feat: new token emission

CHANGELOG.md

@@ -51,7 +51,8 @@ Ref: https://keepachangelog.com/en/1.0.0/
 - [2129](https://github.com/umee-network/umee/pull/2129) Emergency Group x/ugov proto.
 - [2146](https://github.com/umee-network/umee/pull/2146) Add store `GetTimeMs` and `SetTimeMs`.
 - [2157](https://github.com/umee-network/umee/pull/2157) Add `x/metoken` module.
-- [2145](https://github.com/umee-network/umee/pull/2145) Add hard market cap for token emission.
+- [2145](https://github.com/umee-network/umee/pull/2145) Add New `Inflation Parms` to x/ugov proto and added `inflation rate` change logic to umint
+- [2159](https://github.com/umee-network/umee/pull/2159) Add hard market cap for token emission.
 
 ### Improvements
 

app/inflation/expected_keepers.go

@@ -3,8 +3,10 @@ package inflation
 import (
 	"cosmossdk.io/math"
 	sdk "github.com/cosmos/cosmos-sdk/types"
+	minttypes "github.com/cosmos/cosmos-sdk/x/mint/types"
 )
 
 type MintKeeper interface {
 	StakingTokenSupply(ctx sdk.Context) math.Int
+	SetParams(ctx sdk.Context, params minttypes.Params)
 }

app/inflation/inflation.go

@@ -0,0 +1,77 @@
+package inflation
+
+import (
+	"cosmossdk.io/math"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	minttypes "github.com/cosmos/cosmos-sdk/x/mint/types"
+
+	"github.com/umee-network/umee/v5/util"
+	ugovkeeper "github.com/umee-network/umee/v5/x/ugov/keeper"
+)
+
+type Calculator struct {
+	UgovKeeperB ugovkeeper.Builder
+	MintKeeper  MintKeeper
+}
+
+func (c Calculator) InflationRate(ctx sdk.Context, minter minttypes.Minter, mintParams minttypes.Params,
+	bondedRatio sdk.Dec) sdk.Dec {
+
+	ugovKeeper := c.UgovKeeperB.Keeper(&ctx)
+	inflationParams := ugovKeeper.InflationParams()
+	maxSupplyAmount := inflationParams.MaxSupply.Amount
+
+	totalSupply := c.MintKeeper.StakingTokenSupply(ctx)
+	if totalSupply.GTE(maxSupplyAmount) {
+		// supply is already reached the maximum amount, so inflation should be zero
+		return sdk.ZeroDec()
+	}
+
+	icst, err := ugovKeeper.GetInflationCycleStart()
+	util.Panic(err)
+
+	// Initially inflation_cycle start time is zero
+	// Once chain start inflation cycle start time will be inflation rate change executed block time
+	if ctx.BlockTime().After(icst.Add(inflationParams.InflationCycle)) {
+		// inflation cycle is completed , so we need to update the inflation max and min rate
+		// inflationReductionRate = 25 / 100 = 0.25
+		inflationReductionRate := inflationParams.InflationReductionRate.ToDec().Quo(sdk.NewDec(100))
+		// InflationMax = PrevInflationMax * ( 1 - 0.25)
+		mintParams.InflationMax = mintParams.InflationMax.Mul(sdk.OneDec().Sub(inflationReductionRate))
+		// InflationMin = PrevInflationMin * ( 1 - 0.25)
+		mintParams.InflationMin = mintParams.InflationMin.Mul(sdk.OneDec().Sub(inflationReductionRate))
+
+		// update the changed inflation min and max rates
+		c.MintKeeper.SetParams(ctx, mintParams)
+
+		// update the executed time of inflation cycle
+		err := ugovKeeper.SetInflationCycleStart(ctx.BlockTime())
+		util.Panic(err)
+		ctx.Logger().Info("inflation min and max rates are updated",
+			"inflation_max", mintParams.InflationMax, "inflation_min", mintParams.InflationMin,
+			"inflation_cycle_start", ctx.BlockTime().String(),
+		)
+	}
+
+	minter.Inflation = minttypes.DefaultInflationCalculationFn(ctx, minter, mintParams, bondedRatio)
+	return c.adjustInflation(totalSupply, inflationParams.MaxSupply.Amount, minter, mintParams)
+}
+
+// adjustInflation check if newly minting coins will execeed the MaxSupply then it will adjust the inflation with
+// respect to MaxSupply
+func (c Calculator) adjustInflation(totalSupply, maxSupply math.Int, minter minttypes.Minter,
+	params minttypes.Params) sdk.Dec {
+	minter.AnnualProvisions = minter.NextAnnualProvisions(params, totalSupply)
+	newSupply := minter.BlockProvision(params).Amount
+	newTotalSupply := totalSupply.Add(newSupply)
+	if newTotalSupply.GT(maxSupply) {
+		newTotalSupply = maxSupply.Sub(totalSupply)
+		newAnnualProvision := newTotalSupply.Mul(sdk.NewInt(int64(params.BlocksPerYear)))
+		// AnnualProvisions = Inflation * TotalSupply
+		// Mint Coins  = AnnualProvisions / BlocksPerYear
+		// so get the new Inflation
+		// Inflation = (New Mint Coins  * BlocksPerYear ) / TotalSupply
+		return sdk.NewDec(newAnnualProvision.Quo(totalSupply).Int64())
+	}
+	return minter.Inflation
+}

