diff --git a/.changelog/unreleased/improvements/2460-refactor-shielded-inflation.md b/.changelog/unreleased/improvements/2460-refactor-shielded-inflation.md
new file mode 100644
index 00000000000..fff07ba5852
--- /dev/null
+++ b/.changelog/unreleased/improvements/2460-refactor-shielded-inflation.md
@@ -0,0 +1,3 @@
+- MASP inflation for a given token now is adjusted based on a target amount
+  of total locked (shielded) tokens rather than a ratio relative to some total
+  supply. ([\#2460](https://github.com/anoma/namada/pull/2460))
\ No newline at end of file
diff --git a/crates/apps/src/lib/client/rpc.rs b/crates/apps/src/lib/client/rpc.rs
index 3557bd51a17..cedc239b3fb 100644
--- a/crates/apps/src/lib/client/rpc.rs
+++ b/crates/apps/src/lib/client/rpc.rs
@@ -2523,7 +2523,7 @@ pub async fn query_masp_reward_tokens(context: &impl Namada) {
         max_reward_rate,
         kp_gain,
         kd_gain,
-        locked_ratio_target,
+        locked_amount_target,
     } in tokens
     {
         display_line!(context.io(), "{}: {}", name, address);
@@ -2532,8 +2532,8 @@ pub async fn query_masp_reward_tokens(context: &impl Namada) {
         display_line!(context.io(), "  Kd gain: {}", kd_gain);
         display_line!(
             context.io(),
-            "  Locked ratio target: {}",
-            locked_ratio_target
+            "  Locked amount target: {}",
+            locked_amount_target
         );
     }
 }
diff --git a/crates/apps/src/lib/node/ledger/shell/init_chain.rs b/crates/apps/src/lib/node/ledger/shell/init_chain.rs
index 636bf3a5853..a881171b51f 100644
--- a/crates/apps/src/lib/node/ledger/shell/init_chain.rs
+++ b/crates/apps/src/lib/node/ledger/shell/init_chain.rs
@@ -435,6 +435,7 @@ where
                 masp_params,
                 &mut self.wl_storage,
                 address,
+                denom,
             )
             .unwrap();
             if masp_params.is_some() {
diff --git a/crates/core/src/ledger/inflation.rs b/crates/core/src/ledger/inflation.rs
index f9c9e8d6247..d7600a2d5c3 100644
--- a/crates/core/src/ledger/inflation.rs
+++ b/crates/core/src/ledger/inflation.rs
@@ -5,30 +5,24 @@
 use crate::types::dec::Dec;
 use crate::types::uint::Uint;
 
-/// The domains of inflation
-pub enum RewardsType {
-    /// Proof-of-stake rewards
-    Staking,
-    /// Rewards for locking tokens in the multi-asset shielded pool
-    Masp,
-    /// Rewards for public goods funding (PGF)
-    PubGoodsFunding,
+/// Holds the PD controller values that should be updated in storage
+#[allow(missing_docs)]
+pub struct PosValsToUpdate {
+    pub locked_ratio: Dec,
+    pub inflation: Uint,
 }
 
 /// Holds the PD controller values that should be updated in storage
 #[allow(missing_docs)]
-pub struct ValsToUpdate {
-    pub locked_ratio: Dec,
+pub struct ShieldedValsToUpdate {
     pub inflation: Uint,
 }
 
 /// PD controller used to dynamically adjust the rewards rates
 #[derive(Debug, Clone)]
-pub struct RewardsController {
+pub struct PosRewardsController {
     /// Locked token amount in the relevant system
     pub locked_tokens: Uint,
-    /// Total token supply
-    pub total_tokens: Uint,
     /// Total native token supply
     pub total_native_tokens: Uint,
     /// PD target locked ratio
@@ -47,12 +41,13 @@ pub struct RewardsController {
     pub epochs_per_year: u64,
 }
 
-impl RewardsController {
-    /// Calculate a new rewards rate
-    pub fn run(self) -> ValsToUpdate {
+impl PosRewardsController {
+    /// Calculate a new inflation rate for the Proof-of-stake rewards system.
+    /// Uses the ratios of locked (staked) tokens to the total native token
+    /// supply to determine the new inflation amount.
+    pub fn run(self) -> PosValsToUpdate {
         let Self {
             locked_tokens,
-            total_tokens,
             total_native_tokens,
             locked_ratio_target,
             locked_ratio_last,
@@ -63,31 +58,35 @@ impl RewardsController {
             epochs_per_year,
         } = self;
 
-        // Token amounts must be expressed in terms of the raw amount (namnam)
+        // Token amounts must be expressed in terms of the raw amount
         // to properly run the PD controller
         let locked = Dec::try_from(locked_tokens)
             .expect("Should not fail to convert Uint to Dec");
-        let total = Dec::try_from(total_tokens)
-            .expect("Should not fail to convert Uint to Dec");
         let total_native = Dec::try_from(total_native_tokens)
             .expect("Should not fail to convert Uint to Dec");
+        let last_inflation_amount = Dec::try_from(last_inflation_amount)
+            .expect("Should not fail to convert Uint to Dec");
+
         let epochs_py: Dec = epochs_per_year.into();
 
-        let locked_ratio = if total.is_zero() {
+        // Staked ratio
+        let locked_ratio = if total_native.is_zero() {
             Dec::one()
         } else {
-            locked / total
+            locked / total_native
         };
+
+        // Max inflation amount for this epoch
         let max_inflation = total_native * max_reward_rate / epochs_py;
+
+        // Intermediate values
         let p_gain = p_gain_nom * max_inflation;
         let d_gain = d_gain_nom * max_inflation;
-
         let error = locked_ratio_target - locked_ratio;
         let delta_error = locked_ratio_last - locked_ratio;
         let control_val = p_gain * error - d_gain * delta_error;
 
