# P-026 ACTIVE: Reprice .tez to USD targets, with an optional rate-triggered reset

**URL:** <https://talk.tezos.domains/t/p-026-active-reprice-tez-to-usd-targets-with-an-optional-rate-triggered-reset/353>\
**Category:** Proposals\
**Created:** [September 18, 2026, 6:28pm UTC](https://talk.tezos.domains/t/p-026-active-reprice-tez-to-usd-targets-with-an-optional-rate-triggered-reset/353 "2026-09-18T18:28:19Z")\
**Posts on this page:** 1\
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**Author:** ![martin](https://dub1.discourse-cdn.com/flex017/user_avatar/talk.tezos.domains/martin/32/7_2.png) [@martin](https://talk.tezos.domains/u/martin)\
**Post date:** [September 18, 2026, 6:28pm UTC](https://talk.tezos.domains/t/p-026-active-reprice-tez-to-usd-targets-with-an-optional-rate-triggered-reset/353/2 "2026-09-18T18:28:52Z")

</div>

_Continuation of the proposal above: the sections that did not fit the post length limit, with their original numbering._

### From §2 — the installed base

The installed base, from the registrar’s `records` big map:

| Length | Names ever registered | Active today | Expiring within 12 months |
| --- | --- | --- | --- |
| 1 char | 36 | 0 | 0 |
| 2 char | 5 | 3 | 2 |
| 3 char | 1,628 | 81 | 39 |
| 4 char | 4,955 | 447 | 210 |
| 5+ char | 138,912 | 24,389 | 10,598 |
| **Total** | **145,536** | **24,920** | **10,849** |

* * *

### From §6 — what the short tiers are worth

**What the short tiers are worth.** Repricing only the 5+ tier and leaving short names at today’s prices produces $20,100 / $28,200 / $34,300 across the same three scenarios. Including the short tiers adds **$3,100 / $7,300 / $13,000** — about **21% of projected income in the central case, and 28% of the uplift over today** , from 9% of the transactions.

* * *

### 4.2 Users lost, against comparable Tezos applications

Unique addresses that paid for a `buy` or `renew`, against unique addresses transacting with five long-running Tezos consumer applications over the same windows. None of the comparators changed its pricing.

| | 2024 H1 | 2025 H1 | 2026 H1 | 25H1→26H1 | 24H1→26H1 |
| --- | --- | --- | --- | --- | --- |
| **Tezos Domains** | **2,702** | **1,416** | **864** | **−39%** | **−68%** |
| [objkt.com](http://objkt.com) Marketplace v2 | 10,011 | 3,439 | 1,950 | −43% | −81% |
| fxhash Marketplace v2 | 2,942 | 1,463 | 796 | −46% | −73% |
| Teia Community Marketplace | 3,627 | 2,264 | 1,482 | −35% | −59% |
| SpicySwap Router | 1,142 | 298 | 195 | −35% | −83% |
| Plenty | 208 | 66 | 49 | −26% | −76% |
| _Comparator median_ | | | | _−35%_ | _−76%_ |

In the year _after_ the price tripled, Tezos Domains lost **39%** of its paying users. The comparators, with no price change at all, lost between 26% and 46%, median **35%**. Over two years Tezos Domains lost 68% against a comparator median of 76% — that is, over one year it sat inside the range the ecosystem lost anyway, and over two it retained users _better_ than the ecosystem, while charging three times as much.

* * *

## 5. Why these particular short-name prices

Three independent lines of evidence, all pointing above where we are.

### 5.1 The market has already paid these prices — repeatedly

Expressing what buyers actually paid in USD at the exchange rate of the day:

| Period | 3-char price/yr | 3-char purchases | 4-char price/yr | 4-char purchases |
| --- | --- | --- | --- | --- |
| 2021 H2 | $563 | 79 | $141 | 703 |
| 2022 H1 | $320 | 155 | $82 | 499 |
| 2022 H2 | $152 | 1,299 | $38 | 3,348 |
| 2023 H1 | $96 | 47 | $24 | 199 |
| 2023 H2 | $75 | 49 | $17 | 203 |
| 2024 H1 | $100 | 14 | $25 | 46 |
| 2024 H2 | $68 | 3 | $17 | 45 |
| 2025 H1 | $79 | 6 | $14 | 41 |
| 2025 H2 | $31 | 17 | $8 | 72 |
| 2026 H1 | $18 | 9 | $4 | 56 |

