This motion will withdraw 47.25M PHA from the Phala compute reward pool. Once the motion is finished, the Phala team will bridge them to Khala and deposit them to the Khala 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). Other locked mining rewards (308.2M) was moved to the Phala compute reward pool on 20/4/2023.
Now the mining rewards on Khala were all issued to the workers, we need to balance the unlocked rewards again between Phala and Khala. So this motion proposes to move the reward budget for the next 2 halving period calculated based on the mining rewards on Khala now.
You can find both the Ethereum compute reward subsidy account and the Phala/Khala subsidy pool accounts here:
Ethereum (now it's empty) - 0x4731bc41b3cca4c2883b8ebb68cb546d5b3b4dd6
Phala — modlphala/pp
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. The third move happened on April 20th, 2023, with the amount of 308,200,000 PHA.
2-of-3 multisig wallet owned by the Phala team:
Phala Network is moving 47.25M PHA from the Phala compute reward pool to the Khala compute reward pool. This is to balance the unlocked rewards between Phala and Khala.
Gemini was launched on 8/4/2022 and since then, Phala's team has moved 381.8M PHA rewards from the locked compute reward subsidy reservation on Ethereum to the Khala subsidy pool in two separate transactions.
The mining rewards on Khala have been issued to the workers, so the reward budget for the next 2 halving periods will be calculated based on the mining rewards on Khala now.
Phala and Khala share the same compute reward schedule and subsidy pool after the Gemini Update.
The force transfer target account is a 2-of-3 multisig wallet owned by the Phala team.
The funds had been transfer to Khala mining rewards pool successfully. This is the tx link:
https://khala.subscan.io/extrinsic/6347135-7
To ensure that Khala miners receive rewards normally during periods of insufficient rewards, we advanced 1M PHA to the Khala reward pool during the voting period of the motion. Therefore, the amount we transferred to the reward pool this time is 46,250,000 PHA, excluding the part (1M PHA) we advanced.
The three transaction links for the advances can be checked here:
https://khala.subscan.io/extrinsic/6318170-5
https://khala.subscan.io/extrinsic/6325692-9
https://khala.subscan.io/extrinsic/6325787-11