proto/umee/ugov/v1/events.proto

@@ -4,6 +4,7 @@ package umee.ugov.v1;
 import "cosmos/base/v1beta1/coin.proto";
 import "cosmos_proto/cosmos.proto";
 import "gogoproto/gogo.proto";
+import "umee/ugov/v1/ugov.proto";
 
 option go_package                      = "github.com/umee-network/umee/v5/x/ugov";
 option (gogoproto.goproto_getters_all) = false;
@@ -17,3 +18,8 @@ message EventMinGasPrice {
 message EventEmergencyGroup {
   string emergency_group = 1 [(cosmos_proto.scalar) = "cosmos.AddressString"];
 }
+
+// EventInflationParams is emitted when GovUpdateInflationParams is correctly executed.
+message EventInflationParams {
+  InflationParams params = 1 [(gogoproto.nullable) = false];
+}

proto/umee/ugov/v1/genesis.proto

@@ -3,7 +3,9 @@ package umee.ugov.v1;
 
 import "gogoproto/gogo.proto";
 import "cosmos/base/v1beta1/coin.proto";
+import "google/protobuf/timestamp.proto";
 import "cosmos_proto/cosmos.proto";
+import "umee/ugov/v1/ugov.proto";
 
 option go_package                      = "github.com/umee-network/umee/v5/x/ugov";
 option (gogoproto.goproto_getters_all) = false;
@@ -14,4 +16,10 @@ message GenesisState {
 
   // Emergency Group address
   string emergency_group = 2 [(cosmos_proto.scalar) = "cosmos.AddressString"];
+
+  // InflationParams is params for inflation rate changes
+  InflationParams inflation_params = 3 [(gogoproto.nullable) = false];
+
+  // Time when the last inflation cycle started
+  google.protobuf.Timestamp inflation_cycle_start = 4 [(gogoproto.nullable) = false, (gogoproto.stdtime) = true];
 }

proto/umee/ugov/v1/query.proto

@@ -5,6 +5,9 @@ import "cosmos/base/v1beta1/coin.proto";
 import "cosmos_proto/cosmos.proto";
 import "gogoproto/gogo.proto";
 import "google/api/annotations.proto";
+import "google/protobuf/timestamp.proto";
+
+import "umee/ugov/v1/ugov.proto";
 
 option go_package = "github.com/umee-network/umee/v5/x/ugov";
 