-        let last_inflation_amount = Dec::try_from(last_inflation_amount)
-            .expect("Should not fail to convert Uint to Dec");
+        // New inflation amount
         let new_inflation_amount_raw = last_inflation_amount + control_val;
         let new_inflation_amount = if new_inflation_amount_raw.is_negative() {
             Uint::zero()
@@ -96,19 +95,101 @@ impl RewardsController {
                 .to_uint()
                 .expect("Should not fail to convert Dec to Uint")
         };
-
         let max_inflation = max_inflation
             .to_uint()
             .expect("Should not fail to convert Dec to Uint");
 
         let inflation = std::cmp::min(new_inflation_amount, max_inflation);
-        ValsToUpdate {
+        PosValsToUpdate {
             locked_ratio,
             inflation,
         }
     }
 }
 
+/// PD controller used to dynamically adjust the rewards rates
+#[derive(Debug, Clone)]
+pub struct ShieldedRewardsController {
+    /// Locked token amount in the relevant system
+    pub locked_tokens: Uint,
+    /// Total native token supply
+    pub total_native_tokens: Uint,
+    /// PD target locked amount
+    pub locked_tokens_target: Uint,
+    /// PD last locked amount
+    pub locked_tokens_last: Uint,
+    /// Maximum reward rate
+    pub max_reward_rate: Dec,
+    /// Last inflation amount
+    pub last_inflation_amount: Uint,
+    /// Nominal proportional gain
+    pub p_gain_nom: Dec,
+    /// Nominal derivative gain
+    pub d_gain_nom: Dec,
+    /// Number of epochs per year
+    pub epochs_per_year: u64,
+}
+
+impl ShieldedRewardsController {
+    /// Calculate a new inflation rate for the Proof-of-stake rewards system.
+    /// Uses the ratios of locked (staked) tokens to the total native token
+    /// supply to determine the new inflation amount.
+    pub fn run(self) -> ShieldedValsToUpdate {
+        let Self {
+            locked_tokens,
+            total_native_tokens,
+            locked_tokens_target,
+            locked_tokens_last,
+            max_reward_rate,
+            last_inflation_amount,
+            p_gain_nom,
+            d_gain_nom,
+            epochs_per_year,
+        } = self;
+
+        // Token amounts must be expressed in terms of the raw amount
+        // to properly run the PD controller
+        let locked = Dec::try_from(locked_tokens)
+            .expect("Should not fail to convert Uint to Dec");
+        let locked_amount_target = Dec::try_from(locked_tokens_target)
+            .expect("Should not fail to convert Uint to Dec");
+        let locked_amount_last = Dec::try_from(locked_tokens_last)
+            .expect("Should not fail to convert Uint to Dec");
+        let total_native = Dec::try_from(total_native_tokens)
+            .expect("Should not fail to convert Uint to Dec");
+        let last_inflation_amount = Dec::try_from(last_inflation_amount)
+            .expect("Should not fail to convert Uint to Dec");
+
+        let epochs_py: Dec = epochs_per_year.into();
+
+        // Max inflation amount for this epoch
+        let max_inflation = total_native * max_reward_rate / epochs_py;
+
+        // Intermediate values
+        let p_gain = p_gain_nom * max_reward_rate / epochs_py;
+        let d_gain = d_gain_nom * max_reward_rate / epochs_py;
+        let error = locked_amount_target - locked;
+        let delta_error = locked_amount_last - locked;
+        let control_val = p_gain * error - d_gain * delta_error;
+
+        // New inflation amount
+        let new_inflation_amount_raw = last_inflation_amount + control_val;
+        let new_inflation_amount = if new_inflation_amount_raw.is_negative() {
+            Uint::zero()
+        } else {
+            new_inflation_amount_raw
+                .to_uint()
+                .expect("Should not fail to convert Dec to Uint")
+        };
+        let max_inflation = max_inflation
+            .to_uint()
+            .expect("Should not fail to convert Dec to Uint");
+
+        let inflation = std::cmp::min(new_inflation_amount, max_inflation);
+        ShieldedValsToUpdate { inflation }
+    }
+}
+
 #[cfg(test)]
 mod test {
     use std::str::FromStr;
@@ -117,9 +198,8 @@ mod test {
 
     #[test]
     fn test_inflation_calc_up() {
-        let mut controller = RewardsController {
+        let mut controller = PosRewardsController {
             locked_tokens: Uint::from(2_000_000_000),
-            total_tokens: Uint::from(4_000_000_000_u64),
             total_native_tokens: Uint::from(4_000_000_000_u64),
             locked_ratio_target: Dec::from_str("0.66666666").unwrap(),
             locked_ratio_last: Dec::from_str("0.5").unwrap(),
@@ -131,7 +211,7 @@ mod test {
         };
         dbg!(&controller);
 
-        let ValsToUpdate {
+        let PosValsToUpdate {
             locked_ratio: locked_ratio_0,
             inflation: inflation_0,
         } = controller.clone().run();
@@ -143,10 +223,9 @@ mod test {
 
         controller.locked_ratio_last = locked_ratio_0;
         controller.last_inflation_amount = inflation_0;
-        controller.total_tokens += inflation_0;
         controller.locked_tokens += inflation_0;
 
-        let ValsToUpdate {
+        let PosValsToUpdate {
             locked_ratio: locked_ratio_1,
             inflation: inflation_1,
         } = controller.clone().run();
@@ -160,10 +239,9 @@ mod test {
 
         controller.locked_ratio_last = locked_ratio_1;
         controller.last_inflation_amount = inflation_1;
-        controller.total_tokens += inflation_1;
         controller.locked_tokens += inflation_1;
 
-        let ValsToUpdate {
+        let PosValsToUpdate {
             locked_ratio: locked_ratio_2,
             inflation: inflation_2,
         } = controller.run();
@@ -178,9 +256,8 @@ mod test {
 
