Proposal Description

This proposal aims to reduce the RPC set (formerly Validator set) rewards to 0 cUSD, while keeping the current set size and election dynamics.

This proposals is one of three possible choices. The other options being:

• Option #1 Reduce the set by half
• Option #2: Reduce rewards by half

Approvers will only approve the one with more "yes" votes. In case the proposal with more "yes" votes doesn't meet quorum to pass, it will get re-submitted on-chain immediately after the winning proposal expired.

"No" votes will not be counted for the purpose of picking a winning choice, therefore voters can explicitly abstain by voting "no" on all three options. "No" votes do not affect quorum.

An "abstain" option can not be submitted as a separate proposal because governance is currently set to allow only three proposals dequeued per day, so the 4th option will be lagging the other ones by 24 hours, and that's undesirable.

Proposed Changes

Transaction Descriptions

1. Reduce rewards to zero (0)

• Destination: Election.setTargetValidatorEpochPayment
• Data: (uint256 value = 0 (0 cUSD))
• Value: 0

Json Script

[
    {
        "contract": "EpochRewards",
        "function": "setTargetValidatorEpochPayment",
        "args": [
            "0"
        ],
        "value": "0"
    }
]

Verification

A human readable version of this proposal can be found using the following command:

$ celocli governance:show --proposalID TBD --node https://forno.celo.org

Risks

As the election set handles RPC nodes and not Validators generating blocks after the L2 transition, these changes are relatively low risk.

Useful Links

• Original Reduction proposal: https://forum.celo.org/t/reduce-elected-validator-set-from-110-to-55/12732/48
• Proposal migratong validators to RPC nodes: https://forum.celo.org/t/the-great-celo-halvening-proposed-tokenomics-in-the-era-of-celo-l2/9701