Regen has been minting about 1.285x more REGEN than its own parameters say, for as long as those parameters have been set, and nothing in any dashboard or explorer shows it. This corrects that and nothing else. THE MECHANISM: x/mint pays annual_provisions divided by blocks_per_year, every block. blocks_per_year is 4,360,000, which implies a 7.23 second block. Measured over the last 100,000 blocks the chain actually produces a block every 5.627 seconds, so it makes about 5,604,080 blocks a year. Every block pays a share sized for a year that is 1.285x too short, so the payout overshoots by the same factor. WHAT THAT HAS COST: inflation reads 3.50% and annual_provisions reads 8,380,475 REGEN/yr, but realized emission is about 10,771,755 REGEN/yr, which is 4.50% of supply. The gap is roughly 2,391,280 REGEN a year minted beyond what the parameters describe. Anyone can confirm this without trusting me: take total supply at two heights a few days apart and annualize the difference. That is how I checked it, and it is how it should be checked. WHAT THIS CHANGES: one field. blocks_per_year 4,360,000 to 5,604,080. inflation_max, inflation_min, goal_bonded, inflation_rate_change and mint_denom are read live from the chain and passed through untouched. One standard x/mint MsgUpdateParams, effective on pass, no chain upgrade, no new module. WHAT IT DOES NOT DO: it sets no policy and takes nothing from anyone. It does not decide what the inflation rate should be, it makes the rate the chain actually pays match the rate the chain already says it pays. If the network wants 3.50%, this is how it gets 3.50% instead of 4.50%. If the network wants something else, that is a separate proposal and this one does not prejudge it. HONEST NOTE ON WHO THIS AFFECTS: correcting an over-mint reduces what validators and delegators receive, because they have been receiving the overshoot. I would rather that be a decision than an accident. Block time is not fixed either, so this parameter will drift again as the validator set changes; a future proposal should re-measure rather than assume this number is permanent. DISCLOSURE: I authored proposals #64, #66 and #67 from this address, and I got the bonded-ratio arithmetic in #64 wrong, which is a matter of public record. I hold no staked REGEN; my holdings are committed as governance deposits. Weigh all of that as you see fit. REPRODUCE: /cosmos/mint/v1beta1/params, /cosmos/mint/v1beta1/inflation, /cosmos/mint/v1beta1/annual_provisions, /cosmos/bank/v1beta1/supply/by_denom?denom=uregen, and two /cosmos/base/tendermint/v1beta1/blocks/{height} timestamps.