烘烤的回报是否取决于放样池的大小？

Question

烘烤的回报是否取决于放样池的大小？

- 3
- 207 2019-04-11
我正在阅读这篇文章,其中指出:

尽管Tezos用户仍然可以赚取丰厚的收入,但美好的时光不太可能持续.更多XTZ涌入赌注钱包可能会减少每个用户创建区块的机会,从而使Tezos用户不太可能在明年的这个时候获得同样高的收益.

是这种情况吗?如果是这样,是否是由于通货膨胀率(即,tezos供应量的增长速度(外生)固定的事实?因此,必须在更多面包师之间共享"新tezo"的比例?在极限情况下,如果所有Tezo都在烘烤,那么回报率是多少?

I was reading this article, which states:

Although Tezos users can still make a good income, the good times are unlikely to last. The influx of more XTZ into staking wallets will likely diminish each users’ chances of creating a block, making it unlikely that Tezos users will have similarly high yields this time next year.

Is this the case? If so, is it due to the fact that inflation, i.e the rate at which the supply of tezos grows (exogenously?) is fixed? So the proportion of "new tezos" to be distributed has to be shared among more bakers? In the limit, if all tezos are baking, what is the rate of return?

baking inflation

1 个回答

投票数

Ezy · Answer 1 · 2019-04-11

4

2019-04-11

关于tezos的通货膨胀随时间变化的方面,我请您参考另一个讨论此问题:

通货膨胀率和经济诱因

总而言之,将Tezos的通货膨胀率最高设置为每块80XTZ,以便将通货膨胀率占总供应量的百分比设置为随时间减少(对此未进行协议修订).

因此,在开始阶段,tezos的通胀率为5.5％,但如果没有任何变化,它将缓慢下降.

多次讨论,此选择只是为了简单起见.随着网络的成熟,我们可能会看到一项修正案,切换到恒定通货膨胀模型,在该模型中,时间的奖励将有所增加,以便适应总供给的变化.

上一次对话的最后但并非最不重要的一点与通货膨胀有关,现在,个人验证者的奖励与通货膨胀率和每年的烘焙权数量成正比.但是,如果放样参与率降低(如果只有一半的tezos辊在烘烤,则每个面包师都会烘烤两次),则烘烤权的数量会增加.

还要注意,如果这个赌注比率下降,就像我们说的那样,面包师将获得更多权利,这意味着他们(根据协议规则)还必须张贴更多的保证金作为其活动的抵押.

中提供了更多详细信息

保证金计算

因此,烘焙的有效预期总收益率(人们有时将其称为ROI,但它更是ROC)高于5.5％,因为当前80％的轧辊都在tezo中放样,因此得出的有效预期产量为约7.3％.

当然,这是一个预期.由于许多因素会产生差异(例如丢失区块,大幅削减,偷窃,运营成本,需要借入抵押品的资本成本,委托时产生的费用等),因此实现的收益率可能会更低(或更高). ).

鉴于此,对明年的预期收益做出准确的预测并不是一件容易的事:如果放样比率上升或下降,则会对我们的投资回报产生重大影响.

On the aspect of how inflation in tezos changes over time i refer you to this other question discussing this:

Inflation rate and economic incentives

In summary tezos inflation is set at a maximum of 80XTZ per block so that inflation as a percentage of total supply is set to decrease over time (absent protocol amendments on this).

So at inception tezos inflation as percentage was 5.5% but if nothing changes it will slowly go down.

It was discussed several times that this choice was just made for simplicity. As the network matures we will probably see an amendment to switch to a constant inflation model where time to time the rewards would increase a little bit in order to adjust for the change in total supply.

Last but not least all of this previous conversation has to do with inflation, now the individual validator’s reward is proportional to this inflation and the number of baking rights per year. But this number of baking rights increase if the staking participation rate decreases (each baker bakes twice if only half of tezos rolls are baking).

Note also that if this staking ratio goes down, like we said bakers get more rights which implies they also (from protocol rules) have to post more security deposit as collateral to their activity. More details is available in

Security deposit calculation

Therefore the effective expected gross yield return on baking (what people sometimes mention as ROI but it is more a ROC) is higher than 5.5% because currently 80% of the rolls are staking in tezos so this gives an effective expected yield of around 7.3%.

Of course this yield is an expectation. Realized yield can be lower (or higher) because of a number of factors that can create variance (missed blocks, slashing, steals, operational costs, cost of capital if you need to borrow to post the collateral, fees if you delegate etc...).

In light of this it is not really straightforward to make a precise prediction on the expected yield next year: if the staking ratio goes up or down it can significantly impact the ROI as we saw.

原文
Ezy