap.
Resources and more information
- Full details and discussion around SIP-029 are always publicly available and can be viewed on the official Stacks GitHub repository.
- SIP-029 call with Brittany Laughlin, Stacks Foundation Chairperson and Will Corcoran, Stacks Foundation - week 1: x.com
- SIP-029 call with Brittany Laughlin, Stacks Foundation Chairperson - week 2: x.com
- Forum discussion: Aligning with Bitcoin Halving and Incentives after Nakamoto - #19 by Werner1
- SIP PR: SIP-029: STX Halving Schedule Alignment and Incentive Preservation
- Signal 21’s miners stats: Signal21 Analytics
How to vote on SIP-029
When voting opens, use the below instructions for casting your vote as a Stacker or non-Stacker. Follow @StacksOrg on X for the latest updates on vote timing.
[Web Wallet]
- Go to https://stx.eco and scroll to the proposal you want to vote on
- Click ‘Voting for Stackers’
- Launch the bitcoin wallet used to receive Stacking rewards. Click ‘Connect wallet’ at the top of the page to connect your wallet (if you use Leather or Xverse wallet)
- Choose the account that is being used for stacking
- Vote ‘Yes’ or ‘No’. Click the option that you prefer
- A window should pop up asking you to confirm your transaction. Click ‘Confirm’ to complete your vote
- Go to https://stx.eco and scroll to the proposal you want to vote on
- Click ‘Voting for Stackers’
- Launch the desktop wallet used to participate in Stacking
- To vote ‘Yes’, send 1 uSTX (0.000001 STX) to the STX address provided on the page (make sure it is sent from your Stacking address!)
- To vote ‘No’, send 1 uSTX (0.000001 STX) to the STX address provided on the page
- Double-check that you are sending this transaction from your Stacking address, to the correct ‘Yes’ or ‘No’ address, and sign your transaction
- To vote ‘Yes”, send 6,000 sats (0.00006 BTC) to the BTC address provided on the page (make sure it is sent from your rewards address!)
- To vote ‘No’, send 6,000 sats (0.00006 BTC) to the BTC address provided on the page
- Double check that you are sending this transaction from your Stacking rewards address, to the correct ‘Yes’ or ‘No’ address, and sign your transaction.
Voting details and approval thresholds
To activate this SIP, the following voting conditions must be met:
- At least 80 million stacked STX must be allocated to voting
- At least 80% of all stacked STX must be in favor of the proposal
Voting opens ~November 17th
The community will have between ~ Sunday, November 17th and ~ Sunday, December 1st to vote (between blocks 870,750 and 872,750). Don't miss this opportunity to shape the future of Stacks and contribute to the successful launch of sBTC!