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<ol class="chapter"><li class="chapter-item expanded affix "><a href="../introduction.html">Introduction</a></li><li class="spacer"></li><li class="chapter-item expanded affix "><li class="part-title">Newly Proposed</li><li class="chapter-item expanded "><a href="../new/0111-pure-proxy-replication.html">RFC-0111: Pure Proxy Replication</a></li><li class="chapter-item expanded "><a href="../new/0112-compress-state-response-message-in-state-sync.html">RFC-0112: Compress the State Response Message in State Sync</a></li><li class="spacer"></li><li class="chapter-item expanded affix "><li class="part-title">Proposed</li><li class="chapter-item expanded "><a href="../proposed/0089-flexible-inflation.html">RFC-0089: Flexible Inflation</a></li><li class="chapter-item expanded "><a href="../proposed/00xx-smart-contracts-coretime-chain.html">RFC-0002: Smart Contracts on the Coretime Chain</a></li><li class="chapter-item expanded "><a href="../proposed/0100-xcm-multi-type-asset-transfer.html">RFC-0100: New XCM instruction: InitiateAssetsTransfer</a></li><li class="chapter-item expanded "><a href="../proposed/0102-offchain-parachain-runtime-upgrades.html">RFC-0000: Feature Name Here</a></li><li class="chapter-item expanded "><a href="../proposed/0103-introduce-core-index-commitment.html">RFC-0103: Introduce a CoreIndex commitment and a SessionIndex field in candidate receipts</a></li><li class="chapter-item expanded "><a href="../proposed/0105-xcm-improved-fee-mechanism.html">RFC-0105: XCM improved fee mechanism</a></li><li class="chapter-item expanded "><a href="../proposed/0106-xcm-remove-fees-mode.html">RFC-0106: Remove XCM fees mode</a></li><li class="chapter-item expanded "><a href="../proposed/0107-xcm-execution-hints.html">RFC-0107: XCM Execution hints</a></li><li class="chapter-item expanded "><a href="../proposed/0109-xcm-descend-instead-of-clear-origin.html">RFC-0109: Descend XCM origin instead of clearing it where possible</a></li><li class="spacer"></li><li class="chapter-item expanded affix "><li class="part-title">Approved</li><li class="chapter-item expanded "><a href="../approved/0001-agile-coretime.html">RFC-1: Agile Coretime</a></li><li class="chapter-item expanded "><a href="../approved/0005-coretime-interface.html">RFC-5: Coretime Interface</a></li><li class="chapter-item expanded "><a href="../approved/0007-system-collator-selection.html">RFC-0007: System Collator Selection</a></li><li class="chapter-item expanded "><a href="../approved/0008-parachain-bootnodes-dht.html">RFC-0008: Store parachain bootnodes in relay chain DHT</a></li><li class="chapter-item expanded "><a href="../approved/0010-burn-coretime-revenue.html">RFC-0010: Burn Coretime Revenue</a></li><li class="chapter-item expanded "><a href="../approved/0012-process-for-adding-new-collectives.html">RFC-0012: Process for Adding New System Collectives</a></li><li class="chapter-item expanded "><a href="../approved/0013-prepare-blockbuilder-and-core-runtime-apis-for-mbms.html">RFC-0013: Prepare Core runtime API for MBMs</a></li><li class="chapter-item expanded "><a href="../approved/0014-improve-locking-mechanism-for-parachains.html">RFC-0014: Improve locking mechanism for parachains</a></li><li class="chapter-item expanded "><a href="../approved/0022-adopt-encointer-runtime.html">RFC-0022: Adopt Encointer Runtime</a></li><li class="chapter-item expanded "><a href="../approved/0026-sassafras-consensus.html">RFC-0026: Sassafras Consensus Protocol</a></li><li class="chapter-item expanded "><a href="../approved/0032-minimal-relay.html">RFC-0032: Minimal Relay</a></li><li class="chapter-item expanded "><a href="../approved/0042-extrinsics-state-version.html">RFC-0042: Add System version that replaces StateVersion on RuntimeVersion</a></li><li class="chapter-item expanded "><a href="../approved/0043-storage-proof-size-hostfunction.html">RFC-0043: Introduce storage_proof_size Host Function for Improved Parachain Block Utilization</a></li><li class="chapter-item expanded "><a href="../approved/0045-nft-deposits-asset-hub.html" class="active">RFC-0045: Lowering NFT Deposits on Asset Hub</a></li><li class="chapter-item expanded "><a href="../approved/0047-assignment-of-availability-chunks.html">RFC-0047: Assignment of availability chunks to validators</a></li><li class="chapter-item expanded "><a href="../approved/0048-session-keys-runtime-api.html">RFC-0048: Generate ownership proof for SessionKeys</a></li><li class="chapter-item expanded "><a href="../approved/0050-fellowship-salaries.html">RFC-0050: Fellowship Salaries</a></li><li class="chapter-item expanded "><a