The 2021–22 figures are a bull market and should be discounted. **2024 H1 should not be** : it was a bad market, roughly comparable to now, and 4-character names sold 46 units in six months at **$25/year** , with 261 renewals across that year. Since then the effective price has fallen by 84%, to $4, and half-year volume has gone from 46 to 56 — a 22% gain for an 84% price cut, while the 5+ base fell 77% over the same span.

Reading that honestly: short names do respond to price a little more than long ones, but nowhere near enough to justify the discount. **$20 for a 4-character name is below the $25 at which 46 names sold in 2024 H1** , and a seventh of what the market paid in 2021. **$80 for a 3-character name sits between the $75 and $96 points of 2023–24 that both cleared volume** , and well below the $563 of 2021 H2.

### 5.2 The comparison set

| | 5+ char | 4 char | 3 char | 2 char | 1 char |
| --- | --- | --- | --- | --- | --- |
| **ENS** | $5 | $160 | $640 | not sold at fixed price | not sold at fixed price |
| **.tez today** | $0.66 | $2.66 | $11.06 | $44 | $177 |
| **.tez proposed** | $5 | $20 | $80 | $320 | $1,280 |

The proposal matches ENS at the base tier and deliberately sits at an eighth of ENS on the 4- and 3-character tiers, on the grounds that the Tezos ecosystem is smaller and the names are worth correspondingly less. It does not attempt ENS’s 32× and 128× multiples of the base price; the proposed multiples are 4× and 16×, the same fourfold step per character that the current XTZ ladder uses.

### 5.3 The two shortest tiers are a special case

**One character.** All 36 single-character names (`a`–`z`, `0`–`9`) were held with a reserved registration that expired on **10 December 2025**. They have been openly purchasable at 800 XTZ/year ever since — through a period when that was worth between $450 and $177 — and **not one has been registered**. Nearly nine months of zero at a falling price says the constraint is not the price; it is that nobody knows they are available. The proposed $1,280 target is therefore set to _hold the floor_ rather than to clear the inventory: it prevents 36 permanently scarce names being captured cheaply, and it prices them sensibly if and when they are marketed properly. Actually releasing them — an auction, or an announced release window — is worth doing, but it is a separate proposal with its own mechanics.

**Two characters.** Six registrations covering five distinct names since the tier opened in August 2025 (`gm`, `ai`, `in`, `me`, `69`; three still active). At 200 XTZ the tier cleared roughly one name every two months at a USD price that ranged from $162 down to $42. There are 1,296 possible two-character labels and five have ever been taken. The $320 target is about double the tier’s opening USD price and keeps the fourfold step from the 3-character tier. Revenue either way is small; the point is not to sell the scarcest inventory in the registry for $42.

* * *

* * *

### 4.3 The chain underneath

| | 2024 H1 | 2025 H1 | 2026 H1 |
| --- | --- | --- | --- |
| Contract calls (chain-wide) | 14,764,652 | 6,390,301 | 5,240,888 |
| New user accounts (chain-wide) | 369,899 | 117,550 | 30,487 |
| Tezos Domains actions | 9,237 | 4,345 | 2,251 |
| Tezos Domains new customers | 834 | 408 | 223 |

New-account formation on Tezos fell **92%** across the two years; Tezos Domains’ new-customer count fell **73%**. Contract calls are the weakest of the three tests — the figure is dominated by oracles, bots and automated routing rather than people — and it is included only for completeness.

