2nd Compute Reward Transaction Will Happen Around 2:00 A.M. UTC on Feb 21st

2nd Compute Reward Transaction Will Happen Around 2:00 A.M. UTC on Feb 21st

2023-02-20

Gemini was launched on 8/4/2022. Since then, Phala’s team have moved a year’s worth of rewards from the locked compute reward subsidy reservation on Ethereum to the Khala subsidy pool. Nearly a year has passed, and the balance in the Khala subsidy pool is now almost exhausted.

Motion #175 proposes that another year’s worth of rewards (150M PHA) are moved to the Khala subsidy pool again. This is scheduled to occur at approximately 2:00 a.m. UTC on Feb 21st. There are about 110 days remaining in this halving period. So this 1-year reward is calculated as follows:

720,000 * 0.75 * 110 + 720,000 * 0.75 * 0.75 * 180 + 720,000 * 0.75 * 0.75 * 0.75 * 75 = 155,081,250 PHA

Detailed Background

You can find both the Ethereum compute reward subsidy account and the Khala subsidy pool accounts here:

  1. Ethereum (the biggest token holder on Etherscan) -0x4731bc41b3cca4c2883b8ebb68cb546d5b3b4dd6
  1. Khala — modlphala/pp.

Since the genesis launch of Khala, 1% of the total PHA supply was moved from the Ethereum compute reward subsidy reservation to the Khala subsidy pool, according to Phala's tokenomics. As 70% of the tokens are reserved for computing rewards, 69% remained in the Ethereum subsidy reservation.

After the Gemini Update, Khala and Phala will share the same compute reward schedule and subsidy pool. Therefore Phala team must move more funds to the Khala subsidy pool.

The first move after the Gemini Update happened on April 8th, 2022. The transaction amount is 226,800,000 PHA.

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