Joerg Hiller Feb 13, 2025 12:14
Conflux (CFX) Network outlines its parameter voting mechanism, detailing how users can influence network parameters through staking and voting on the blockchain.
The Conflux (CFX) Network has released an in-depth explanation of its key parameter voting mechanism, aiming to clarify the process through which network parameters are adjusted. This initiative follows feedback from users after the 14th round of voting, according to Conflux Forum.
Understanding the Voting Mechanism
Central to this mechanism is the CIP-94 proposal, which enables on-chain DAO voting via the ParamsControl contract. This allows for the adjustment of reward parameters without necessitating a hardfork. Users can earn voting rights by staking and locking $CFX, which they can then allocate according to their preferences.
The voting process is structured in rounds, each lasting 60 days. During these periods, users can reallocate their voting rights at any time. Each network parameter has three voting options: remain unchanged, increase by 100%, or decrease by 50%. The results from each round determine the parameter adjustments for the subsequent round.
Mechanics of Parameter Adjustment
At the conclusion of each voting round, network parameters are adjusted based on the votes from the previous round. The adjustments are calculated using the number of votes for each option: unchanged, increase, or decrease. The adjustment range is between half and double the original parameter value, depending on the voting outcome.
For instance, if votes for increasing and decreasing a parameter are equal, it remains unchanged. Conversely, casting votes for the unchanged option tends to stabilize the parameter near its original value.
Results of the 14th Voting Round
The 14th round resulted in several significant adjustments to Conflux’s key network parameters:
- PoW block rewards increased from 1.00 CFX/block to 1.60 CFX/block.
- The interest rate rose from 4.08% to 6.50%.
- Storage point ratio increased from 50% to 63%.
- Base fee sharing ratio was raised from 50% to 63%.
Although ConfluxHub currently does not offer direct access to individual vote counts, users can examine specific voting data through the ParamsControl contract. Future plans include introducing a dedicated voting details page for more accessible information.
The Conflux Network expresses gratitude to all community members who participated in the governance vote, highlighting that the proportional calculation of support levels for each option informed the final parameter adjustments.
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