Adjust bridge reservation for the 308.2M PHA compute reward unlock - motion #197

This motion will mint 308.2M PHA and deposit it to SubBridge PHA reservation to enable PHA transfer. Once the motion is finished, the Phala team will bridge 308.2M PHA to the Phala compute reward pool.

Gemini was launched on 8/4/2022. Since then, Phala’s team had moved 381.8M PHA rewards from the locked compute reward subsidy reservation on Ethereum to the Khala subsidy pool in two separate transactions (Not including the 10M tokens transferred to Khala before Gemini started).

There are still 127M tokens left in the Khala subsidy pool and 308.2M tokens locked in the Ethereum subsidy pool.

This motion proposes that all the locked tokens in the Ethereum subsidy pool (308.2M PHA) are moved to the Phala subsidy pool to pay for the compute rewards to the workers on the Phala chain.

In the future, we will periodically transfer funds between the Phala and Khala subsidy pools based on their balances to ensure that both chains have sufficient tokens to pay computation rewards. The rules for distributing rewards will be implemented by a dedicated budget balancer introduced in the referendum. More details can be found here.

Detailed Background

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

  1. Ethereum (the biggest token holder on Etherscan) -0x4731bc41b3cca4c2883b8ebb68cb546d5b3b4dd6
  2. Phala — modlphala/pp
  3. 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 tokenomics. As 70% token is reserved for computing rewards, 69% was left 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. And the second move happened on Feb 21st, 2023, with the amount of 155,000,000 PHA.

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