EOS Holders Vote to reduce annual inflation from 5% to 1%

EOS holders voted to reduce the annual inflation rate from 5% to 1% as of June 1, according to data on the voting platform maintained by the EOS Authority (BP) EOS Authority.

According to the study's description, Out of today's 5% of annual EOS inflation, 4% is aggregated into the eosio.saving account while 1% is distributed among BP as opposed to network maintenance. About 3.6 million EOS is reportedly created and sent to this on-chain account each month, and this figure is increasing due to complex inflation mechanisms.

The original purpose of raising funds on the said account was alleged to have the community vote on how to spend it or even burn it. Nevertheless, the proposal claims:

"However, 8 months have passed and there is still no defined use for this large amount of EOS tokens that continue to flow into the eosio.saving account. This large amount of accumulated tokens has now become excessive , and if we continue to allow it to continue to grow, it will eventually become an attack vector for the network. "

The author of the proposal's description notes that" it is therefore time to turn off the crane and reduce the level of inflation. " also notes that the implementation of the new inflation rate will not affect Block Producers' revenues:

"1[ads1]% to block manufacturers (0.25% + 0.75%) will remain unchanged."

At press time, 100 % of the 778 million EOS fence account was thrown in favor of reducing inflation.

As Cointelegraph reported on June 2, the EOS parent company Block.one has announced a blockchain-based social media platform called Voice.

MakerDAO has seen a number of votes to change the so-called stability charge for Ethereum-blocking-based decentralized stablecoin DAI, most of which declines it by 2%.