Hi everyone! It’s time for a quick update.
While the exchange rate canister is up and running, there are two reasons why the cycle minting canister doesn’t make use of it yet:
- The number of available data sources (exchanges and forex data providers) is currently too small. HTTPS outcalls to IPv4 hosts are needed to increase the number of data sources to a reasonable level.
- The removal of conversion rate proposals significantly increases the risk of spam proposals. A change to the voting reward mechanism is required to remove the economic incentive for spam proposals.
The recently accepted update enables IPv4 on the usr34 subnet where the exchange rate canister resides.
Moreover, work to change the voting reward mechanism in the governance canister is ongoing (see here for a recent post on this topic) and is scheduled to be rolled out this week.
Once these two roadblocks are out of the way, we will begin our final round of testing. The upgrade of the cycle minting canister, which will make it request the ICP/XDR rate periodically from the exchange rate canister, is currently planned for the last week of March.
After this upgrade, the number of daily proposals will go down significantly. In case you are wondering, rewards will roll over to the next voting reward period on days without any NNS proposals.