I had to open my mouth after pressing the calculator three times for the DUSK账.
The big pie has gone up too much—BTC really can!
In the afternoon, I was bored, so I ran DUSK’s release schedule through again. It wasn’t my first time looking, but before this I kept chanting the slogan of “36-year long cycle” along with the market—I never actually did the math myself. This time I carefully tapped the calculator. Well… my back felt a bit cold.
First, the conclusion: in the first four years, about 470 million DUSK are released—nearly half of the total supply. In the first year alone, 250 million were added, and the inflation rate hit 25%. The second year is cut in half: 125 million. The third year is cut in half again.
You can call it “long-term release,” sure. But more accurately, it’s “the first four years eat up most of a lifetime’s meal in one gulp, and the next thirty-two years slowly digest it.”
I specifically went through Dusk’s browser and traced the allocation paths of 19.86 DUSK per block. The 80% to the block producers is true, but within that 80%, 10% is conditional—not passive income. You must actually do the work to validate transactions. The remaining 5% goes to the verification committee, another 5% to the approval committee, and 10% is sent to the fund.
Logically, the allocation scheme doesn’t seem to have any obvious flaws. But the key point is that the bulk of staking rewards comes from issuance, not fees.
As for the current on-chain daily active number—honestly, it doesn’t support a 36% annualized return. This isn’t the protocol earning money and distributing it to stakers; it’s basically supplementing the present people with the coins from the later years. Staking yield looks variable, but the issuance portion is fixed, like a dead salary. The fluctuations from fees are nowhere near enough—even “the fraction part” doesn’t count.
As for governance rights: they haven’t truly been handed over to token holders yet. With DUSK you can pay Gas and stake, but you don’t get to decide where the protocol goes. In the short term, this doesn’t affect price competition. But in the long run, if real on-chain demand doesn’t pick up, the early inflation that rushed in will turn into continuous sell pressure.
I’m not trying to downplay it—if anything, I think the DUSK mechanism is pretty internally consistent. The condition is that trading volume must keep up. If it doesn’t, the high early release rate is a sword hanging over the heads of later (mid-to-late) stakers/token holders. When it falls—only the on-chain data will tell. I’ll record this for now and pull up the schedule again in half a year.
#dusk $DUSK @Dusk
The big pie has gone up too much—BTC really can!
In the afternoon, I was bored, so I ran DUSK’s release schedule through again. It wasn’t my first time looking, but before this I kept chanting the slogan of “36-year long cycle” along with the market—I never actually did the math myself. This time I carefully tapped the calculator. Well… my back felt a bit cold.
First, the conclusion: in the first four years, about 470 million DUSK are released—nearly half of the total supply. In the first year alone, 250 million were added, and the inflation rate hit 25%. The second year is cut in half: 125 million. The third year is cut in half again.
You can call it “long-term release,” sure. But more accurately, it’s “the first four years eat up most of a lifetime’s meal in one gulp, and the next thirty-two years slowly digest it.”
I specifically went through Dusk’s browser and traced the allocation paths of 19.86 DUSK per block. The 80% to the block producers is true, but within that 80%, 10% is conditional—not passive income. You must actually do the work to validate transactions. The remaining 5% goes to the verification committee, another 5% to the approval committee, and 10% is sent to the fund.
Logically, the allocation scheme doesn’t seem to have any obvious flaws. But the key point is that the bulk of staking rewards comes from issuance, not fees.
As for the current on-chain daily active number—honestly, it doesn’t support a 36% annualized return. This isn’t the protocol earning money and distributing it to stakers; it’s basically supplementing the present people with the coins from the later years. Staking yield looks variable, but the issuance portion is fixed, like a dead salary. The fluctuations from fees are nowhere near enough—even “the fraction part” doesn’t count.
As for governance rights: they haven’t truly been handed over to token holders yet. With DUSK you can pay Gas and stake, but you don’t get to decide where the protocol goes. In the short term, this doesn’t affect price competition. But in the long run, if real on-chain demand doesn’t pick up, the early inflation that rushed in will turn into continuous sell pressure.
I’m not trying to downplay it—if anything, I think the DUSK mechanism is pretty internally consistent. The condition is that trading volume must keep up. If it doesn’t, the high early release rate is a sword hanging over the heads of later (mid-to-late) stakers/token holders. When it falls—only the on-chain data will tell. I’ll record this for now and pull up the schedule again in half a year.
#dusk $DUSK @Dusk