     #[test]
     fn test_inflation_calc_down() {
-        let mut controller = RewardsController {
+        let mut controller = PosRewardsController {
             locked_tokens: Uint::from(900_000_000),
-            total_tokens: Uint::from(1_000_000_000),
             total_native_tokens: Uint::from(1_000_000_000),
             locked_ratio_target: Dec::from_str("0.66666666").unwrap(),
             locked_ratio_last: Dec::from_str("0.9").unwrap(),
@@ -192,7 +269,7 @@ mod test {
         };
         dbg!(&controller);
 
-        let ValsToUpdate {
+        let PosValsToUpdate {
             locked_ratio: locked_ratio_0,
             inflation: inflation_0,
         } = controller.clone().run();
@@ -204,10 +281,9 @@ mod test {
 
         controller.locked_ratio_last = locked_ratio_0;
         controller.last_inflation_amount = inflation_0;
-        controller.total_tokens += inflation_0;
         controller.locked_tokens += inflation_0;
 
-        let ValsToUpdate {
+        let PosValsToUpdate {
             locked_ratio: locked_ratio_1,
             inflation: inflation_1,
         } = controller.clone().run();
@@ -221,10 +297,9 @@ mod test {
 
         controller.locked_ratio_last = locked_ratio_1;
         controller.last_inflation_amount = inflation_1;
-        controller.total_tokens += inflation_1;
         controller.locked_tokens += inflation_1;
 
-        let ValsToUpdate {
+        let PosValsToUpdate {
             locked_ratio: locked_ratio_2,
             inflation: inflation_2,
         } = controller.run();
@@ -247,11 +322,10 @@ mod test {
         // let a = (init_locked_ratio * total_tokens).to_uint().unwrap();
         let num_rounds = 100;
 
-        let mut controller = RewardsController {
+        let mut controller = PosRewardsController {
             locked_tokens: (init_locked_ratio * total_tokens)
                 .to_uint()
                 .unwrap(),
-            total_tokens: Uint::from(total_tokens),
             total_native_tokens: Uint::from(total_tokens),
             locked_ratio_target: Dec::from_str("0.66666666").unwrap(),
             locked_ratio_last: init_locked_ratio,
@@ -264,7 +338,7 @@ mod test {
         dbg!(&controller);
 
         for round in 0..num_rounds {
-            let ValsToUpdate {
+            let PosValsToUpdate {
                 locked_ratio,
                 inflation,
             } = controller.clone().run();
@@ -276,7 +350,6 @@ mod test {
                  {rate}",
             );
             controller.last_inflation_amount = inflation;
-            controller.total_tokens += inflation;
             controller.total_native_tokens += inflation;
 
             // if rate.abs_diff(&controller.max_reward_rate)
@@ -285,11 +358,12 @@ mod test {
             //     controller.locked_tokens = controller.total_tokens;
             // }
 
-            let tot_tokens = u64::try_from(controller.total_tokens).unwrap();
+            let tot_tokens =
+                u64::try_from(controller.total_native_tokens).unwrap();
             let change_staked_tokens =
                 (staking_growth * tot_tokens).to_uint().unwrap();
             controller.locked_tokens = std::cmp::min(
-                controller.total_tokens,
+                controller.total_native_tokens,
                 controller.locked_tokens + change_staked_tokens,
             );
 
diff --git a/crates/core/src/types/token.rs b/crates/core/src/types/token.rs
index 28fa10ebfb3..0ae72ed74a6 100644
--- a/crates/core/src/types/token.rs
+++ b/crates/core/src/types/token.rs
@@ -1009,8 +1009,9 @@ pub struct MaspParams {
     pub kd_gain_nom: Dec,
     /// Shielded Pool nominal proportional gain for the given token
     pub kp_gain_nom: Dec,
-    /// Locked ratio for the given token
-    pub locked_ratio_target: Dec,
+    /// Target amount for the given token that is locked in the shielded pool
+    /// TODO: should this be a Uint or DenominatedAmount???
+    pub locked_amount_target: u64,
 }
 
 impl Default for MaspParams {
@@ -1019,7 +1020,7 @@ impl Default for MaspParams {
             max_reward_rate: Dec::from_str("0.1").unwrap(),
             kp_gain_nom: Dec::from_str("0.25").unwrap(),
             kd_gain_nom: Dec::from_str("0.25").unwrap(),
-            locked_ratio_target: Dec::from_str("0.6667").unwrap(),
+            locked_amount_target: 10_000_u64,
         }
     }
 }
diff --git a/crates/proof_of_stake/src/rewards.rs b/crates/proof_of_stake/src/rewards.rs
index edd5df9e101..78e7accdb4a 100644
--- a/crates/proof_of_stake/src/rewards.rs
+++ b/crates/proof_of_stake/src/rewards.rs
@@ -292,9 +292,8 @@ where
     let pos_max_inflation_rate = params.max_inflation_rate;
 
     // Run rewards PD controller
-    let pos_controller = inflation::RewardsController {
+    let pos_controller = inflation::PosRewardsController {
         locked_tokens: pos_locked_supply.raw_amount(),
-        total_tokens: total_tokens.raw_amount(),
         total_native_tokens: total_tokens.raw_amount(),
         locked_ratio_target: pos_locked_ratio_target,
         locked_ratio_last: pos_last_staked_ratio,
@@ -305,7 +304,7 @@ where
         epochs_per_year,
     };
     // Run the rewards controllers
-    let inflation::ValsToUpdate {
+    let inflation::PosValsToUpdate {
         locked_ratio,
         inflation,
     } = pos_controller.run();
@@ -313,6 +312,8 @@ where
     let inflation =
         token::Amount::from_uint(inflation, 0).into_storage_result()?;
 
