fix

app/app.go

@@ -398,12 +398,16 @@ func NewApp(
 		app.loadBlockedMaccAddrs(),
 		govAuthAddrStr,
 	)
+	app.vestingKeeper = vestingkeeper.NewVestingKeeper(app.accountKeeper, app.bankKeeper, keys[vestingtypes.StoreKey])
+
 	app.stakingKeeper = stakingkeeper.NewKeeper(
 		appCodec,
 		keys[stakingtypes.StoreKey],
 		app.accountKeeper,
 		app.bankKeeper,
 		govAuthAddrStr,
+		app.vestingKeeper,
+		stakingSubspace,
 	)
 	app.authzKeeper = authzkeeper.NewKeeper(
 		keys[authzkeeper.StoreKey],
@@ -737,8 +741,6 @@ func NewApp(
 		keys[counciltypes.StoreKey], appCodec, app.stakingKeeper,
 	)
 
-	app.vestingKeeper = vestingkeeper.NewVestingKeeper(app.accountKeeper, app.bankKeeper, keys[vestingtypes.StoreKey])
-
 	// create the module manager (Note: Any module instantiated in the module manager that is later modified
 	// must be passed by reference here.)
 	app.mm = module.NewManager(

chaincfg/mint.go

@@ -1,36 +1,73 @@
 package chaincfg
 
 import (
+	"github.com/shopspring/decimal"
+
 	sdk "github.com/cosmos/cosmos-sdk/types"
 	minttypes "github.com/cosmos/cosmos-sdk/x/mint/types"
 )
 
+var (
+	Xmax, _ = sdk.NewDecFromStr("1.0")  // upper limit on staked supply (as % of circ supply)
+	Ymin, _ = sdk.NewDecFromStr("0.05") // target APY at upper limit
+
+	Xmin, _ = sdk.NewDecFromStr("0.2")  // lower limit on staked supply (as % of circ supply)
+	Ymax, _ = sdk.NewDecFromStr("0.15") // target APY at lower limit
+
+	decayRate, _ = sdk.NewDecFromStr("10")
+)
+
+func decExp(x sdk.Dec) sdk.Dec {
+	xDec := decimal.NewFromBigInt(x.BigInt(), -18)
+	expDec, _ := xDec.ExpTaylor(18)
+	expInt := expDec.Shift(18).BigInt()
+	return sdk.NewDecFromBigIntWithPrec(expInt, 18)
+}
+
 func NextInflationRate(ctx sdk.Context, minter minttypes.Minter, params minttypes.Params, bondedRatio sdk.Dec, circulatingRatio sdk.Dec) sdk.Dec {
-	// The target annual inflation rate is recalculated for each previsions cycle. The
+	X := bondedRatio.Quo(circulatingRatio)
-	// inflation is also subject to a rate change (positive or negative) depending on
-	// the distance from the desired ratio (67%). The maximum rate change possible is
-	// defined to be 13% per year, however the annual inflation is capped as between
-	// 7% and 20%.
 
-	// (1 - bondedRatio/GoalBonded) * InflationRateChange
+	var apy sdk.Dec
-	inflationRateChangePerYear := sdk.OneDec().
+	if X.LT(Xmin) {
-		Sub(bondedRatio.Quo(params.GoalBonded)).
+		apy = Ymax
-		Mul(params.InflationRateChange)
+	} else {
-	inflationRateChange := inflationRateChangePerYear.Quo(sdk.NewDec(int64(params.BlocksPerYear)))
+		exp := decayRate.Neg().Mul(Xmax.Sub(Xmin))
-
+		c := decExp(exp)
-	// adjust the new annual inflation for this next cycle
+		d := Ymin.Sub(Ymax.Mul(c)).Quo(sdk.OneDec().Sub(c))
-	inflation := minter.Inflation.Add(inflationRateChange) // note inflationRateChange may be negative
+		expBonded := decayRate.Neg().Mul(X.Sub(Xmin))
-	if inflation.GT(params.InflationMax) {
+		cBonded := decExp(expBonded)
-		inflation = params.InflationMax
+		e := Ymax.Sub(d).Mul(cBonded)
-	}
+		apy = d.Add(e)
-	if inflation.LT(params.InflationMin) {
-		inflation = params.InflationMin
 	}
 
