From 3a42b269613d9de7373d094cb4ff3968a1179859 Mon Sep 17 00:00:00 2001 From: Adrian <44499545+waveform06@users.noreply.github.com> Date: Mon, 9 Dec 2024 14:18:16 +0000 Subject: [PATCH 1/3] Update iot-token page post HIP 138 --- docs/tokens/iot-token.mdx | 59 ++++++++++++++++++++++++--------------- 1 file changed, 37 insertions(+), 22 deletions(-) diff --git a/docs/tokens/iot-token.mdx b/docs/tokens/iot-token.mdx index 35d5bbdb4..0c6ed6c76 100644 --- a/docs/tokens/iot-token.mdx +++ b/docs/tokens/iot-token.mdx @@ -12,10 +12,16 @@ import useBaseUrl from '@docusaurus/useBaseUrl' -IOT is the protocol token of the [Helium IoT Network][iot-network]. IOT was introduced to the Helium -Network through the community proposal [HIP-52][hip-52] and is further defined in subsequent -HIPs([^1],[^2]). The first IOT tokens were minted following the -Solana migration on April 18, 2023. +IOT is currently the protocol token of the [Helium IoT Network][iot-network]. IOT was introduced to +the Helium Network through the community proposal [HIP-52][hip-52] and is further defined in +subsequent HIPs([^1],[^2]). The first IOT tokens were minted +following the Solana migration on April 18, 2023. + +## On January 15, 2025 in accordance with [HIP-138][hip-138] all IOT emissions will cease. + +**And network participants will directly be rewarded in HNT tokens in the percentages defined in the +IOT emissions schedule, from the HNT awarded to the IOT network by the Utility score, defined in +[HIP-51][hip-51].** [^1]: [HIP-70: Scaling the Helium Network][hip-70] [^2]: [HIP-77: Solana Parameters][hip-77] @@ -31,13 +37,16 @@ Network tokens. ## Redemption for HNT -Protocol tokens like IOT will always be backed by HNT and will convert to HNT. To enable this, each -network within the Helium Network is allocated a pool of HNT based on the Network Utility Score. +Protocol tokens like IOT will always be backed by HNT and will convert to HNT even after the return +to issuing HNT rewards directly. To enable this, each network within the Helium Network was +allocated a pool of HNT based on the Network Utility Score. The redemption ratio is set +algorithmically by the treasury swap contacts based on this Network Utility Score. + +No automatic or required migration from IOT to HNT is planned. -The redemption ratio is set algorithmically by treasury swap contracts. It can be calculated easily -by dividing the current amount of HNT in the network treasury by the current total amount of IOT -tokens in existence. The result tells how much HNT one will get per IOT token given up at the -network treasury. +Once the IOT token ceases minting and there is no distribution of HNT to the IOT treasury then the +redemption or floor rate of IOT to HNT will be stabilized. And for as long as there is HNT in the +IOT treasury then the IOT token will have a value. $$\text{HNT per IOT} = \frac{\text{Total amount of HNT in treasury}}{\text{Total amount of IOT tokens existing}}$$ @@ -47,24 +56,28 @@ tooling found in the [Helium GitHub repositories][github]. ## Token Allocation -IOT follows a similar minting schedule to HNT, however at a max supply of 200,000,000,000 (200B). +IOT follows a similar minting schedule to HNT, however at a max supply of approx 70,000,000,000 +(70B), post [HIP-138][hip-138]. -Year 1 for IOT started on August 1st, 2022. +Year 1 for IOT started on August 1st, 2022. Actual emissions did not start until April 18th, 2023. -The issuance is scheduled to have halvings every 2 years, aligning with HNT issuance halvings. +The issuance was scheduled to have halvings every 2 years, aligning with HNT issuance halvings. From +January 2025 the emissions percentages will remain the same but rewards will be directly in the HNT +Token. The emissions schedule was created in [HIP-52][hip-52-emisions] and confirmed in [HIP-77][hip-77-emisions] and is as follows: -| Year | IOT at Year Start | IOT Minted | Proof of Coverage ([^3]) | Data Transfer ([^3]) | Oracles ([^4]) | Operations Fund | veHNT Stakes | -| ---- | ----------------- | ---------- | ---------------------------------------------- | ------------------------------------------ | ------------------------------------ | --------------- | ------------ | -| 1 | 5B | 65B | 30% | 50% | 7% | 7% | 6% | -| 2 | 70B | 32.5B | 28.5% | 51.5% | 7% | 7% | 6% | -| 3 | 102.5B | 32.5B | 27% | 53% | 7% | 7% | 6% | -| 4 | 135B | 16.25B | 25.5% | 54.5% | 7% | 7% | 6% | -| 5 | 151.25B | 16.25B | 24% | 56% | 7% | 7% | 6% | -| 6 | 167.5B | 8.125B | 22.5% | 57.5% | 