MIP-15

Map Improvement Proposal 15: HONEY Burn for Map Consumption

Summary

MIP-15 adjusted the burn-and-mint economics of HONEY so map consumption has a deflationary influence on token supply, allowing HONEY to accrue value as customers derive value from the map.

Timeline

• Proposal: Published (April 9, 2024)

• Comment Period: Complete (April 16, 2024)

• Outcome: Finalized (April 16, 2024)

Detailed Changes

MIP-15 adjusted the burn-and-mint economics of HONEY so map consumption has a deflationary influence on token supply, allowing HONEY to accrue value as customers derive value from the map.

Prior to MIP-15, 100% of the HONEY burned when customers consumed map data was reissued to contributors as Consumption Rewards. Since the implementation of MIP-15, 75% of HONEY redeemed for map credits each week has been permanently burned and 25% has been reminted as Consumption Rewards, up to a limit of 500,000 HONEY per week. Any overage is permanently burned.

An in-depth explanation of the interaction between map credits and HONEY, and how a customer purchase translates into HONEY burn, can be found here.