@@ -21,6 +24,16 @@ service Query {
   rpc EmergencyGroup(QueryEmergencyGroup) returns (QueryEmergencyGroupResponse) {
     option (google.api.http).get = "/umee/ugov/v1/emergency_group";
   }
+
+  // InflationParams returns params of inflation reduction rates
+  rpc InflationParams(QueryInflationParams) returns (QueryInflationParamsResponse) {
+    option (google.api.http).get = "/umee/ugov/v1/inflation-params";
+  }
+
+  // InflationCycleStart returns inflation cycle start time
+  rpc InflationCycleStart(QueryInflationCycleStart) returns (QueryInflationCycleStartResponse) {
+    option (google.api.http).get = "/umee/ugov/v1/inflation-cycle-start";
+  }
 }
 
 // QueryMinGasPrice is a request type.
@@ -38,3 +51,19 @@ message QueryEmergencyGroup {}
 message QueryEmergencyGroupResponse {
   string emergency_group = 1 [(cosmos_proto.scalar) = "cosmos.AddressString"];
 }
+
+// QueryInflationParams request type.
+message QueryInflationParams {}
+
+// QueryInflationParamsResponse response type.
+message QueryInflationParamsResponse {
+  InflationParams inflation_params = 1 [(gogoproto.nullable) = false];
+}
+
+// QueryInflationCycleStart request type.
+message QueryInflationCycleStart {}
+
+// QueryInflationCycleStartResponse response type.
+message QueryInflationCycleStartResponse {
+  google.protobuf.Timestamp start = 1 [(gogoproto.nullable) = true, (gogoproto.stdtime) = true];
+}

proto/umee/ugov/v1/tx.proto

@@ -5,6 +5,7 @@ import "cosmos/base/v1beta1/coin.proto";
 import "cosmos/msg/v1/msg.proto";
 import "cosmos_proto/cosmos.proto";
 import "gogoproto/gogo.proto";
+import "umee/ugov/v1/ugov.proto";
 
 option go_package = "github.com/umee-network/umee/v5/x/ugov";
 
@@ -17,6 +18,9 @@ service Msg {
 
   // GovSetEmergencyGroup sets emergency group address.
   rpc GovSetEmergencyGroup(MsgGovSetEmergencyGroup) returns (MsgGovSetEmergencyGroupResponse);
+
+  // GovUpdateInflationParams sets new params for inflation rate change.
+  rpc GovUpdateInflationParams(MsgGovUpdateInflationParams) returns (GovUpdateInflationParamsResponse);
 }
 
 // MsgGovUpdateMinGasPrice request type.
@@ -43,3 +47,15 @@ message MsgGovSetEmergencyGroup {
 
 // MsgGovSetEmergencyGroupResponse response type.
 message MsgGovSetEmergencyGroupResponse {};
+
+// MsgGovUpdateInflationParams request type.
+message MsgGovUpdateInflationParams {
+  option (cosmos.msg.v1.signer) = "authority";
+
+  // authority must be the address of the governance account.
+  string          authority        = 1 [(cosmos_proto.scalar) = "cosmos.AddressString"];
+  InflationParams inflation_params = 2 [(gogoproto.nullable) = false];
+}
+
+// GovUpdateInflationParamsResponse response type.
+message GovUpdateInflationParamsResponse {}

proto/umee/ugov/v1/ugov.proto

@@ -0,0 +1,28 @@
+syntax = "proto3";
+package umee.ugov.v1;
+
+import "gogoproto/gogo.proto";
+import "cosmos/base/v1beta1/coin.proto";
+import "google/protobuf/duration.proto";
+import "cosmos_proto/cosmos.proto";
+
+option go_package                      = "github.com/umee-network/umee/v5/x/ugov";
+option (gogoproto.goproto_getters_all) = false;
+
+// InflationParams params for changing the inflation min rate and max rate of mint module params.
+message InflationParams {
+  // max_supply is the maximum supply for liquidation.
+  cosmos.base.v1beta1.Coin max_supply = 1 [(gogoproto.nullable) = false];
+  // inflation_cycle duration after which inflation rates are changed.
+  google.protobuf.Duration inflation_cycle = 2 [
+    (gogoproto.nullable)    = false,
+    (gogoproto.stdduration) = true,
+    (gogoproto.jsontag)     = "inflation_cycle,omitempty",
+    (gogoproto.moretags)    = "yaml:\"inflation_cycle\""
+  ];
+  // inflation_reduction_rate for every inflation cycle.
+  uint32 inflation_reduction_rate = 3 [
+    (gogoproto.customtype) = "github.com/umee-network/umee/v5/util/bpmath.FixedBP",
+    (gogoproto.nullable)   = false
+  ];
+}

