PegNet, which is a mineable stablecoin and synthetics network for DeFi, rewards its PoW miners that act as decentralized oracles with PEG. PEG is the only mineable token on the network and does NOT have a maximum supply but it will often contract. Inflation is a result of mining and inflation AND deflation result from conversions.
PegNet has 10 minute block times and 200 PEG are rewarded to 25 miners per block, meaning 5,000 PEG total per block. There is no halving or other reduction mechanism for block rewards.
One of the novel technical innovations of PegNet is conversions. Within PegNet, you are your own exchange, or as some describe it, bank. If you have 10,000 PEG which are worth $1.00 and one pBitcoin which the external market APIs the decentralized oracles (miners) say is worth $10,000 then you can convert those 10,000 PEG into 1 pBTC. When you do that, the supply of PEG goes down 10,000 as those PEG are destroyed and the supply of pBTC goes up one. If you convert back, the supply of PEG will increase 10,000 and the supply of pBTC will decrease by 1. PEG can be converted to any pAsset and any pAsset can be converted to any other pAsset, PEG included.
This simple system will result in fascinating increases and decreases in the supply of PEG as miners and traders alike convert in and out of PEG in an effort to maximize their profits. You can monitor the changing supply of PEG and other pAssets with PegNetMarketCap.com’s supply charts.
If you have additional questions about PegNet, the community is always happy to help on Discord.