MIP-19

Map Improvement Proposal 19: Increased Price of Map Credits

Summary

MIP-19 increased the price of map credits from $0.005 to $0.0075, effective Jan. 1, 2025.

Timeline

• Proposal: Published (Nov. 25, 2024)

• Comment Period: Complete (Dec. 2, 2024)

• Outcome: Finalized (Dec. 3, 2024)

Detailed Changes

MIP-19 increased the price of map credits from $0.005 to $0.0075, effective Jan. 1, 2025. The goal was to ensure that the appropriate amount of value accrues to the Hivemapper Network and HONEY, rather than the developer providing access to Hivemapper Network data.

The original exchange rates and the original price of map credits required some guesswork based on an incomplete understanding of the competitive landscape. With two years of experience, more information was available to set these values at a point that would result in healthy value accrual for the Hivemapper Network while still being attractive to developers.

This 50% increase in the price of map credits, from half a cent to three-quarters of a cent, allowed 50% more value from customer spending to accrue to the Hivemapper Network. This equated to a 50% decrease in the annual recurring revenue (ARR) the Hivemapper Network would need to generate in fiat terms for burns to exceed mints and move HONEY supply onto a net deflationary trajectory.