7% | 7% | 6% | -| 7 | 175.625B | 8.125B | 21% | 59% | 7% | 7% | 6% | +| Year | IOT at Year Start | IOT Minted | Proof of Coverage ([^3]) | Data Transfer ([^3]) | Oracles ([^4]) | Operations Fund | veHNT Stakes | +| ---------- | ----------------- | ---------- | ---------------------------------------------- | ------------------------------------------ | ------------------------------------ | --------------- | ------------ | +| 1 (2022-8) | 5B | 65B | 30% | 50% | 7% | 7% | 6% | +| 2 (2023-8) | 70B | 32.5B | 28.5% | 51.5% | 7% | 7% | 6% | +| 3 (2024-8) | 102.5B | 32.5B | 27% | 53% | 7% | 7% | 6% | +| 3 (2025-1) | As HNT | As HNT | 27% | 53% | 7% | 7% | 6% | +| 4 (2025-8) | As HNT | As HNT | 25.5% | 54.5% | 7% | 7% | 6% | +| 5 (2026-8) | As HNT | As HNT | 24% | 56% | 7% | 7% | 6% | +| 6 (2027-8) | As HNT | As HNT | 22.5% | 57.5% | 7% | 7% | 6% | +| 7 (2028-8) | As HNT | As HNT | 21% | 59% | 7% | 7% | 6% | > Full token emissions can be viewed in the IOT section of this document: [Token Emissions as of > Solana Migration][migration-emissions]. @@ -85,3 +98,5 @@ The emissions schedule was created in [HIP-52][hip-52-emisions] and confirmed in https://github.com/helium/HIP/blob/main/files/0077/token-emissions-as-of-solana-migration.pdf [wallet-app]: /wallets/helium-wallet-app [explorer-stats]: https://explorer.helium.com/stats +[hip-138]: https://github.com/helium/HIP/blob/main/0138-return-to-hnt.md +[hip-51]: https://github.com/helium/HIP/blob/main/0051-helium-dao.md From 092fa8025451ae5570cb24836be1044a2bea2890 Mon Sep 17 00:00:00 2001 From: Adrian <44499545+waveform06@users.noreply.github.com> Date: Mon, 9 Dec 2024 14:22:39 +0000 Subject: [PATCH 2/3] Update iot-token.mdx --- docs/tokens/iot-token.mdx | 14 +++++++++++--- 1 file changed, 11 insertions(+), 3 deletions(-) diff --git a/docs/tokens/iot-token.mdx b/docs/tokens/iot-token.mdx index 0c6ed6c76..1244c9a8a 100644 --- a/docs/tokens/iot-token.mdx +++ b/docs/tokens/iot-token.mdx @@ -38,9 +38,17 @@ Network tokens. ## Redemption for HNT Protocol tokens like IOT will always be backed by HNT and will convert to HNT even after the return -to issuing HNT rewards directly. To enable this, each network within the Helium Network was -allocated a pool of HNT based on the Network Utility Score. The redemption ratio is set -algorithmically by the treasury swap contacts based on this Network Utility Score. +to issuing HNT rewards directly. To enable this, each network within the Helium Network is allocated +a pool of HNT based on the Network Utility Score. + +The redemption ratio is set algorithmically by treasury swap contracts. It can be calculated easily +by dividing the current amount of HNT in the network treasury by the current total amount of IOT +tokens in existence. The result tells how much HNT one will get per IOT token given up at the +network treasury. + +$ +\text{HNT per IOT} = \frac{\text{Total amount of HNT in treasury}}{\text{Total amount of IOT tokens existing}} +$ No automatic or required migration from IOT to HNT is planned. From 415ab72c536a207a062362636a123168022b18de Mon Sep 17 00:00:00 2001 From: Adrian <44499545+waveform06@users.noreply.github.com> Date: Tue, 10 Dec 2024 13:43:27 +0000 Subject: [PATCH 3/3] Update iot-token.mdx --- docs/tokens/iot-token.mdx | 8 +------- 1 file changed, 1 insertion(+), 7 deletions(-) diff --git a/docs/tokens/iot-token.mdx b/docs/tokens/iot-token.mdx index 1244c9a8a..0e06c8722 100644 --- a/docs/tokens/iot-token.mdx +++ b/docs/tokens/iot-token.mdx @@ -46,17 +46,11 @@ by dividing the current amount of HNT in the network treasury by the current tot tokens in existence. The result tells how much HNT one will get per IOT token given up at the network treasury. -$ -\text{HNT per IOT} = \frac{\text{Total amount of HNT in treasury}}{\text{Total amount of IOT tokens existing}} -$ - -No automatic or required migration from IOT to HNT is planned. - Once the IOT token ceases minting and there is no distribution of HNT to the IOT treasury then the redemption or floor rate of IOT to HNT will be stabilized. And for as long as there is HNT in the IOT treasury then the IOT token will have a value. -$$\text{HNT per IOT} = \frac{\text{Total amount of HNT in treasury}}{\text{Total amount of IOT tokens existing}}$$ +No automatic or required migration from IOT to HNT is planned. The [Helium Wallet App][wallet-app] serves as the primary platform for exchanging IOT to HNT. This transaction can also be performed directly through the Solana blockchain using the open-source