+    // Mint inflation and partition rewards among all accounts that earn a
+    // portion of it
     update_rewards_products_and_mint_inflation(
         storage,
         &params,
diff --git a/crates/sdk/src/masp.rs b/crates/sdk/src/masp.rs
index eed4197cb42..7fd4fe97416 100644
--- a/crates/sdk/src/masp.rs
+++ b/crates/sdk/src/masp.rs
@@ -59,6 +59,7 @@ use namada_core::types::masp::{
 };
 use namada_core::types::storage::{BlockHeight, Epoch, IndexedTx, TxIndex};
 use namada_core::types::time::{DateTimeUtc, DurationSecs};
+use namada_core::types::uint::Uint;
 use namada_ibc::IbcMessage;
 use namada_token::{self as token, Denomination, MaspDigitPos, Transfer};
 use namada_tx::data::{TxResult, WrapperTx};
@@ -133,7 +134,7 @@ pub struct MaspTokenRewardData {
     pub max_reward_rate: Dec,
     pub kp_gain: Dec,
     pub kd_gain: Dec,
-    pub locked_ratio_target: Dec,
+    pub locked_amount_target: Uint,
 }
 
 #[cfg(feature = "testing")]
diff --git a/crates/sdk/src/queries/shell.rs b/crates/sdk/src/queries/shell.rs
index 65ea76118e4..3450425eff0 100644
--- a/crates/sdk/src/queries/shell.rs
+++ b/crates/sdk/src/queries/shell.rs
@@ -16,6 +16,7 @@ use namada_core::types::storage::{
     self, BlockHeight, BlockResults, Epoch, KeySeg, PrefixValue,
 };
 use namada_core::types::token::{Denomination, MaspDigitPos};
+use namada_core::types::uint::Uint;
 use namada_state::{DBIter, LastBlock, StorageHasher, DB};
 use namada_storage::{self, ResultExt, StorageRead};
 #[cfg(any(test, feature = "async-client"))]
@@ -269,10 +270,10 @@ where
                     ),
                 ))
             })?;
-        let locked_ratio_target = ctx
+        let locked_amount_target = ctx
             .wl_storage
-            .read::<Dec>(
-                &namada_token::storage_key::masp_locked_ratio_target_key(
+            .read::<Uint>(
+                &namada_token::storage_key::masp_locked_amount_target_key(
                     &token,
                 ),
             )?
@@ -293,7 +294,7 @@ where
             max_reward_rate,
             kp_gain,
             kd_gain,
-            locked_ratio_target,
+            locked_amount_target,
         });
     }
     Ok(data)
diff --git a/crates/shielded_token/src/conversion.rs b/crates/shielded_token/src/conversion.rs
index 8efb2cee415..23db438d42b 100644
--- a/crates/shielded_token/src/conversion.rs
+++ b/crates/shielded_token/src/conversion.rs
@@ -1,6 +1,8 @@
 //! MASP rewards conversions
 
-use namada_core::ledger::inflation::{RewardsController, ValsToUpdate};
+use namada_core::ledger::inflation::{
+    ShieldedRewardsController, ShieldedValsToUpdate,
+};
 use namada_core::types::address::{Address, MASP};
 use namada_core::types::dec::Dec;
 use namada_core::types::uint::Uint;
@@ -12,7 +14,7 @@ use namada_trans_token::{read_denom, Amount, DenominatedAmount, Denomination};
 
 use crate::storage_key::{
     masp_kd_gain_key, masp_kp_gain_key, masp_last_inflation_key,
-    masp_last_locked_ratio_key, masp_locked_ratio_target_key,
+    masp_last_locked_amount_key, masp_locked_amount_target_key,
     masp_max_reward_rate_key,
 };
 
@@ -45,31 +47,27 @@ where
 /// parameters and the last inflation and last locked rewards ratio values.
 pub fn calculate_masp_rewards<D, H>(
     wl_storage: &mut WlStorage<D, H>,
-    addr: &Address,
+    token: &Address,
 ) -> namada_storage::Result<((u128, u128), Denomination)>
 where
     D: 'static + DB + for<'iter> DBIter<'iter>,
     H: 'static + StorageHasher,
 {
     let (precision, denomination) =
-        calculate_masp_rewards_precision(wl_storage, addr)?;
+        calculate_masp_rewards_precision(wl_storage, token)?;
 
     let masp_addr = MASP;
-    // Query the storage for information
 
-    //// information about the amount of tokens on the chain
-    let total_tokens: Amount = wl_storage
-        .read(&minted_balance_key(addr))?
-        .expect("the total supply key should be here");
+    // Query the storage for information -------------------------
 
     //// information about the amount of native tokens on the chain
     let total_native_tokens: Amount = wl_storage
         .read(&minted_balance_key(&wl_storage.storage.native_token))?
         .expect("the total supply key should be here");
 
-    // total staked amount in the Shielded pool
-    let total_token_in_masp: Amount = wl_storage
-        .read(&balance_key(addr, &masp_addr))?
+    // total locked amount in the Shielded pool
+    let total_tokens_in_masp: Amount = wl_storage
+        .read(&balance_key(token, &masp_addr))?
         .unwrap_or_default();
 
     let epochs_per_year: u64 = wl_storage
@@ -78,37 +76,36 @@ where
 
     //// Values from the last epoch
     let last_inflation: Amount = wl_storage
-        .read(&masp_last_inflation_key(addr))?
+        .read(&masp_last_inflation_key(token))?
         .expect("failure to read last inflation");
 
-    let last_locked_ratio: Dec = wl_storage
-        .read(&masp_last_locked_ratio_key(addr))?
+    let last_locked_amount: Amount = wl_storage
+        .read(&masp_last_locked_amount_key(token))?
         .expect("failure to read last inflation");
 
     //// Parameters for each token
     let max_reward_rate: Dec = wl_storage
-        .read(&masp_max_reward_rate_key(addr))?
+        .read(&masp_max_reward_rate_key(token))?
         .expect("max reward should properly decode");
 
     let kp_gain_nom: Dec = wl_storage
-        .read(&masp_kp_gain_key(addr))?
+        .read(&masp_kp_gain_key(token))?
         .expect("kp_gain_nom reward should properly decode");
 
     let kd_gain_nom: Dec = wl_storage
-        .read(&masp_kd_gain_key(addr))?
+        .read(&masp_kd_gain_key(token))?
         .expect("kd_gain_nom reward should properly decode");
 
