Last week, ICON announced a major change to IISS (ICON Incentive Scoring System), and provided details about the upcoming P-Rep pre-voting period. In this post, we’ll discuss the changes to IISS, as well as what kind of ICX rewards ICONists can expect to see during the pre-voting period in August. ICON’s initial IISS model relied on P-Reps setting ICX reward rates. Over time, the ICON team realized this model could potentially give too much power to the P-Reps in terms of the network’s monetary policy. As a result, ICON has updated the IISS model to automatically calculate ICX rewards based on the percentage of network staked. The team has also added an un-staking variable, which is also calculated from the percentage of network staked.
An Update to IISS
Here is a quick rundown of the IISS update.
The reward rate per category (DApp, EEP, P-Rep) will range from 2% (100% network staked) to 12.5% (0% network staked).
From 70-100% of network staked, the reward curve will yield a constant 2% reward rate per category.
The un-staking period will range from 5 days (100% network staked) to 20 days (0% network staked).
Here are two graphs showing the reward rate and un-staking period curves.