SkyPirl coin specifications
Last updated
Last updated
To check the number of Pirl coins generated daily please check the link below
https://skypirl.net/#/staking/targets
Currently there are about 13674 Pirl coins generated every day, This amount belongs to Validator, Nominator.
2 Check the monthly burning amount at the treasury.
https://skypirl.net/#/treasury
The Treasury is a pot of funds collected through a portion of block production rewards, transaction fees, slashing, staking inefficiencies, etc.
The funds held in the Treasury can be spent by making a spending proposal that, if approved by the Council, will enter a waiting period before distribution. This waiting period is known as the spend period, and its duration is subject to governance, with the current default set to 24 days. The Treasury attempts to spend as many proposals in the queue as it can without running out of funds.
Treasury payout is an automatic process:
If the Treasury funds run out with approved proposals left to fund, those proposals are kept in the approved queue, and will receive funding in the following spend period.
If the Treasury ends a spend period without spending all of its funds, it suffers a burn of a percentage of its funds - thereby causing deflationary pressure. This encourages the spending of the funds in the Treasury by Polkadot's governance system. This percentage is currently at 1% on Polkadot.
When a stakeholder wishes to propose a spend from the Treasury, they must reserve a deposit of at least 5% of the proposed spend (see below for variations). This deposit will be slashed if the proposal is rejected, and returned if it is accepted.
Proposals may consist of (but are not limited to):
Infrastructure deployment and continued operation.
Network security operations (monitoring services, continuous auditing).
Ecosystem provisions (collaborations with friendly chains).
Marketing activities (advertising, paid features, collaborations).
Community events and outreach (meetups, pizza parties, hackerspaces).
Software development (wallets and wallet integration, clients and client upgrades).
The Council governs the Treasury and how the funds are spent is up to their judgment.
Funding the Treasury
The Treasury is funded from different sources:
Slashing: When a validator is slashed for any reason, the slashed amount is sent to the Treasury with a reward going to the entity that reported the validator (another validator). The reward is taken from the slash amount and varies per offence and number of reporters.
Transaction fees: A portion of each block's transaction fees goes to the Treasury, with the remainder going to the block author.
Staking inefficiency: Inflation is designed to be 10% in the first year, and the ideal staking ratio is set at 50%, meaning half of all tokens should be locked in staking. Any deviation from this ratio will cause a proportional amount of the inflation to go to the Treasury. In other words, if 50% of all tokens are staked, then 100% of the inflation goes to the validators as reward. If the staking rate is greater than or less than 50%, then the validators will receive less, with the remainder going to the Treasury.
Parathreads: Parathreads participate in a per-block auction for block inclusion. Part of this bid goes to the validator that accepts the block and the remainder goes to the Treasury.
Creating a Treasury Proposal
The proposer has to deposit a minimum of 100 Pirl or 5% of the requested amount with a maximum cap of 500 Pirl as an anti-spam measure. This amount is burned if the proposal is rejected, or refunded otherwise. These values are subject to governance so they may change in the future.
Please note that there is no way for a user to revoke a treasury proposal after it has been submitted. The Council will either accept or reject the proposal, and if the proposal is rejected, the bonded funds are burned.
