Section 1: highlights

We strongly believe that the price of ICX matters, both in the short and long-term. Higher price draws more positive attention, attracts more people (developers, users, investors, etc.), and enables P-Reps to do more with less ICX (e.g. at $2 ICX value, you can accomplish the same monetary efforts with 10% less ICX than at $0.20 ICX value).

We are working hard on ways to help restore investor confidence, while also building for the long-term with technical development, business development, and content creation / marketing. It is common to incentivize investments for longer periods of time, and we believe ICON should offer this as well as it helps to stabilize ICON through network stability and price (more staked = less ICX on exchanges to sell).

The support for this idea continues to grow, and we thank everyone who has shown support for this. Long-term rewards will be most beneficial if applied across all of ICON to all ICONists. As such, we have always stated that our end goal is to push for implementation of these rewards into IISS and not just have them available to voters of Ubik (see #5). This would be most beneficial for all of ICON. Unfortunately, we cannot provide significant incentive to all ICONists on our own, and that is why we have implemented this into Ubik policy first (a policy we control and voters can directly support). Long-term, this needs to move to IISS to be beneficial for all ICONists to be effective. With enough support, we may be able to bypass much of the research and accelerate development and implementation for all. We need to be 100% confident that the direction moves in a way that our voters have shown support — incentives for long-term staking rewards provided to all. We have full control of our policy and have implemented this for Ubik. We hope other P-Reps join us and support this initiative and we can implement into the greater ICON network — many have shown support already.

The incentives we propose to IISS would be along the lines of a growing reward % as ICX is staked for longer. An example distribution could be as follows (with actual numbers based on 15% rewards). This rate would be based on staking time, thus allowing moving votes without penalty.

Less than 1 Month = 0.5 * reward rate (7.5%)

1–2 Months = 0.75 * reward rate (11.25%)

3–4 Months = 0.9 * reward rate (13.5%)

5 Months = 1 * reward rate (15 %)

6 Months = 1.1 * reward rate (16.5%)

7–8 Months = 1.25 * reward rate (18.75%)

9–10 Months = 1.4 * reward rate (21.0 %)

11+ Months = 1.5 * reward rate (22.5%)

Lastly, to make clear where we stand: we are against reward sharing with no benefit to ICON (#1). Giving 80% of rewards away is detrimental to ICON success. We are on-board to vote against this type of behavior through ICON Governance.