href="../approved/0056-one-transaction-per-notification.html">RFC-0056: Enforce only one transaction per notification</a></li><li class="chapter-item expanded "><a href="../approved/0059-nodes-capabilities-discovery.html">RFC-0059: Add a discovery mechanism for nodes based on their capabilities</a></li><li class="chapter-item expanded "><a href="../approved/0078-merkleized-metadata.html">RFC-0078: Merkleized Metadata</a></li><li class="chapter-item expanded "><a href="../approved/0084-general-transaction-extrinsic-format.html">RFC-0084: General transactions in extrinsic format</a></li><li class="chapter-item expanded "><a href="../approved/0091-dht-record-creation-time.html">RFC-0091: DHT Authority discovery record creation time</a></li><li class="chapter-item expanded "><a href="../approved/0097-unbonding_queue.html">RFC-0097: Unbonding Queue</a></li><li class="chapter-item expanded "><a href="../approved/0099-transaction-extension-version.html">RFC-0099: Introduce a transaction extension version</a></li><li class="chapter-item expanded "><a href="../approved/0101-xcm-transact-remove-max-weight-param.html">RFC-0101: XCM Transact remove require_weight_at_most parameter</a></li><li class="chapter-item expanded "><a href="../approved/0108-xcm-remove-testnet-ids.html">RFC-0108: Remove XCM testnet NetworkIds</a></li><li class="spacer"></li><li class="chapter-item expanded affix "><li class="part-title">Stale</li><li class="chapter-item expanded "><a href="../stale/0004-remove-unnecessary-allocator-usage.html">RFC-0004: Remove the host-side runtime memory allocator</a></li><li class="chapter-item expanded "><a href="../stale/0006-dynamic-pricing-for-bulk-coretime-sales.html">RFC-0006: Dynamic Pricing for Bulk Coretime Sales</a></li><li class="chapter-item expanded "><a href="../stale/0009-improved-net-light-client-requests.html">RFC-0009: Improved light client requests networking protocol</a></li><li class="chapter-item expanded "><a href="../stale/0015-market-design-revisit.html">RFC-0015: Market Design Revisit</a></li><li class="chapter-item expanded "><a href="../stale/0020-treasurer-track-confirmation-period-duration-modification.html">RFC-0020: Treasurer Track Confirmation Period Duration Modification</a></li><li class="chapter-item expanded "><a href="../stale/0034-xcm-absolute-location-account-derivation.html">RFC-34: XCM Absolute Location Account Derivation</a></li><li class="chapter-item expanded "><a href="../stale/0035-conviction-voting-delegation-modifications.html"> RFC-0035: Conviction Voting Delegation Modifications</a></li><li class="chapter-item expanded "><a href="../stale/0044-rent-based-registration.html">RFC-0044: Rent based registration model</a></li><li class="chapter-item expanded "><a href="../stale/0054-remove-heap-pages.html">RFC-0054: Remove the concept of "heap pages" from the client</a></li><li class="chapter-item expanded "><a href="../stale/0070-x-track-kusamanetwork.html">RFC-0070: X Track for @kusamanetwork</a></li><li class="chapter-item expanded "><a href="../stale/0073-referedum-deposit-track.html">RFC-0073: Decision Deposit Referendum Track</a></li><li class="chapter-item expanded "><a href="../stale/0074-stateful-multisig-pallet.html">RFC-0074: Stateful Multisig Pallet</a></li><li class="chapter-item expanded "><a href="../stale/0077-increase-max-length-of-identity-pgp-fingerprint-value.html">RFC-0077: Increase maximum length of identity PGP fingerprint values from 20 bytes</a></li><li class="chapter-item expanded "><a href="../stale/0088-broker-pallet-slashable-deposit-purchaser-reputation-reserved-cores.html">RFC-0088: Add slashable locked deposit, purchaser reputation, and reserved cores for on-chain identities to broker pallet</a></li><li class="chapter-item expanded "><a href="../stale/00xx-secondary-marketplace-for-regions.html">RFC-0001: Secondary Market for Regions</a></li><li class="chapter-item expanded "><a href="../stale/TODO-stale-nomination-reward-curve.html">RFC-TODO: Stale Nomination Reward Curve</a></li></ol>
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<p><a href="https://github.com/polkadot-fellows/RFCs/blob/main/text/0045-nft-deposits-asset-hub.md">(source)</a></p>
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<p><strong>Table of Contents</strong></p>
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<ul>
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<li><a href="#rfc-0045-lowering-nft-deposits-on-asset-hub">RFC-0045: Lowering NFT Deposits on Asset Hub</a>
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<ul>
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<li><a href="#summary">Summary</a></li>