-	ctx.Logger().Debug(
+	inflation := apy.Mul(bondedRatio)
-		"calculated new annual inflation",
+
+	// // The target annual inflation rate is recalculated for each previsions cycle. The
+	// // inflation is also subject to a rate change (positive or negative) depending on
+	// // the distance from the desired ratio (67%). The maximum rate change possible is
+	// // defined to be 13% per year, however the annual inflation is capped as between
+	// // 7% and 20%.
+
+	// // (1 - bondedRatio/GoalBonded) * InflationRateChange
+	// inflationRateChangePerYear := sdk.OneDec().
+	// 	Sub(bondedRatio.Quo(params.GoalBonded)).
+	// 	Mul(params.InflationRateChange)
+	// inflationRateChange := inflationRateChangePerYear.Quo(sdk.NewDec(int64(params.BlocksPerYear)))
+
+	// // adjust the new annual inflation for this next cycle
+	// inflation := minter.Inflation.Add(inflationRateChange) // note inflationRateChange may be negative
+	// if inflation.GT(params.InflationMax) {
+	// 	inflation = params.InflationMax
+	// }
+	// if inflation.LT(params.InflationMin) {
+	// 	inflation = params.InflationMin
+	// }
+
+	ctx.Logger().Info(
+		"nextInflationRate",
 		"bondedRatio", bondedRatio,
 		"circulatingRatio", circulatingRatio,
+		"apy", apy,
 		"inflation", inflation,
 		"params", params,
 		"minter", minter,

go.sum

@@ -219,10 +219,10 @@ filippo.io/edwards25519 v1.0.0 h1:0wAIcmJUqRdI8IJ/3eGi5/HwXZWPujYXXlkrQogz0Ek=
 filippo.io/edwards25519 v1.0.0/go.mod h1:N1IkdkCkiLB6tki+MYJoSx2JTY9NUlxZE7eHn5EwJns=
 git.sr.ht/~sircmpwn/getopt v0.0.0-20191230200459-23622cc906b3/go.mod h1:wMEGFFFNuPos7vHmWXfszqImLppbc0wEhh6JBfJIUgw=
 git.sr.ht/~sircmpwn/go-bare v0.0.0-20210406120253-ab86bc2846d9/go.mod h1:BVJwbDfVjCjoFiKrhkei6NdGcZYpkDkdyCdg1ukytRA=
-github.com/0glabs/cosmos-sdk v0.46.11-0glabs.4 h1:NYKYgJIilexHR8VE1EAl7Tv2wMQGPwdzKiLV2DnIAwg=
+github.com/0glabs/cosmos-sdk v0.46.11-0glabs.5 h1:/7zqU8Az6n3UpKnypKQ92Yw8AgrE1v1AfatrL8elajs=
-github.com/0glabs/cosmos-sdk v0.46.11-0glabs.4/go.mod h1:jwgWoeAWxqMF5pZUZ4N+G4rD3q6oOLulq3/dGCFLEX4=
+github.com/0glabs/cosmos-sdk v0.46.11-0glabs.5/go.mod h1:jwgWoeAWxqMF5pZUZ4N+G4rD3q6oOLulq3/dGCFLEX4=
-github.com/0glabs/ethermint v0.21.0-0g.v2.0.1 h1:loFnZAEZ8tboo3JO3+AE+1gJcUm6hkYuwcn+ZHBhjxE=
+github.com/0glabs/ethermint v0.21.0-0g.v2.0.2 h1:mFVOMra9lmeNk+CgL0UsBxqiXHx5JWVeiURJFgQmHzY=
-github.com/0glabs/ethermint v0.21.0-0g.v2.0.1/go.mod h1:peUmQT71k9BOBgoWoIRWRrM/O01mffVjIH0RLnoaFuI=
+github.com/0glabs/ethermint v0.21.0-0g.v2.0.2/go.mod h1:KPLRino6lVDPV/cZCbQf7dZdR1nsVgptr0Htf6ZxZe8=
 github.com/99designs/go-keychain v0.0.0-20191008050251-8e49817e8af4 h1:/vQbFIOMbk2FiG/kXiLl8BRyzTWDw7gX/Hz7Dd5eDMs=
 github.com/99designs/go-keychain v0.0.0-20191008050251-8e49817e8af4/go.mod h1:hN7oaIRCjzsZ2dE+yG5k+rsdt3qcwykqK6HVGcKwsw4=
 github.com/Azure/azure-sdk-for-go/sdk/azcore v0.21.1/go.mod h1:fBF9PQNqB8scdgpZ3ufzaLntG0AG7C1WjPMsiFOmfHM=