diff --git a/src/proto_alpha/lib_plugin/RPC.ml b/src/proto_alpha/lib_plugin/RPC.ml
index e2973a4dbc7065d57ff7ff915f41f083957d6a46..0995f5a7a7196ccb32839c15ca2522473c2eb0a4 100644
--- a/src/proto_alpha/lib_plugin/RPC.ml
+++ b/src/proto_alpha/lib_plugin/RPC.ml
@@ -981,8 +981,10 @@ module Scripts = struct
           mode = application_mode;
           op_count = 0;
           migration_balance_updates = [];
-          liquidity_baking_toggle_ema = Toggle_EMA.zero;
-          adaptive_inflation_toggle_ema = Toggle_EMA.zero;
+          liquidity_baking_toggle_ema =
+            Toggle_votes.Liquidity_baking_toggle_EMA.zero;
+          adaptive_inflation_toggle_ema =
+            Toggle_votes.Adaptive_inflation_launch_EMA.zero;
           implicit_operations_results = [];
         }
     in
diff --git a/src/proto_alpha/lib_protocol/alpha_context.mli b/src/proto_alpha/lib_protocol/alpha_context.mli
index 9e7ca8685b32214be33918ef3726e0931d889ddc..60f475e1bb24c0ec7d05915306753588021eb7f4 100644
--- a/src/proto_alpha/lib_protocol/alpha_context.mli
+++ b/src/proto_alpha/lib_protocol/alpha_context.mli
@@ -4696,13 +4696,23 @@ end
 
 (** This module re-exports definitions from {!Toggle_EMA} *)
 module Toggle_EMA : sig
-  type t
+  module type T = sig
+    type t
 
-  val zero : t
+    val of_int64 : Int64.t -> t tzresult Lwt.t
 
-  val to_int64 : t -> Int64.t
+    val zero : t
 
-  val encoding : t Data_encoding.t
+    val to_int64 : t -> Int64.t
+
+    val encoding : t Data_encoding.t
+
+    val ( < ) : t -> Int64.t -> bool
+
+    val update_ema_up : t -> t
+
+    val update_ema_down : t -> t
+  end
 end
 
 (** This module re-exports definitions from {!Toggle_votes_repr}. *)
@@ -4723,7 +4733,19 @@ module Toggle_votes : sig
 
   val toggle_votes_encoding : toggle_votes Data_encoding.encoding
 
-  val compute_new_ema : toggle_vote:toggle_vote -> Toggle_EMA.t -> Toggle_EMA.t
+  module Liquidity_baking_toggle_EMA : Toggle_EMA.T
+
+  module Adaptive_inflation_launch_EMA : Toggle_EMA.T
+
+  val compute_new_liquidity_baking_ema :
+    toggle_vote:toggle_vote ->
+    Liquidity_baking_toggle_EMA.t ->
+    Liquidity_baking_toggle_EMA.t
+
+  val compute_new_adaptive_inflation_ema :
+    toggle_vote:toggle_vote ->
+    Adaptive_inflation_launch_EMA.t ->
+    Adaptive_inflation_launch_EMA.t
 end
 
 (** This module re-exports definitions from {!Liquidity_baking_storage}. *)
@@ -4734,7 +4756,8 @@ module Liquidity_baking : sig
     context ->
     toggle_vote:Toggle_votes.toggle_vote ->
     (context -> Contract_hash.t -> (context * 'a list) tzresult Lwt.t) ->
-    (context * 'a list * Toggle_EMA.t) tzresult Lwt.t
+    (context * 'a list * Toggle_votes.Liquidity_baking_toggle_EMA.t) tzresult
+    Lwt.t
 end
 