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<li><a href="#motivation">Motivation</a>
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<ul>
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<li><a href="#requirements">Requirements</a></li>
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</ul>
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</li>
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<li><a href="#stakeholders">Stakeholders</a></li>
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<li><a href="#explanation">Explanation</a>
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<ul>
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<li><a href="#enhanced-approach-to-further-lower-barriers-for-entry">Enhanced Approach to Further Lower Barriers for Entry</a></li>
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<li><a href="#short--and-long-term-plans">Short- and Long-Term Plans</a></li>
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</ul>
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</li>
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<li><a href="#drawbacks">Drawbacks</a></li>
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<li><a href="#testing-security-and-privacy">Testing, Security, and Privacy</a>
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<ul>
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<li><a href="#security-concerns">Security concerns</a></li>
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</ul>
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</li>
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<li><a href="#performance-ergonomics-and-compatibility">Performance, Ergonomics, and Compatibility</a>
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<ul>
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<li><a href="#performance">Performance</a></li>
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<li><a href="#ergonomics">Ergonomics</a></li>
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<li><a href="#compatibility">Compatibility</a></li>
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</ul>
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</li>
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<li><a href="#unresolved-questions">Unresolved Questions</a></li>
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<li><a href="#addendum">Addendum</a>
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<ul>
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<li><a href="#enhanced-weak-governance-origin-model">Enhanced Weak Governance Origin Model</a></li>
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<li><a href="#function-based-pricing-model">Function-Based Pricing Model</a></li>
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<li><a href="#linking-deposit-to-usdx-value">Linking Deposit to USD(x) Value</a></li>
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</ul>
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</li>
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</ul>
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</li>
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</ul>
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<h1 id="rfc-0045-lowering-nft-deposits-on-asset-hub"><a class="header" href="#rfc-0045-lowering-nft-deposits-on-asset-hub">RFC-0045: Lowering NFT Deposits on Asset Hub</a></h1>
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<div class="table-wrapper"><table><thead><tr><th></th><th></th></tr></thead><tbody>
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<tr><td><strong>Start Date</strong></td><td>2 November 2023</td></tr>
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<tr><td><strong>Description</strong></td><td>A proposal to reduce the minimum deposit required for collection creation on the Polkadot and Kusama Asset Hubs.</td></tr>
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<tr><td><strong>Authors</strong></td><td><a href="https://github.com/poppyseedDev">Aurora Poppyseed</a>, <a href="https://github.com/justLuuuu">Just_Luuuu</a>, <a href="https://github.com/vikiival">Viki Val</a>, <a href="https://github.com/joepetrowski">Joe Petrowski</a></td></tr>
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</tbody></table>
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</div>
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<h2 id="summary"><a class="header" href="#summary">Summary</a></h2>
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<p>This RFC proposes changing the current deposit requirements on the Polkadot and Kusama Asset Hub for