-    let locked_target_ratio: Dec = wl_storage
-        .read(&masp_locked_ratio_target_key(addr))?
+    let target_locked_amount: Amount = wl_storage
+        .read(&masp_locked_amount_target_key(token))?
         .expect("locked ratio target should properly decode");
 
     // Creating the PD controller for handing out tokens
-    let controller = RewardsController {
-        locked_tokens: total_token_in_masp.raw_amount(),
-        total_tokens: total_tokens.raw_amount(),
+    let controller = ShieldedRewardsController {
+        locked_tokens: total_tokens_in_masp.raw_amount(),
         total_native_tokens: total_native_tokens.raw_amount(),
-        locked_ratio_target: locked_target_ratio,
-        locked_ratio_last: last_locked_ratio,
+        locked_tokens_target: target_locked_amount.raw_amount(),
+        locked_tokens_last: last_locked_amount.raw_amount(),
         max_reward_rate,
         last_inflation_amount: last_inflation.raw_amount(),
         p_gain_nom: kp_gain_nom,
@@ -116,22 +113,20 @@ where
         epochs_per_year,
     };
 
-    let ValsToUpdate {
-        locked_ratio,
-        inflation,
-    } = RewardsController::run(controller);
+    let ShieldedValsToUpdate { inflation } =
+        ShieldedRewardsController::run(controller);
 
     // inflation-per-token = inflation / locked tokens = n/PRECISION
     // ∴ n = (inflation * PRECISION) / locked tokens
     // Since we must put the notes in a compatible format with the
     // note format, we must make the inflation amount discrete.
-    let noterized_inflation = if total_token_in_masp.is_zero() {
+    let noterized_inflation = if total_tokens_in_masp.is_zero() {
         0u128
     } else {
         inflation
             .checked_mul_div(
                 Uint::from(precision),
-                total_token_in_masp.raw_amount(),
+                total_tokens_in_masp.raw_amount(),
             )
             .and_then(|x| x.0.try_into().ok())
             .unwrap_or_else(|| {
@@ -139,40 +134,38 @@ where
                     "MASP inflation for {} assumed to be 0 because the \
                      computed value is too large. Please check the inflation \
                      parameters.",
-                    *addr
+                    *token
                 );
                 0u128
             })
     };
     let inflation_amount = Amount::from_uint(
-        (total_token_in_masp.raw_amount() / precision)
+        (total_tokens_in_masp.raw_amount() / precision)
             * Uint::from(noterized_inflation),
         0,
     )
     .unwrap();
     let denom_amount = DenominatedAmount::new(inflation_amount, denomination);
-    tracing::info!("MASP inflation for {addr} is {denom_amount}");
+    tracing::info!("MASP inflation for {token} is {denom_amount}");
 
     tracing::debug!(
-        "Controller, call: total_in_masp {:?}, total_tokens {:?}, \
-         total_native_tokens {:?}, locked_target_ratio {:?}, \
-         last_locked_ratio {:?}, max_reward_rate {:?}, last_inflation {:?}, \
-         kp_gain_nom {:?}, kd_gain_nom {:?}, epochs_per_year {:?}",
-        total_token_in_masp,
-        total_tokens,
+        "Controller, call: total_in_masp {:?}, total_native_tokens {:?}, \
+         locked_target_amount {:?}, last_locked_amount {:?}, max_reward_rate \
+         {:?}, last_inflation {:?}, kp_gain_nom {:?}, kd_gain_nom {:?}, \
+         epochs_per_year {:?}",
+        total_tokens_in_masp,
         total_native_tokens,
-        locked_target_ratio,
-        last_locked_ratio,
+        target_locked_amount,
+        last_locked_amount,
         max_reward_rate,
         last_inflation,
         kp_gain_nom,
         kd_gain_nom,
         epochs_per_year,
     );
-    tracing::debug!("Token address: {:?}", addr);
-    tracing::debug!("Ratio {:?}", locked_ratio);
+    tracing::debug!("Token address: {:?}", token);
     tracing::debug!("inflation from the pd controller {:?}", inflation);
-    tracing::debug!("total in the masp {:?}", total_token_in_masp);
+    tracing::debug!("total in the masp {:?}", total_tokens_in_masp);
     tracing::debug!("precision {}", precision);
     tracing::debug!("Noterized inflation: {}", noterized_inflation);
 
@@ -180,9 +173,10 @@ where
     // but we should make sure the return value's ratio matches
     // this new inflation rate in 'update_allowed_conversions',
     // otherwise we will have an inaccurate view of inflation
-    wl_storage.write(&masp_last_inflation_key(addr), inflation_amount)?;
+    wl_storage.write(&masp_last_inflation_key(token), inflation_amount)?;
 
-    wl_storage.write(&masp_last_locked_ratio_key(addr), locked_ratio)?;
+    wl_storage
+        .write(&masp_last_locked_amount_key(token), total_tokens_in_masp)?;
 
     Ok(((noterized_inflation, precision), denomination))
 }
@@ -285,12 +279,12 @@ where
         calculate_masp_rewards_precision(wl_storage, &native_token)?.0;
 
