MIP-15
Summary
Section titled “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
Section titled “Timeline”- Proposal: Published (April 9, 2024)
- Comment Period: Complete (April 16, 2024)
- Outcome: Finalized (April 16, 2024)
Detailed Changes
Section titled “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.