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creating an NFT collection, minting an individual NFT, and lowering its corresponding metadata and
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attribute deposits. The objective is to lower the barrier to entry for NFT creators, fostering a
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more inclusive and vibrant ecosystem while maintaining network integrity and preventing spam.</p>
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<h2 id="motivation"><a class="header" href="#motivation">Motivation</a></h2>
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<p>The current deposit of 10 DOT for collection creation (along with 0.01 DOT for item deposit and 0.2
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DOT for metadata and attribute deposits) on the Polkadot Asset Hub and 0.1 KSM on Kusama Asset Hub
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presents a significant financial barrier for many NFT creators. By lowering the deposit
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requirements, we aim to encourage more NFT creators to participate in the Polkadot NFT ecosystem,
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thereby enriching the diversity and vibrancy of the community and its offerings.</p>
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<p>The initial introduction of a 10 DOT deposit was an arbitrary starting point that does not consider
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the actual storage footprint of an NFT collection. This proposal aims to adjust the deposit first to
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a value based on the <code>deposit</code> function, which calculates a deposit based on the number of keys
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introduced to storage and the size of corresponding values stored.</p>
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<p>Further, it suggests a direction for a future of calculating deposits variably based on adoption
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and/or market conditions. There is a discussion on tradeoffs of setting deposits too high or too
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low.</p>
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<h3 id="requirements"><a class="header" href="#requirements">Requirements</a></h3>
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<ul>
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<li>Deposits SHOULD be derived from <code>deposit</code> function, adjusted by correspoding pricing mechansim.</li>
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</ul>
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<h2 id="stakeholders"><a class="header" href="#stakeholders">Stakeholders</a></h2>
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<ul>
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<li><strong>NFT Creators</strong>: Primary beneficiaries of the proposed change, particularly those who found the
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current deposit requirements prohibitive.</li>
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<li><strong>NFT Platforms</strong>: As the facilitator of artists' relations, NFT marketplaces have a vested
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interest in onboarding new users and making their platforms more accessible.</li>
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<li><strong>dApp Developers</strong>: Making the blockspace more accessible will encourage developers to create and
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build unique dApps in the Polkadot ecosystem.</li>
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<li><strong>Polkadot Community</strong>: Stands to benefit from an influx of artists, creators, and diverse NFT
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collections, enhancing the overall ecosystem.</li>
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</ul>
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<p>Previous discussions have been held within the <a href="https://forum.polkadot.network/t/polkadot-assethub-high-nft-collection-deposit/4262">Polkadot
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Forum</a>, with
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artists expressing their concerns about the deposit amounts.</p>
|
|
<h2 id="explanation"><a class="header" href="#explanation">Explanation</a></h2>
|
|
<p>This RFC proposes a revision of the deposit constants in the configuration of the NFTs pallet on the
|
|
Polkadot Asset Hub. The new deposit amounts would be determined by a standard deposit formula.</p>
|
|