* * *

## 9. Implementation

Prices live in the TLD registrar’s `config` map (`KT1Mqx5meQbhufngJnUAGEGpa4ZRxhPSiCgB`), as a **standard price per day in picotez (10⁻¹² XTZ)**. Key `2` is the default (5+ characters); keys `2001`–`2004` override it for lengths 1 to 4.

| Key | Length | Current value | Current XTZ/yr | New value | New XTZ/yr |
| --- | --- | --- | --- | --- | --- |
| `2001` | 1 | 2,191,780,821,918 | 800 | 15,890,410,958,904 | 5,800 |
| `2002` | 2 | 547,945,205,479 | 200 | 3,972,602,739,726 | 1,450 |
| `2003` | 3 | 136,986,301,370 | 50 | 986,301,369,863 | 360 |
| `2004` | 4 | 32,876,712,329 | 12 | 246,575,342,466 | 90 |
| `2` | 5+ | 8,219,178,082 | 3 | 63,013,698,630 | 23 |

The new values above are computed at **$0.2213** , the 90-day average used for valuations throughout this proposal, and rounded to a round number within 2% of the USD target. **The values actually submitted must be recomputed against the 30-day average on the day the multisig proposal is prepared** , per the rule in §7, and re-verified before signing. The rate used becomes the reference against which the ±25% band in §7 is measured thereafter.

Execution: the registrar’s `owner` is the DAO treasury `KT1BzeXvLtPR83aj5FHemXmia6DmdXkeV3Uk`, so the change is a treasury multisig proposal (`create_proposal` → `sign_proposal` → `resolve_proposal`) carrying an `execute_lambda` that calls `admin_update` on the registrar with the five config writes in a single operation. No contract upgrade is required. The multisig needs four of the seven keyholders to sign, so the time from the vote closing to the change taking effect depends on their availability; past executions took four to six days from the first signature. No execution date is announced: the change is live when the multisig proposal resolves.

After execution: verify the new values on-chain, update the pricing page and documentation, and publish a short post stating the change, the rate used, the USD targets, and the conditions under which prices can be re-expressed.

* * *

* * *

## Appendix — method and sources

All figures were derived on 31 August 2026 from public chain data via the TzKT API; nothing here relies on internal records.

**Transaction data.** Every `buy` and `renew` operation against the registrar proxies `KT191reDVKrLxU9rjTSxg53wRqj6zh8pnHgr` (buy) and `KT1EVYBj3f1rZHNeUtq4ZvVxPTs77wuHwARU` (renew) from April 2021 to 31 August 2026 — 214,365 applied operations. Name length is the character count of the UTF-8 decoded `label` parameter; the implied annual price is `amount ÷ (duration ÷ 365)`.

**Installed base.** The registrar’s `records` big map (pointer 1278), 145,536 keys, each carrying an expiry timestamp. “Active” means expiry later than 31 August 2026.

**Treasury income.** Transfers into `KT1BzeXvLtPR83aj5FHemXmia6DmdXkeV3Uk`, 1 September 2025 to 31 August 2026, split by sender.

**Exchange rates.** `api.tzkt.io/v1/statistics/daily?quote=usd` — daily USD close per XTZ. Historical USD prices in §5.1 use the monthly average for the month of each transaction. All other USD conversions use the **90-day average, $0.2213** as a valuation convention; the 30-day average, which is the basis the §7 trigger uses, was $0.2104, and spot $0.2348. The §7 table was produced by replaying each candidate rule over daily XTZ/USD closes from May 2021 to September 2026, assuming each reset executes three days after its trigger.

**Prior decisions referenced.** [P-013](https://talk.tezos.domains/t/253), [P-016](https://talk.tezos.domains/t/261), [P-017](https://talk.tezos.domains/t/268), [P-021](https://talk.tezos.domains/t/300), [P-023](https://talk.tezos.domains/t/306), [P-024](https://talk.tezos.domains/t/320).

**Caveats.** Auction settlements (`settle`, 6,402 operations) are excluded from the per-length income table; they are 2% of registrar income and almost entirely historical. Multi-year registrations are counted at full value in the period they were paid, which is why 3-character income (7,100 XTZ from 64 actions) is larger than a per-year reading would suggest. The projection in §6 assumes the mix of registration durations is unchanged.

> **Vote on P-026: [Tezos Homebase](https://tezos-homebase.io/explorer/lite/dao/6536c7151901bb3e1fe38d8d/community/proposal/6abbaf809a414dffa255630a)**  
> **Vote Ends: 06 October 2026 at 13:30 GMT**
> 
> **Proposal Passing Requirement (Request for action): 50%+ Yes votes, 10%+ TEDv quorum**

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