Web3 Foundation Proposes Reduction of Unbonding Period for Staked Tokens on Polkadot
Summary:
The Web3 Foundation (W3F) has proposed a new legislation, Request for Comments (RFC)-0092, aimed at shortening the unlocking period for staked tokens on Polkadot from 28 days to a minimum of two days. This proposal is designed to boost user experience and competitive viability without jeopardizing security. If approved, the minimum duration can be reduced to two days when the unbonding request queue is empty, ensuring the duration doesn't exceed the current 28-day limit. The rationale behind this proposal is to make Polkadot more appealing compared to other proof-of-stake (PoS) systems with lengthy unbonding periods. The introduction of this new unbonding mechanism could reduce the average release time down to approximately 2.67 days.
The Web3 Foundation (W3F) team has suggested a new proposal, titled Request for Comments (RFC)-0092, with the objective of decreasing the unlocked periods for staked tokens on Polkadot. This proposed update, aimed at shortening the freeing up process from 28 to a minimum of two days, is designed to enhance user experience and competitive edge without undermining security. It has been noted that this reformed mechanism will significantly curtail the duration spent on the average unbonding process, by arranging new unbonding appeals in a queue and adjusting their unbonding lifespan in accordance with the magnitude of the queue.
The proposition put forth by the W3F entails a system that puts unbonding requests in line and methodically adjusts the time period as per the queue dimension. If the legislation moves forward to the voting stage and gains acceptance, the revamped system will permit the shortest period to be decreased down to merely two days in a scenario where the queue is devoid of any requests. This method will ensure the unbonding duration does not surpass the present fixed span of 28 days, and it promises users a speedier and more efficient unbonding process.
The main motivation behind implementing RFC-0092 is the fact that Polkadot boasts one of the lengthiest unbonding durations among proof-of-stake (PoS) systems. Even though staking on Polkadot tenders a high annual percentage yield (APY), the slow unbonding procedure might hamper involvement as users might lean towards quicker alternatives.
Accompanying the proposed unbonding queue mechanism, an analytical examination was conducted to speculate the possible outcomes of the new setup. The analysis derived that the average unbonding time would reduce down to an approximate 2.67 days, meanwhile remaining receptive to considerable unbonding instances without trespassing the 28-day utmost limit.
Published At
6/20/2024 5:54:15 PM
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