<p>As of v1.1.1, the Collection Deposit is 10 DOT and the Item Deposit is 0.01 DOT (see
|
|
<a href="https://github.com/polkadot-fellows/runtimes/blob/v1.1.1/system-parachains/asset-hubs/asset-hub-polkadot/src/lib.rs#L687">here</a>).</p>
|
|
<p>Based on the storage footprint of these items, this RFC proposes changing them to:</p>
|
|
<pre><pre class="playground"><code class="language-rust"><span class="boring">#![allow(unused)]
|
|
</span><span class="boring">fn main() {
|
|
</span>pub const NftsCollectionDeposit: Balance = system_para_deposit(1, 130);
|
|
pub const NftsItemDeposit: Balance = system_para_deposit(1, 164);
|
|
<span class="boring">}</span></code></pre></pre>
|
|
<p>This results in the following deposits (calculted using <a href="https://github.com/vikiival/rfc-pricing">this
|
|
repository</a>):</p>
|
|
<p><strong>Polkadot</strong></p>
|
|
<div class="table-wrapper"><table><thead><tr><th><strong>Name</strong></th><th style="text-align: center"><strong>Current Rate (DOT)</strong></th><th style="text-align: center"><strong>Calculated with Function (DOT)</strong></th></tr></thead><tbody>
|
|
<tr><td><code>collectionDeposit</code></td><td style="text-align: center">10</td><td style="text-align: center">0.20064</td></tr>
|
|
<tr><td><code>itemDeposit</code></td><td style="text-align: center">0.01</td><td style="text-align: center">0.20081</td></tr>
|
|
<tr><td><code>metadataDepositBase</code></td><td style="text-align: center">0.20129</td><td style="text-align: center">0.20076</td></tr>
|
|
<tr><td><code>attributeDepositBase</code></td><td style="text-align: center">0.2</td><td style="text-align: center">0.2</td></tr>
|
|
</tbody></table>
|
|
</div>
|
|
<p>Similarly, the prices for Kusama were calculated as:</p>
|
|
<p><strong>Kusama:</strong></p>
|
|
<div class="table-wrapper"><table><thead><tr><th><strong>Name</strong></th><th style="text-align: center"><strong>Current Rate (KSM)</strong></th><th style="text-align: center"><strong>Calculated with Function (KSM)</strong></th></tr></thead><tbody>
|
|
<tr><td><code>collectionDeposit</code></td><td style="text-align: center">0.1</td><td style="text-align: center">0.006688</td></tr>
|
|
<tr><td><code>itemDeposit</code></td><td style="text-align: center">0.001</td><td style="text-align: center">0.000167</td></tr>
|
|
<tr><td><code>metadataDepositBase</code></td><td style="text-align: center">0.006709666617</td><td style="text-align: center">0.0006709666617</td></tr>
|
|
<tr><td><code>attributeDepositBase</code></td><td style="text-align: center">0.00666666666</td><td style="text-align: center">0.000666666666</td></tr>
|
|
</tbody></table>
|
|
</div>
|
|
<h3 id="enhanced-approach-to-further-lower-barriers-for-entry"><a class="header" href="#enhanced-approach-to-further-lower-barriers-for-entry">Enhanced Approach to Further Lower Barriers for Entry</a></h3>
|
|
<p>This RFC proposes further lowering these deposits below the rate normally charged for such a storage
|
|
footprint. This is based on the economic argument that sub-rate deposits are a subsididy for growth
|
|
and adoption of a specific technology. If the NFT functionality on Polkadot gains adoption, it makes
|
|
it more attractive for future entrants, who would be willing to pay the non-subsidized rate because
|
|
of the existing community.</p>
|
|
<p><strong>Proposed Rate Adjustments</strong></p>
|
|
<pre><pre class="playground"><code class="language-rust"><span class="boring">#![allow(unused)]
|
|
</span><span class="boring">fn main() {
|
|
</span>parameter_types! {
|
|
pub const NftsCollectionDeposit: Balance = system_para_deposit(1, 130);
|
|
pub const NftsItemDeposit: Balance = system_para_deposit(1, 164) / 40;
|
|
pub const NftsMetadataDepositBase: Balance = system_para_deposit(1, 129) / 10;
|
|
pub const NftsAttributeDepositBase: Balance = system_para_deposit(1, 0) / 10;
|
|
pub const NftsDepositPerByte: Balance = system_para_deposit(0, 1);
|
|
}
|
|
<span class="boring">}</span></code></pre></pre>
|
|
<p>This adjustment would result in the following DOT and KSM deposit values:</p>
|
|
<div class="table-wrapper"><table><thead><tr><th><strong>Name</strong></th><th style="text-align: center"><strong>Proposed Rate Polkadot</strong></th><th style="text-align: center"><strong>Proposed Rate Kusama</strong></th></tr></thead><tbody>
|
|
<tr><td><code>collectionDeposit</code></td><td style="text-align: center">0.20064 DOT</td><td style="text-align: center">0.006688 KSM</td></tr>
|
|
<tr><td><code>itemDeposit</code></td><td style="text-align: center">0.005 DOT</td><td style="text-align: center">0.000167 KSM</td></tr>
|
|
<tr><td><code>metadataDepositBase</code></td><td style="text-align: center">0.002 DOT</td><td style="text-align: center">0.0006709666617 KSM</td></tr>