x/ugov/client/cli/query.go

@@ -22,6 +22,8 @@ func GetQueryCmd() *cobra.Command {
 
 	cmd.AddCommand(
 		QueryMinGasPrice(),
+		QueryLiquidationParams(),
+		QueryInflationCyleStartedTime(),
 	)
 
 	return cmd
@@ -49,3 +51,49 @@ func QueryMinGasPrice() *cobra.Command {
 
 	return cmd
 }
+
+// QueryLiquidationParams create the Msg/QueryLiquidationParams CLI.
+func QueryLiquidationParams() *cobra.Command {
+	cmd := &cobra.Command{
+		Use:   "liquidation-params",
+		Args:  cobra.NoArgs,
+		Short: "Query the liquidation params",
+		RunE: func(cmd *cobra.Command, args []string) error {
+			clientCtx, err := client.GetClientQueryContext(cmd)
+			if err != nil {
+				return err
+			}
+
+			queryClient := ugov.NewQueryClient(clientCtx)
+			resp, err := queryClient.InflationParams(cmd.Context(), &ugov.QueryInflationParams{})
+			return cli.PrintOrErr(resp, err, clientCtx)
+		},
+	}
+
+	flags.AddQueryFlagsToCmd(cmd)
+
+	return cmd
+}
+
+// QueryInflationCyleStartedTime create the Msg/QueryInflationCyleStartedTime CLI.
+func QueryInflationCyleStartedTime() *cobra.Command {
+	cmd := &cobra.Command{
+		Use:   "inflation-cycle-start-time",
+		Args:  cobra.NoArgs,
+		Short: "Query the When the Inflation Cycle is Started",
+		RunE: func(cmd *cobra.Command, args []string) error {
+			clientCtx, err := client.GetClientQueryContext(cmd)
+			if err != nil {
+				return err
+			}
+
+			queryClient := ugov.NewQueryClient(clientCtx)
+			resp, err := queryClient.InflationCycleStart(cmd.Context(), &ugov.QueryInflationCycleStart{})
+			return cli.PrintOrErr(resp, err, clientCtx)
+		},
+	}
+
+	flags.AddQueryFlagsToCmd(cmd)
+
+	return cmd
+}

x/ugov/codec.go

@@ -31,13 +31,15 @@ func init() {
 func RegisterLegacyAminoCodec(cdc *codec.LegacyAmino) {
 	cdc.RegisterConcrete(&MsgGovUpdateMinGasPrice{}, proto.MessageName(&MsgGovUpdateMinGasPrice{}), nil)
 	cdc.RegisterConcrete(&MsgGovSetEmergencyGroup{}, "umee/ugov/MsgGovSetEmergencyGroup", nil)
+	cdc.RegisterConcrete(&MsgGovUpdateInflationParams{}, "umee/ugov/MsgGovUpdateInflationParams", nil)
 }
 
 func RegisterInterfaces(registry cdctypes.InterfaceRegistry) {
 	registry.RegisterImplementations(
 		(*sdk.Msg)(nil),
 		&MsgGovUpdateMinGasPrice{},
 		&MsgGovSetEmergencyGroup{},
+		&MsgGovUpdateInflationParams{},
 	)
 
 	msgservice.RegisterMsgServiceDesc(registry, &_Msg_serviceDesc)