     // Reward all tokens according to above reward rates
-    for addr in &masp_reward_keys {
-        let (reward, denom) = calculate_masp_rewards(wl_storage, addr)?;
-        masp_reward_denoms.insert(addr.clone(), denom);
+    for token in &masp_reward_keys {
+        let (reward, denom) = calculate_masp_rewards(wl_storage, token)?;
+        masp_reward_denoms.insert(token.clone(), denom);
         // Dispense a transparent reward in parallel to the shielded rewards
         let addr_bal: Amount = wl_storage
-            .read(&balance_key(addr, &masp_addr))?
+            .read(&balance_key(token, &masp_addr))?
             .unwrap_or_default();
         // Get the last rewarded amount of the native token
         let normed_inflation = wl_storage
@@ -304,20 +298,20 @@ where
             // negative sign allows each instance of the old asset to be
             // cancelled out/replaced with the new asset
             let old_asset = encode_asset_type(
-                addr.clone(),
+                token.clone(),
                 denom,
                 digit,
                 Some(wl_storage.storage.last_epoch),
             )
             .into_storage_result()?;
             let new_asset = encode_asset_type(
-                addr.clone(),
+                token.clone(),
                 denom,
                 digit,
                 Some(wl_storage.storage.block.epoch),
             )
             .into_storage_result()?;
-            if *addr == native_token {
+            if *token == native_token {
                 // The amount that will be given of the new native token for
                 // every amount of the native token given in the
                 // previous epoch
@@ -332,7 +326,7 @@ where
                             "MASP reward for {} assumed to be 0 because the \
                              computed value is too large. Please check the \
                              inflation parameters.",
-                            addr
+                            token
                         );
                         *normed_inflation
                     });
@@ -341,7 +335,7 @@ where
                 // intermediate native tokens cancel/
                 // telescope out
                 current_convs.insert(
-                    (addr.clone(), denom, digit),
+                    (token.clone(), denom, digit),
                     (MaspAmount::from_pair(
                         old_asset,
                         -(*normed_inflation as i128),
@@ -382,7 +376,7 @@ where
                             "MASP reward for {} assumed to be 0 because the \
                              computed value is too large. Please check the \
                              inflation parameters.",
-                            addr
+                            token
                         );
                         0u128
                     });
@@ -390,7 +384,7 @@ where
                 // conversions are added together, the
                 // intermediate tokens cancel/ telescope out
                 current_convs.insert(
-                    (addr.clone(), denom, digit),
+                    (token.clone(), denom, digit),
                     (MaspAmount::from_pair(old_asset, -(reward.1 as i128))
                         .unwrap()
                         + MaspAmount::from_pair(new_asset, reward.1 as i128)
@@ -413,7 +407,7 @@ where
             wl_storage.storage.conversion_state.assets.insert(
                 old_asset,
                 (
-                    (addr.clone(), denom, digit),
+                    (token.clone(), denom, digit),
                     wl_storage.storage.last_epoch,
                     MaspAmount::zero().into(),
                     0,
@@ -592,12 +586,12 @@ mod tests {
                 max_reward_rate: Dec::from_str("0.1").unwrap(),
                 kp_gain_nom: Dec::from_str("0.1").unwrap(),
                 kd_gain_nom: Dec::from_str("0.1").unwrap(),
-                locked_ratio_target: Dec::from_str("0.6667").unwrap(),
+                locked_amount_target: 10_000_u64,
             };
 
             for (token_addr, (alias, denom)) in tokens() {
                 namada_trans_token::write_params(&mut s, &token_addr).unwrap();
-                crate::write_params(&token_params, &mut s, &token_addr)
+                crate::write_params(&token_params, &mut s, &token_addr, &denom)
                     .unwrap();
 
                 write_denom(&mut s, &token_addr, denom).unwrap();
diff --git a/crates/shielded_token/src/storage.rs b/crates/shielded_token/src/storage.rs
index eb084e29286..4fe2127aecf 100644
--- a/crates/shielded_token/src/storage.rs
+++ b/crates/shielded_token/src/storage.rs
@@ -1,9 +1,10 @@
 use namada_core::types::address::Address;
-use namada_core::types::dec::Dec;
 use namada_core::types::token;
 use namada_core::types::token::Amount;
+use namada_core::types::uint::Uint;
 use namada_storage as storage;
 use namada_storage::{StorageRead, StorageWrite};
+use storage::ResultExt;
 
 use crate::storage_key::*;
 
@@ -12,6 +13,7 @@ pub fn write_params<S>(
     params: &token::MaspParams,
     storage: &mut S,
     address: &Address,
+    denom: &token::Denomination,
 ) -> storage::Result<()>
 where
     S: StorageRead + StorageWrite,
@@ -20,13 +22,17 @@ where
         max_reward_rate: max_rate,
         kd_gain_nom,
         kp_gain_nom,
-        locked_ratio_target: locked_target,
+        locked_amount_target,
     } = params;
     storage.write(&masp_last_inflation_key(address), Amount::zero())?;
-    storage.write(&masp_last_locked_ratio_key(address), Dec::zero())?;
+    storage.write(&masp_last_locked_amount_key(address), Amount::zero())?;
     storage.write(&masp_max_reward_rate_key(address), max_rate)?;
-    storage.write(&masp_locked_ratio_target_key(address), locked_target)?;
     storage.write(&masp_kp_gain_key(address), kp_gain_nom)?;
     storage.write(&masp_kd_gain_key(address), kd_gain_nom)?;
+
+    let raw_target = Uint::from(*locked_amount_target)
+        * Uint::from(10).checked_pow(Uint::from(denom.0)).unwrap();
+    let raw_target = Amount::from_uint(raw_target, 0).into_storage_result()?;
+    storage.write(&masp_locked_amount_target_key(address), raw_target)?;
     Ok(())
 }
diff --git a/crates/shielded_token/src/storage_key.rs b/crates/shielded_token/src/storage_key.rs
index 9483da0b689..e58ffe93a0e 100644
--- a/crates/shielded_token/src/storage_key.rs
+++ b/crates/shielded_token/src/storage_key.rs
@@ -20,14 +20,14 @@ pub const MASP_CONVERT_ANCHOR_KEY: &str = "convert_anchor";
 /// Last calculated inflation value handed out
 pub const MASP_LAST_INFLATION_KEY: &str = "last_inflation";
 /// The last locked ratio
-pub const MASP_LAST_LOCKED_RATIO_KEY: &str = "last_locked_ratio";
+pub const MASP_LAST_LOCKED_AMOUNT_KEY: &str = "last_locked_ratio";
 /// The key for the nominal proportional gain of a shielded pool for a given
 /// asset
 pub const MASP_KP_GAIN_KEY: &str = "proportional_gain";
 /// The key for the nominal derivative gain of a shielded pool for a given asset
 pub const MASP_KD_GAIN_KEY: &str = "derivative_gain";
 /// The key for the locked ratio target for a given asset
-pub const MASP_LOCKED_RATIO_TARGET_KEY: &str = "locked_ratio_target";
+pub const MASP_LOCKED_AMOUNT_TARGET_KEY: &str = "locked_ratio_target";
 /// The key for the max reward rate for a given asset
 pub const MASP_MAX_REWARD_RATE_KEY: &str = "max_reward_rate";
 
