Fixed token and Bonds token

The issue contains a tokenomics proposal for DEV, pDEV, bDEV, the Converter contract, and the Claim contract, but names no repository files, tests, or implementation entry points. Start by reviewing the token lifecycle and FAQ; the work is not ready to call done until the proposal has an accepted design and concrete implementation scope.

This proposal is designed to enhance the value of DEV further.

This proposal involves significant change. Therefore, it is helpful to get as much feedback as possible.

By this proposal, the issue that comes with APY going up (too much) turns into an increase in "bonds," not decrease value.

New structure of tokens

Summary

The fundamental of the idea is to set a cap on DEV and stagger by bonds the timing of receipt of rewards. The increase in staking will reduce the number of bonds, keeping the tokenomics more healthy.

• The total supply of DEV does not increase any more than it does now and has a cap.
• Use pDEV (pegged to the DEV) for staking.
• Rewards increase the total supply of pDEV, but the DEV is not increased. Therefore, the pDEV to DEV conversion may be oversubscribed. When oversubscribed, the pDEV is converted to bDEV instead of DEV.
• bDEV can be preferentially converted to "pooled DEV for converting to pDEV."

Major lifecycle of tokens

1. By converting DEV or bDEV to pDEV, you obtain the same amount(1:1) of pDEV.
2. By staking pDEV to one or another Property, stakers get new pDEV block by block. pDEV works the same way as the current DEV.
3. When you convert pDEV with DEV in the situation where the total amount of deposits of DEV is insufficient, the bDEV token is converted instead of DEV.
4. bDEV can be preferentially swapped to "pooled DEV for converting to pDEV." bDEV takes effect by sending an exercise transaction to the Claim contract. That transaction brings a chronological priority to bonds.

Advantages

Since DEV is a fixed token, it is the most valuable in three tokens and surpasses the current value of DEV. pDEV and bDEV are rights that enable you to exchange with DEV, and their values are included in DEV.

Motivations for investors

• Investors' purpose is to obtain the most valuable DEV as much as possible.
• By staking after exchanging DEV with pDEV, investors can increase the amount of DEV that they hold.

Major risks

• When the amount of DEV that is used for converting from pDEV is more than that of DEV that is deposited, its immediacy is lost because it gets bDEV instead of DEV. *However, bDEV becomes a right to receive future DEV.
• In situations where there are too many bDEV (bond), more people may be hesitant to convert DEV to pDEV, reducing the staking rate. A proper APY is required to avoid that situation.

FAQ

Why bother staking with pDEV instead of DEV?

When a user converts DEV to pDEV, the DEV is deposited to the Converter contract. DEV deposited in the Converter contract is used when someone converts pDEV to DEV.

If you get pDEV by staking "DEV instead of pDEV," then your staked DEV may be consumed when someone else does pDEV to DEV conversion. This is a bad scenario, but when users have a significant amount of pDEV gained from staking rewards, and pDEV to DEV conversion is oversubscribed, deposited DEV could be reduced to zero. Staking will continue in such situations. In this situation, oddly, the amount of staking is zero while staking the DEV.

Staking by pDEV instead of DEV addresses that situation.