Qena42 (PsQEna427)

Proposals
1

What is the Qena proposal?

To answer this question we have to go back in time. Qena was the answer to Quebec A and Quebec B. Its goal was to give the well-researched initial version of Adaptive Issuance more time before making changes which are both not well researched and would lead to unnecessary complexity.

The initial Qena proposal won the proposal round against Quebec A and Quebec B but it was not able to meet the threshold of the Exploration period, falling just a little bit short of the 80% super-majority whilst meeting the quorum requirement.

1400Ă—501 132 KB

Qena voting results.

We have explained why the original Qena was the preferred option:

(1) Qena Protocol Proposal: A Response to Quebec’s Adaptive Issuance Change | by Tez Capital | Sep, 2024 | Medium

(2) Q Protocol Voting in Context. Let’s Put The Q Vote Into Context | by Tez Capital | Sep, 2024 | Medium

What is the Qena42 proposal?

The newest Qena42 proposal goes head-to-head with the newest Quebec proposal as announced here: Announcing Quebec: Tezos 17th protocol upgrade proposal

The Qena42 proposal includes the following features:

  • Maintains the security is the priority narrative
  • Addresses concerns about 50% target being to far by moving it to 42% (stops rise in issuance at 40%)
  • Cuts delegation power to 1/3 to further encourage staking
  • Keeps all the features of new Quebec (except the new additional curve)

While keeping all the changes from the Quebec proposal, Qena42 sets itself apart by not including the new maximum issuance curve and by moving the target from 50% to 42% which is more realistic.

The Q proposals with the proposed bounding curve are creating reverse pressure. This drops incentive to reach the security target with each added stake even before the target is reached. This directly violates the purpose of Adaptive Issuance and does not conform to a proper research standard necessary for such changes.

Qena42 maintains a healthy balance. Moving the target to 42% further slows the issuance growth, and if it seems appropriate, we can lower the target even further in future proposals.

Qena42 proposal hash: PsQEna427TJJ2dYatjWS12qKihty5huvBDmNHNAgCeTzWCpF673

More information is coming

Due to the nature of the latest release of the Quebec protocol, we did not have ample time to prepare a response. You can expect a more detailed writeup in the coming days, explaining why Qena42 is the answer.

Helpful Links

Read more about Qena and Quebec A/B here: Qena Protocol Proposal: A Response to Quebec’s Adaptive Issuance Change | by Tez Capital | Sep, 2024 | Medium
Qena Source Code > Qena 42 · tez-capital/tezos@7b22aea · GitHub

Tez Capital Website > https://tez.capital
Tez Capital Discord > Tez Capital
Tez Capital Telegram > Telegram: Contact @tezcapital
Tez Capital Documentation > https://docs.tez.capital (find out more about our tools here)

2 Likes
2
  • Cuts delegation power to 1/3 to further encourage staking - too much. It would have been more acceptable to reduce it in small portions but over a long period of time to give the delegates a chance to understand the essence of the idea.
1 Like
3

I voted for the first Qena,because I liked its approach of giving Paris economics more time to “soak” while adopting Quebec’s technical improvements. Since Qena42 does something similar,that means it includes the 9x staking over baking limit?

2 Likes
4

It’s frustrating to see Qena’s advocates to continue making assumptions to support their arguments, as if the staking ratio weren’t stagnant. Let’s first acknowledge reality, and then build solutions based on it.

1 Like
5

I supported the original Qena proposal, but I’m not so sure about this one.

I would also like clarification as to whether or not this proposal increases the staking limit to 9x.

Additionally, since the original Qena proposal boldly declared that only well researched changes to issuance should be made, can you explain what research has been done to verify that changing the target from 50% to 42% is a good move?

If not, then I don’t see how this proposal is any better than the new PsQuebecn proposal.

1 Like
6

RE: “The Q proposals with the proposed bounding curve are creating reverse pressure. This drops incentive to reach the security target with each added stake even before the target is reached. This directly violates the purpose of Adaptive Issuance and does not conform to a proper research standard necessary for such changes.”–when you mention, “does not conform to a proper research standard”, what does this mean?

1 Like
7

you can inject original Qena proposal today, to start at the same time with other proposals

8

Thanks for the reminder and suggestion. But I assume it contains a similar bug as contained in Qena42, so it wouldn’t make sense to re-inject the original proposal.

9

PtQenaB1PqFEfTe2og7bZTaPvMw2CxRyDFEwWNj3GiWp9ba4bJd is audited version of original Qena. It was merged into tezos core repo for a brief while.

1 Like