@@ -48,15 +48,15 @@ pub fn masp_max_reward_rate_key(token_addr: &Address) -> storage::Key {
 }
 
 /// Obtain the locked target ratio key for the given token
-pub fn masp_locked_ratio_target_key(token_addr: &Address) -> storage::Key {
+pub fn masp_locked_amount_target_key(token_addr: &Address) -> storage::Key {
     parameter_prefix(token_addr)
-        .with_segment(MASP_LOCKED_RATIO_TARGET_KEY.to_owned())
+        .with_segment(MASP_LOCKED_AMOUNT_TARGET_KEY.to_owned())
 }
 
 /// Obtain the storage key for the last locked ratio of a token
-pub fn masp_last_locked_ratio_key(token_address: &Address) -> storage::Key {
+pub fn masp_last_locked_amount_key(token_address: &Address) -> storage::Key {
     parameter_prefix(token_address)
-        .with_segment(MASP_LAST_LOCKED_RATIO_KEY.to_owned())
+        .with_segment(MASP_LAST_LOCKED_AMOUNT_KEY.to_owned())
 }
 
 /// Obtain the storage key for the last inflation of a token
diff --git a/crates/tests/src/integration/masp.rs b/crates/tests/src/integration/masp.rs
index 3142116a914..deef3c1061f 100644
--- a/crates/tests/src/integration/masp.rs
+++ b/crates/tests/src/integration/masp.rs
@@ -132,7 +132,7 @@ fn masp_incentives() -> Result<()> {
     });
 
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.023"));
+    assert!(captured.contains("nam: 0.031"));
 
     // Assert NAM balance at MASP pool is exclusively the
     // rewards from the shielded BTC
@@ -152,7 +152,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.023"));
+    assert!(captured.contains("nam: 0.031"));
 
     // Wait till epoch boundary
     node.next_epoch();
@@ -194,7 +194,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.09189"));
+    assert!(captured.contains("nam: 0.09292"));
 
     // Assert NAM balance at MASP pool is exclusively the
     // rewards from the shielded BTC
@@ -214,7 +214,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.092966"));
+    assert!(captured.contains("nam: 0.09331"));
 
     // Wait till epoch boundary
     node.next_epoch();
@@ -317,7 +317,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.021504"));
+    assert!(captured.contains("nam: 0.359578"));
 
     // Assert NAM balance at MASP pool is an accumulation of
     // rewards from both the shielded BTC and shielded ETH
@@ -337,7 +337,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.395651"));
+    assert!(captured.contains("nam: 0.671183"));
 
     // Wait till epoch boundary
     node.next_epoch();
@@ -403,7 +403,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.09112"));
+    assert!(captured.contains("nam: 0.719514"));
 
     node.next_epoch();
 
@@ -425,7 +425,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 1.210964"));
+    assert!(captured.contains("nam: 1.58943"));
 
     // Wait till epoch boundary
     node.next_epoch();
@@ -488,7 +488,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 1.417948"));
+    assert!(captured.contains("nam: 1.113911"));
 
     // Assert NAM balance at MASP pool is
     // the accumulation of rewards from the shielded assets (BTC and ETH)
@@ -508,7 +508,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 1.55888"));
+    assert!(captured.contains("nam: 1.83743"));
 
     // Wait till epoch boundary
     node.next_epoch();
@@ -532,7 +532,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 1.587938"));
+    assert!(captured.contains("nam: 1.113911"));
 
     // Assert NAM balance at VK(B) is the rewards dispensed earlier
     // (since VK(A) has no shielded assets, no further rewards should
@@ -553,7 +553,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.13393"));
+    assert!(captured.contains("nam: 0.719514"));
 
     // Assert NAM balance at MASP pool is
     // the accumulation of rewards from the shielded assets (BTC and ETH)
@@ -573,7 +573,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 1.745105"));
+    assert!(captured.contains("nam: 1.83743"));
 
     // Wait till epoch boundary to prevent conversion expiry during transaction
     // construction
@@ -592,7 +592,7 @@ fn masp_incentives() -> Result<()> {
             "--token",
             NAM,
             "--amount",
-            "0.14998",
+            "0.719514",
             "--signing-keys",
             BERTHA_KEY,
             "--node",
@@ -617,7 +617,7 @@ fn masp_incentives() -> Result<()> {
             "--token",
             NAM,
             "--amount",
-            "2.007662",
+            "1.113911",
             "--signing-keys",
             ALBERT_KEY,
             "--node",
@@ -681,7 +681,7 @@ fn masp_incentives() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.027953"));
+    assert!(captured.contains("nam: 0.004005"));
 
     Ok(())
 }
@@ -1661,7 +1661,7 @@ fn dynamic_assets() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.022462"));
+    assert!(captured.contains("nam: 0.0303"));
 
     // Assert BTC balance at VK(A) is still 2
     let captured = CapturedOutput::of(|| {
@@ -1732,7 +1732,7 @@ fn dynamic_assets() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.055134"));
+    assert!(captured.contains("nam: 0.07575"));
 
