As outlined over the weekend, the relay node runners completed a vote today to ratify a change to their node awards vesting schedule. The Foundation, with the Economic Advisory Committee’s support and advice, and based on input from the node runner community, put forth this proposal to enable a sustainable, long term supply of the Algo into the market and to underpin a more stable ecosystem.
The new vesting schedule, based on a Conditional Accelerated Vesting model, has moved from a 2-year timeframe to a greater than 5-year timeframe but with the opportunity for that timeframe to be reduced under certain conditions. The relay node runners will receive an increased allocation of Algo to compensate for the vesting extension. For a detailed view of the new vesting schedule, please click here to view the full EIP.
Of the node runners earning daily rewards as part of the early relay node running incentive programs, here is the outcome of their votes:
The votes can be seen in the blocks between 3412600 and 3456000 The Algorand Foundation has facilitated amendments to the relevant contracts consistent with the node runners’ decision. Further details on the result of the vote can be found here https://algoprogram.cartan.dev/vote/EIP-11252019AF. The voting procedures and details can be referenced here.
As mentioned in the voting procedures, a notice must be signed via DocuSign to establish formal legally binding consent for this amendment. The Proposal is considered as approved if a majority of relay node runners indicate their consent. The majority is defined as over 50% of operating Nodes.
We received a majority of signed notices on December 2, 2019. Accordingly, the Proposal will go into effect immediately with an effective date of December 3, 2019. With the passing of this proposal, there will be a continued suspension of vesting until December 31, 2019 to allow for time to implement the new vesting schedule.
In conjunction with the relay node runner community moving to this revised schedule, the Foundation has committed to limiting the number of Algos available to be sold in any given year (whether executed via auction or other methods). This number will never exceed the total percentage of Algos vested by node runners at any given time, as described in EIP-11252019AF. The Foundation will publish a stated target for the following year in advance and its 2020 plan will be published shortly.
*Three relay node runners voted “Yes” using new voting addresses:
instead of their registered voting addresses:
OYRFJ67ON5W2SN2OCTR6JVBA6HGSXCX2DCO3HH4R2CXPZ4D4O7EZ6H6AOU HDAHB6MIR2Z6NQWX74366BIFH44GLILAEDZ4D2AXFJ2XJ5NTCONSYY6G7U 6MXAVE2DNRVB4ETJQ3IJA7LGHLIZ2MNEDO5DJZDDOUGSMCWG7HYSBHKSOQ
Their votes are not counted in the result for “Yes” votes.