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Author: Admin | 2025-04-28
Miners, the rate of token consumption is also in the hands of the community, as participants compete for on-chain resources.As of today, Filecoin daily token consumption has climbed as high as 180k FIL per day, which is a sign of a thriving economy.ConclusionThe economic mechanisms embedded in the Filecoin protocol ensure that network activities and stakeholders are fully aligned with the long-term health of the network. Mechanisms such as variable minting based on network growth, vesting structures, token consumption, collateral requirements and more align participant incentives and motivations with the long-term success of the network.Making Web3 mainstream requires the efforts of all ecosystem participants. The incentives of the Filecoin protocol have to balance the interests of all stakeholders, storage clients, miners, developers, token holders, and ecosystem partners. A thriving economy benefits everyone in the network and aligns the long-term incentives of all participants. And most importantly, the future of Filecoin lies in the hands of all its community.Addendum: Mechanical Definitions of Circulating SupplyThe blog post above details some of the mechanisms to model circulating supply. This addendum outlines two different mechanical calculations of circulating supply used in PL’s APIs.API #1: Filecoin Protocol DefinitionThe reference implementation of the Filecoin protocol (Lotus) exposes an API call for the current network circulating supply: StateCirculatingSupply. This API call returns the circulating supply as a result of subtracting total token outflows from total token inflows. Total token inflows include mining rewards, vested SAFT tokens, disbursed Mining Reserve, and vested tokens originally owned by the Filecoin Foundation and Protocol Labs. Total token outflows include tokens programmatically locked on chain or programmatically burned that are not transferable at the time of invocation. For example, collateral, locked block rewards, not-yet-vested tokens, etc are not included in this calculation. This API is used by a variety of community members, including various Filecoin block explorers.API #2: Used by Cryptocurrency Price and Market Capitalization WebsitesMany cryptocurrency price and market capitalization tracking websites use their own specific definitions for circulating supply to keep comparisons across projects as standardized as possible. This sometimes diverges from the circulating supply definition used by a particular network. For example, websites like CoinMarketCap and CoinGecko consider vested tokens by the project teams (e.g. Filecoin Foundation, Protocol Labs, and project team members) to be part of the circulating supply only when those tokens have moved from their original wallets.While Filecoin had implemented only API #1 at launch, the network is implementing a second API (“API #2”) to accommodate the definition used by these cryptocurrency price and market capitalization tracking websites. To reiterate the difference, API #1 includes all vested tokens from the Filecoin Foundation, Protocol Labs, and project team members in circulating supply and API #2 excludes those tokens until they leave their original wallets at which point they become part of the circulating supply. As such, the Filecoin circulating supply as defined by cryptocurrency price and market capitalization websites may sometimes be lower than what the native Filecoin Protocol API returns.As of December 14, 2020, API #1
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