|
|
<tr><td><code>attributeDepositBase</code></td><td style="text-align: center">0.002 DOT</td><td style="text-align: center">0.000666666666 KSM</td></tr>
|
|
</tbody></table>
|
|
</div>
|
|
<h3 id="short--and-long-term-plans"><a class="header" href="#short--and-long-term-plans">Short- and Long-Term Plans</a></h3>
|
|
<p>The plan presented above is recommended as an immediate step to make Polkadot a more attractive
|
|
place to launch NFTs, although one would note that a forty fold reduction in the Item Deposit is
|
|
just as arbitrary as the value it was replacing. As explained earlier, this is meant as a subsidy to
|
|
gain more momentum for NFTs on Polkadot.</p>
|
|
<p>In the long term, an implementation should account for what should happen to the deposit rates
|
|
assuming that the subsidy is successful and attracts a lot of deployments. Many options are
|
|
discussed in the <a href="#addendum">Addendum</a>.</p>
|
|
<p>The deposit should be calculated as a function of the number of existing collections with maximum
|
|
DOT and stablecoin values limiting the amount. With asset rates available via the Asset Conversion
|
|
pallet, the system could take the lower value required. A sigmoid curve would make sense for this
|
|
application to avoid sudden rate changes, as in:</p>
|
|
<p>$$ minDeposit + \frac{\mathrm{min(DotDeposit, StableDeposit) - minDeposit} }{\mathrm{1 + e^{a - b * x}} }$$</p>
|
|
<p>where the constant <code>a</code> moves the inflection to lower or higher <code>x</code> values, the constant <code>b</code> adjusts
|
|
the rate of the deposit increase, and the independent variable <code>x</code> is the number of collections or
|
|
items, depending on application.</p>
|
|
<h2 id="drawbacks"><a class="header" href="#drawbacks">Drawbacks</a></h2>
|
|
<p>Modifying deposit requirements necessitates a balanced assessment of the potential drawbacks.
|
|
Highlighted below are cogent points extracted from the discourse on the <a href="https://forum.polkadot.network/t/polkadot-assethub-high-nft-collection-deposit/4262">Polkadot Forum
|
|
conversation</a>,
|
|
which provide critical perspectives on the implications of such changes.</p>
|
|
<p>Adjusting NFT deposit requirements on Polkadot and Kusama Asset Hubs involves key challenges:</p>
|
|
<ol>
|
|
<li>
|
|
<p><strong>State Growth and Technical Concerns</strong>: Lowering deposit requirements can lead to increased
|
|
blockchain state size, potentially causing state bloat. This growth needs to be managed to
|
|
prevent strain on the network's resources and maintain operational efficiency. As stated earlier,
|
|
the deposit levels proposed here are intentionally low with the thesis that future participants
|
|
would pay the standard rate.</p>
|
|
</li>
|
|
<li>
|
|
<p><strong>Network Security and Market Response</strong>: Adapting to the cryptocurrency market's volatility is
|
|
crucial. The mechanism for setting deposit amounts must be responsive yet stable, avoiding undue
|
|
complexity for users.</p>
|
|
</li>
|
|
<li>
|
|
<p><strong>Economic Impact on Previous Stakeholders</strong>: The change could have varied economic effects on
|
|
previous (before the change) creators, platform operators, and investors. Balancing these
|
|
interests is essential to ensure the adjustment benefits the ecosystem without negatively
|
|
impacting its value dynamics. However in the particular case of Polkadot and Kusama Asset Hub
|
|
this does not pose a concern since there are very few collections currently and thus previous
|
|
stakeholders wouldn't be much affected. As of date 9th January 2024 there are 42 collections on
|
|
Polkadot Asset Hub and 191 on Kusama Asset Hub with a relatively low volume.</p>
|
|
</li>
|
|
</ol>
|
|
<h2 id="testing-security-and-privacy"><a class="header" href="#testing-security-and-privacy">Testing, Security, and Privacy</a></h2>
|
|
<h3 id="security-concerns"><a class="header" href="#security-concerns">Security concerns</a></h3>
|
|
<p>As noted above, state bloat is a security concern. In the case of abuse, governance could adapt by
|
|
increasing deposit rates and/or using <code>forceDestroy</code> on collections agreed to be spam.</p>
|
|
<h2 id="performance-ergonomics-and-compatibility"><a class="header" href="#performance-ergonomics-and-compatibility">Performance, Ergonomics, and Compatibility</a></h2>
|
|
<h3 id="performance"><a class="header" href="#performance">Performance</a></h3>
|
|
<p>The primary performance consideration stems from the potential for state bloat due to increased
|
|
activity from lower deposit requirements. It's vital to monitor and manage this to avoid any
