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This week, the ICON Network will conduct a crucial network vote to determine whether validators agree to enshrine Balanced and make the changes to the emissions detailed in the current enshrinement proposal. These changes include introducing NOL (Network Owned Liquidity), the Emergency Fund, and the bnUSD Savings Rate.
Key Dates and Votes
As of 30/01/24 voting has begun to implement the changes to mainnet governance parameters detailed in ICON Economic Policy (IISS) 4.0.
This week, there will be a preliminary vote to gauge support for the implementation of ICON Economic Policy 4.1. This approval vote will ensure that the ICON Network is aligned with the plans to enshrine Balanced, including the proposed changes to emissions outlined in our recent forum post: ICON 2024: Charting a Course for Expansion Through a Strategic Merger and Revenue Consolidation
If the initial vote passes, an execution network vote for the enshrinement of Balanced and the included changes to emissions will be set up on the 28th of February.
Why Have Two Votes for ICON's Economic Policy 4.1?
ICON is transitioning from IISS 3.2 to ICON Economic Policy 4.0, which represents a significant change for the network. The process has undergone several rounds of testing in Berlin and Lisbon Testnets, and we are currently in the rollout phase. You can find more information about this in our recent article: Upcoming Changes to ICON Economic Policy. Before implementing the next set of changes, it is important to complete this process.
The next set of changes refers to ICON's Economic Policy 4.1. Unlike version 4.0, which introduced extensive changes to rewards and penalties for validators, version 4.1 is specifically focused on network changes necessary for the enshrinement of Balanced. The initial approval vote will serve to gauge the network validators response to the proposal and provide assurance that final execution will proceed smoothly. The execution vote for version 4.1 is scheduled for 28/02/2024.
This timeline also allows us to thoroughly test and transition all new contracts required for the changes in ICON Economic Policy 4.1 on testnets. Testing for these new contracts will begin at the end of this week.