     {
         // Stop decoding and distributing shielded rewards for BTC in next epoch
@@ -1779,7 +1779,7 @@ fn dynamic_assets() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.055134"));
+    assert!(captured.contains("nam: 0.07575"));
 
     // Wait till epoch boundary
     node.next_epoch();
@@ -1820,7 +1820,7 @@ fn dynamic_assets() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.055134"));
+    assert!(captured.contains("nam: 0.07575"));
 
     {
         // Start distributing shielded rewards for NAM in next epoch
@@ -1872,7 +1872,7 @@ fn dynamic_assets() -> Result<()> {
         )
     });
     assert!(captured.result.is_ok());
-    assert!(captured.contains("nam: 0.063288"));
+    assert!(captured.contains("nam: 0.075825"));
 
     Ok(())
 }
diff --git a/crates/tests/src/integration/setup.rs b/crates/tests/src/integration/setup.rs
index 2a7f1ec96ed..f8c2b0c0663 100644
--- a/crates/tests/src/integration/setup.rs
+++ b/crates/tests/src/integration/setup.rs
@@ -54,7 +54,7 @@ pub fn initialize_genesis() -> Result<(MockNode, MockServicesController)> {
             max_reward_rate: Dec::from_str("0.1").unwrap(),
             kp_gain_nom: Dec::from_str("0.1").unwrap(),
             kd_gain_nom: Dec::from_str("0.1").unwrap(),
-            locked_ratio_target: Dec::from_str("0.6667").unwrap(),
+            locked_amount_target: 1_000_000u64,
         });
     }
     let genesis_path = test_dir.path().join("int-test-genesis-src");
diff --git a/crates/token/src/lib.rs b/crates/token/src/lib.rs
index a9a7bc7b1f6..9a97c4f89f9 100644
--- a/crates/token/src/lib.rs
+++ b/crates/token/src/lib.rs
@@ -17,13 +17,14 @@ pub fn write_params<S>(
     params: &Option<MaspParams>,
     storage: &mut S,
     address: &Address,
+    denom: &Denomination,
 ) -> Result<()>
 where
     S: StorageRead + StorageWrite,
 {
     namada_trans_token::write_params(storage, address)?;
     if let Some(params) = params {
-        namada_shielded_token::write_params(params, storage, address)?;
+        namada_shielded_token::write_params(params, storage, address, denom)?;
     }
     Ok(())
 }
diff --git a/genesis/localnet/parameters.toml b/genesis/localnet/parameters.toml
index 6ae8aacb356..f99f9e0a50b 100644
--- a/genesis/localnet/parameters.toml
+++ b/genesis/localnet/parameters.toml
@@ -61,7 +61,7 @@ light_client_attack_min_slash_rate = "0.001"
 cubic_slashing_window_length = 1
 # The minimum amount of bonded tokens that a validator needs to be in
 # either the `consensus` or `below_capacity` validator sets
-validator_stake_threshold = "1"
+validator_stake_threshold = "1000000"
 # The length, in blocks, of the sliding window for consensus validators
 # inactivity verification
 liveness_window_check = 100
diff --git a/genesis/localnet/tokens.toml b/genesis/localnet/tokens.toml
index 2208d9b3281..3a851f7102a 100644
--- a/genesis/localnet/tokens.toml
+++ b/genesis/localnet/tokens.toml
@@ -4,61 +4,61 @@
 denom = 6
 
 [token.NAM.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.1"
+locked_amount_target = 10000
 
 [token.BTC]
 denom = 8
 
 [token.BTC.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.6667"
+locked_amount_target = 10000
 
 [token.ETH]
 denom = 18
 
 [token.ETH.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.6667"
+locked_amount_target = 10000
 
 [token.DOT]
 denom = 10
 
 [token.DOT.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.6667"
+locked_amount_target = 10000
 
 [token.Schnitzel]
 denom = 6
 
 [token.Schnitzel.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.6667"
+locked_amount_target = 10000
 
 [token.Apfel]
 denom = 6
 
 [token.Apfel.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.6667"
+locked_amount_target = 10000
 
 [token.Kartoffel]
 denom = 6
 
 [token.Kartoffel.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.6667"
\ No newline at end of file
+locked_amount_target = 10000
diff --git a/genesis/starter/parameters.toml b/genesis/starter/parameters.toml
index 5e3d062e1b6..ccbf9c95bb0 100644
--- a/genesis/starter/parameters.toml
+++ b/genesis/starter/parameters.toml
@@ -61,7 +61,7 @@ light_client_attack_min_slash_rate = "0.001"
 cubic_slashing_window_length = 1
 # The minimum amount of bonded tokens that a validator needs to be in
 # either the `consensus` or `below_capacity` validator sets
-validator_stake_threshold = "1"
+validator_stake_threshold = "1000000"
 # The length, in blocks, of the sliding window for consensus validators
 # inactivity verification
 liveness_window_check = 10_000
diff --git a/genesis/starter/tokens.toml b/genesis/starter/tokens.toml
index 4ac2e1701a8..f01cd78fae3 100644
--- a/genesis/starter/tokens.toml
+++ b/genesis/starter/tokens.toml
@@ -5,7 +5,7 @@ vp = "vp_token"
 denom = 6
 
 [token.NAM.masp_params]
-max_reward_rate = "0.1"
+max_reward_rate = "0.01"
 kd_gain_nom = "0.25"
 kp_gain_nom = "0.25"
-locked_ratio_target = "0.1"
\ No newline at end of file
+locked_amount_target = 10000
diff --git a/test_fixtures/masp_proofs/11BBC6FA2A8493A11DD5E488B2582DAD9FBD3ACA2E0F8314642810FC958594E7.bin b/test_fixtures/masp_proofs/11BBC6FA2A8493A11DD5E488B2582DAD9FBD3ACA2E0F8314642810FC958594E7.bin
new file mode 100644
index 00000000000..d8d0752e4d7
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