|
|
negative impact on the chain's performance. Strategies for mitigating state bloat, including
|
|
efficient data management and periodic reviews of storage requirements, will be essential.</p>
|
|
<h3 id="ergonomics"><a class="header" href="#ergonomics">Ergonomics</a></h3>
|
|
<p>The proposed change aims to enhance the user experience for artists, traders, and utilizers of
|
|
Kusama and Polkadot Asset Hubs, making Polkadot and Kusama more accessible and user-friendly.</p>
|
|
<h3 id="compatibility"><a class="header" href="#compatibility">Compatibility</a></h3>
|
|
<p>The change does not impact compatibility as a <code>redeposit</code> function is already implemented.</p>
|
|
<h2 id="unresolved-questions"><a class="header" href="#unresolved-questions">Unresolved Questions</a></h2>
|
|
<p>If this RFC is accepted, there should not be any unresolved questions regarding how to adapt the
|
|
implementation of deposits for NFT collections.</p>
|
|
<h2 id="addendum"><a class="header" href="#addendum">Addendum</a></h2>
|
|
<p>Several innovative proposals have been considered to enhance the network's adaptability and manage
|
|
deposit requirements more effectively. The RFC recommends a mixture of the function-based model and
|
|
the stablecoin model, but some tradeoffs of each are maintained here for those interested.</p>
|
|
<h3 id="enhanced-weak-governance-origin-model"><a class="header" href="#enhanced-weak-governance-origin-model">Enhanced Weak Governance Origin Model</a></h3>
|
|
<p>The concept of a weak governance origin, controlled by a consortium like a system collective, has
|
|
been proposed. This model would allow for dynamic adjustments of NFT deposit requirements in
|
|
response to market conditions, adhering to storage deposit norms.</p>
|
|
<ul>
|
|
<li><strong>Responsiveness</strong>: To address concerns about delayed responses, the model could incorporate
|
|
automated triggers based on predefined market indicators, ensuring timely adjustments.</li>
|
|
<li><strong>Stability vs. Flexibility</strong>: Balancing stability with the need for flexibility is challenging.
|
|
To mitigate the issue of frequent changes in DOT-based deposits, a mechanism for gradual and
|
|
predictable adjustments could be introduced.</li>
|
|
<li><strong>Scalability</strong>: The model's scalability is a concern, given the numerous deposits across the
|
|
system. A more centralized approach to deposit management might be needed to avoid constant,
|
|
decentralized adjustments.</li>
|
|
</ul>
|
|
<h3 id="function-based-pricing-model"><a class="header" href="#function-based-pricing-model">Function-Based Pricing Model</a></h3>
|
|
<p>Another proposal is to use a mathematical function to regulate deposit prices, initially allowing
|
|
low prices to encourage participation, followed by a gradual increase to prevent network bloat.</p>
|
|
<ul>
|
|
<li><strong>Choice of Function</strong>: A logarithmic or sigmoid function is favored over an exponential one, as
|
|
these functions increase prices at a rate that encourages participation while preventing
|
|
prohibitive costs.</li>
|
|
<li><strong>Adjustment of Constants</strong>: To finely tune the pricing rise, one of the function's constants
|
|
could correlate with the total number of NFTs on Asset Hub. This would align the deposit
|
|
requirements with the actual usage and growth of the network.</li>
|
|
</ul>
|
|
<h3 id="linking-deposit-to-usdx-value"><a class="header" href="#linking-deposit-to-usdx-value">Linking Deposit to USD(x) Value</a></h3>
|
|
<p>This approach suggests pegging the deposit value to a stable currency like the USD, introducing
|
|
predictability and stability for network users.</p>
|
|
<ul>
|
|
<li><strong>Market Dynamics</strong>: One perspective is that fluctuations in native currency value naturally
|
|
balance user participation and pricing, deterring network spam while encouraging higher-value
|
|
collections. Conversely, there's an argument for allowing broader participation if the DOT/KSM
|
|
value increases.</li>
|
|
<li><strong>Complexity and Risks</strong>: Implementing a USD-based pricing system could add complexity and
|
|
potential risks. The implementation needs to be carefully designed to avoid unintended
|
|
consequences, such as excessive reliance on external financial systems or currencies.</li>
|
|
</ul>
|
|
<p>Each of these proposals offers unique advantages and challenges. The optimal approach may involve a
|
|
combination of these ideas, carefully adjusted to address the specific needs and dynamics of the
|
|
Polkadot and Kusama networks.</p>
|
|
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