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+```
+DIP: 46
+Title: Fixed Maximum APY
+Author(s): aggre
+Contributors:
+Type: Policy
+Status: <Assigned by DIP Editor>
+Date Proposed: 2021-02-02
+Date Ratified: <date created on, in ISO 8601 (yyyy-mm-dd) format>
+Dependencies: <DIP number(s)>
+Replaces: <DIP number(s)>
+License: CC0
+```
+
+## References
+
+## Sentence Summary
+
+Remove "asset count" from the formula for Dev Protocol's inflation rate.
+
+## Paragraph Summary
+
+"Asset count" and "deposit amount" are used as variables to calculate the Dev Protocol's inflation rate.
+
+Using these variables, the user-proposed Policy determines the inflation rate.
+
+Removing "asset count" from those variables eliminates the risk that a new Market will be an attack on the protocol.
+
+## Component Summary
+
+- Remove "asset count" from `Policy.rewards` method's interface.
+- The inflation rate does not change even if asset count increases.
+- Users need new Policies to be proposed/voted to correct the decline in APY.
+- When this DIP is applied, the latest "inflation upper limit by old scheme" is used as the inflation upper limit's initial value.
+- The inflation rate decreases only with increasing deposit (=staking). That inflation curve is similar to the validator rewards from deposits on the Ethereum 2.0 beacon chain.
+
+## Motivation
+
+Increasing asset count works to increase APY, which reduces the disincentive (= risk that "asset increase" leads to "APY plunge") for creators.
+
+However, the issues surrounding the Market scheme have become increasingly complex. And in some cases, the increase in APY can act as a disincentive for some creators, so using asset count as a variable can be seen as introducing too much complexity into the protocol and hindering upgradability.
+
+## Specification
+
+### Proposed Code
+
+#### Policy Interface
+
+```solidity
+function rewards(uint256 _deposits) external view returns (uint256);
+```
+
+##### Actual
+
+https://github.com/dev-protocol/protocol/blob/76e57682e7f9f2e375413b445189a38edc66ff97/contracts/interface/IPolicy.sol#L5-L8
+
+#### Policy for DIP46
+
+```solidity
+contract DIP46 is DIP1 {
+	uint256 private constant basis = 10000000000000000000000000;
+	uint256 private constant power_basis = 10000000000;
+	uint256 private constant mint_per_block = 120000000000000; // **SHOULD REWRITE WITH THE LATEST VALUE**
+
+	constructor(address _config) public DIP1(_config) {}
+
+	function rewards(uint256 _deposits)
+		external
+		view
+		returns (uint256)
+	{
+		uint256 t = ERC20(config().token()).totalSupply();
+		uint256 s = (_deposits.mul(basis)).div(t);
+		uint256 max = mint_per_block;
+		uint256 _d = basis.sub(s);
+		uint256 _p =
+			(
+				(power_basis.mul(12)).sub(
+					s.div((basis.div((power_basis.mul(10)))))
+				)
+			)
+				.div(2);
+		uint256 p = _p.div(power_basis);
+		uint256 rp = p.add(1);
+		uint256 f = _p.sub(p.mul(power_basis));
+		uint256 d1 = _d;
+		uint256 d2 = _d;
+		for (uint256 i = 0; i < p; i++) {
+			d1 = (d1.mul(_d)).div(basis);
+		}
+		for (uint256 i = 0; i < rp; i++) {
+			d2 = (d2.mul(_d)).div(basis);
+		}
+		uint256 g = ((d1.sub(d2)).mul(f)).div(power_basis);
+		uint256 d = d1.sub(g);
+		uint256 mint = max.mul(d);
+		mint = mint.div(basis).div(basis);
+		return mint;
+	}
+}
+```
+
+#### Allocator Contract
+
+```solidity
+function calculateMaxRewardsPerBlock() external view returns (uint256) {
+	return IPolicy(config().policy()).rewards(ILockup(config().lockup()).getAllValue());
+}
+```
+
+##### Actual
+
+https://github.com/dev-protocol/protocol/blob/76e57682e7f9f2e375413b445189a38edc66ff97/contracts/src/allocator/Allocator.sol#L25-L30
+
+### Test Cases
+
+```solidity
+interface IPolicy {
+	function rewards(uint256 _deposits) external view returns(uint256);
+}
+
+interface ILockup {
+	function getAllValue() external view returns(uint256);
+}
+
+contract Policy is IPolicy {
+	function rewards(uint256 _deposits) external view returns(uint256) {
+		return _deposits * 2;
+	}
+}
+
+contract Lockup is ILockup {
+	function getAllValue() external view returns(uint256) {
+		return 100000000000000000000;
+	}
+}
+```
+
+```ts
+const policy: PolicyInstance;
+
+describe("Policy.rewards", () => {
+	it("Returns 2x the passed value", async () => {
+		const result = await policy.rewards(100);
+		expect(result).to.be(200);
+	});
+});
+```
+
+```ts
+const allocator: AllocatorInstance;
+const lockup: LockupInstance;
+const policy: PolicyInstance;
+
+describe("Allocator.calculateMaxRewardsPerBlock", () => {
+	it("Returns the result when the argument of Policy.rewards is set to the value of Lockup.getAllValue", async () => {
+		const result = await allocator.calculateMaxRewardsPerBlock();
+		const allValue = await lockup.getAllValue();
+		const expected = await policy.rewards(allValue);
+		expect(result).to.be(expected);
+	});
+});
+```
+
+### Security Considerations
+
+The obvious risk to the protocol is an "unexpected increase in the inflation rate," and this proposal eliminates that risk.
+
+There is no additional technical risk associated with this proposal.
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).