By Evan Shapiro, Mina Foundation CEO and Board Member
This September marks six months since Mina’s mainnet launch, and since going live we’ve seen better-than-expected progress in the development of the protocol with network bandwidth expanded to handle 3x the number of accounts, infrastructure improvements being made, and easy zkApps¹ programmability on mainnet targeted for release in the next several months.
As a result, the pre-mainnet estimation for a hard fork² at the six month marker is not currently required, as the network is stable and not projected to need any updates until easy zkApps programmability is enabled on mainnet near the end of the year. This next hard fork is projected for near the end of the year, which would be around 9 months from launch.
The supercharged block reward rate of Mina was initially planned to follow a step wise schedule, with the first change occurring 6 months after the mainnet launch with the first hard fork. While a hard fork at month 6 is no longer necessary, as Mina’s inflation rate is implemented via fixed block rewards, the effective inflation rate naturally goes down over time. This natural decrease in yield is expected to keep supercharged rewards close to the level that had been previously disclosed between months 6 and 9, without a hard fork.
See the chart below for a detailed overview of estimated supercharged reward yield from mainnet launch to month 9 of mainnet being live.
As we get closer to the estimated date for the hard fork, we will share more updates and information in advance. Thank you for being part of the community, we’re very excited to work together in building Mina and we encourage you to sign up for the Mina newsletter to stay up to date.
* zkApps¹: Mina’s zk-SNARK enabled smart contracts
* hard fork²: A backwards-incompatible update to the Mina network.
* Supercharged rewards³: The staking rewards given to tokens that are part of the circulating supply as an extra incentive to stake during the first several months of mainnet.
Disclaimer: Information provided herein includes estimates as of the date of publication and their accuracy is not guaranteed. Mina Foundation does not make any representation that any data provided herein will remain unchanged in the future. Statements may be forward-looking and are not intended as guarantees of future performance.
About Mina Protocol
Mina Protocol is being incubated by O(1) Labs, the leader in zk-SNARKs and verifiable computation. Mina Protocol, the world’s lightest blockchain, provides a foundation for the decentralized digital economy (Web 3.0), by affording all participants fully P2P, permissionless access to the chain, from any device. By utilizing recursive zk-SNARKs, the Mina blockchain always stays the same size — about 20 kilobytes (the size of a few tweets). Recursive zk-SNARKs allow nodes to rapidly share and update proof of the correct blockchain state across the network. This breakthrough application of zk-SNARKs solves the issues of scalability and high barrier to entry for nodes that have plagued legacy blockchains to-date. By making it easier for nodes to participate, Mina improves decentralization and therefore security of the network. The Mina blockchain can be easily accessed from any device, including phones and browsers, and can be seamlessly integrated into new decentralized applications (dapps).