I’d prefer to lock the staking inflation rate instead of changing the target, but I don’t think we have a parameter that sets a staking inflation floor. I think we’d begin losing validator support if inflation started heading toward zero, which isn’t accounted for in the security budget.
Personally, I’d feel more comfortable picking a target if we knew what kind of stake we will need (see here), and my bet is that observations during the weeks that follow Phase 5 will be helpful to deciding that.
@cwgoes @brentstone, what factors do you think would be helpful to pick an ultimate target? Ultimately, I see staking as economic security for Namada’s IBC token deposits, with staking incentives being at the cost of non-stakers, like NAM traders / liquidity providers and NAM MASP depositors.
(fwiw I’m dubious about the usefulness of this PID controller mechanism, but that’s perhaps a different conversation)