 (** This module re-exports definitions from {!Ticket_storage}. *)
diff --git a/src/proto_alpha/lib_protocol/apply.ml b/src/proto_alpha/lib_protocol/apply.ml
index a623e7956d67cddc1e821786b33d7feffd0991f1..c0390ff3289d4ed396a0702743b87db1b4c69051 100644
--- a/src/proto_alpha/lib_protocol/apply.ml
+++ b/src/proto_alpha/lib_protocol/apply.ml
@@ -1791,8 +1791,8 @@ type application_state = {
   mode : mode;
   op_count : int;
   migration_balance_updates : Receipt.balance_updates;
-  liquidity_baking_toggle_ema : Toggle_EMA.t;
-  adaptive_inflation_toggle_ema : Toggle_EMA.t;
+  liquidity_baking_toggle_ema : Toggle_votes.Liquidity_baking_toggle_EMA.t;
+  adaptive_inflation_toggle_ema : Toggle_votes.Adaptive_inflation_launch_EMA.t;
   implicit_operations_results :
     Apply_results.packed_successful_manager_operation_result list;
 }
@@ -2388,7 +2388,8 @@ let begin_application ctxt chain_id ~migration_balance_updates
       op_count = 0;
       migration_balance_updates;
       liquidity_baking_toggle_ema;
-      adaptive_inflation_toggle_ema = Toggle_EMA.zero;
+      adaptive_inflation_toggle_ema =
+        Toggle_votes.Adaptive_inflation_launch_EMA.zero;
       implicit_operations_results =
         Apply_results.pack_migration_operation_results
           migration_operation_results
@@ -2447,7 +2448,8 @@ let begin_full_construction ctxt chain_id ~migration_balance_updates
       op_count = 0;
       migration_balance_updates;
       liquidity_baking_toggle_ema;
-      adaptive_inflation_toggle_ema = Toggle_EMA.zero;
+      adaptive_inflation_toggle_ema =
+        Toggle_votes.Adaptive_inflation_launch_EMA.zero;
       implicit_operations_results =
         Apply_results.pack_migration_operation_results
           migration_operation_results
@@ -2480,7 +2482,8 @@ let begin_partial_construction ctxt chain_id ~migration_balance_updates
       op_count = 0;
       migration_balance_updates;
       liquidity_baking_toggle_ema;
-      adaptive_inflation_toggle_ema = Toggle_EMA.zero;
+      adaptive_inflation_toggle_ema =
+        Toggle_votes.Adaptive_inflation_launch_EMA.zero;
       implicit_operations_results =
         Apply_results.pack_migration_operation_results
           migration_operation_results
diff --git a/src/proto_alpha/lib_protocol/apply.mli b/src/proto_alpha/lib_protocol/apply.mli
index 9f1d0de95119c4107f48315153bb15fb375e15a8..87be46e13b56c0816bc5684d9b61f497752df619 100644
--- a/src/proto_alpha/lib_protocol/apply.mli
+++ b/src/proto_alpha/lib_protocol/apply.mli
@@ -68,8 +68,8 @@ type application_state = {
   mode : mode;
   op_count : int;
   migration_balance_updates : Receipt.balance_updates;
-  liquidity_baking_toggle_ema : Toggle_EMA.t;
-  adaptive_inflation_toggle_ema : Toggle_EMA.t;
+  liquidity_baking_toggle_ema : Toggle_votes.Liquidity_baking_toggle_EMA.t;
+  adaptive_inflation_toggle_ema : Toggle_votes.Adaptive_inflation_launch_EMA.t;
   implicit_operations_results :
     Apply_results.packed_successful_manager_operation_result list;
 }
diff --git a/src/proto_alpha/lib_protocol/apply_results.ml b/src/proto_alpha/lib_protocol/apply_results.ml
index fb241a8974d88f923668df4f8418f6795e7b640c..83f991b2144055f261b2ce9b48689f5555175c7a 100644
--- a/src/proto_alpha/lib_protocol/apply_results.ml
+++ b/src/proto_alpha/lib_protocol/apply_results.ml
@@ -2654,8 +2654,8 @@ type block_metadata = {
   consumed_gas : Gas.Arith.fp;
   deactivated : Signature.Public_key_hash.t list;
   balance_updates : Receipt.balance_updates;
-  liquidity_baking_toggle_ema : Toggle_EMA.t;
-  adaptive_inflation_toggle_ema : Toggle_EMA.t;
+  liquidity_baking_toggle_ema : Toggle_votes.Liquidity_baking_toggle_EMA.t;
+  adaptive_inflation_toggle_ema : Toggle_votes.Adaptive_inflation_launch_EMA.t;
   implicit_operations_results : packed_successful_manager_operation_result list;
   dal_attestation : Dal.Attestation.t option;
 }
@@ -2728,8 +2728,12 @@ let block_metadata_encoding =
              (req "nonce_hash" (option Nonce_hash.encoding))
              (req "deactivated" (list Signature.Public_key_hash.encoding))
              (dft "balance_updates" Receipt.balance_updates_encoding [])
-             (req "liquidity_baking_toggle_ema" Toggle_EMA.encoding)
-             (req "adaptive_inflation_toggle_ema" Toggle_EMA.encoding)
+             (req
+                "liquidity_baking_toggle_ema"
+                Toggle_votes.Liquidity_baking_toggle_EMA.encoding)
+             (req
+                "adaptive_inflation_toggle_ema"
+                Toggle_votes.Adaptive_inflation_launch_EMA.encoding)
              (req
                 "implicit_operations_results"
                 (list successful_manager_operation_result_encoding)))
diff --git a/src/proto_alpha/lib_protocol/apply_results.mli b/src/proto_alpha/lib_protocol/apply_results.mli
index 1bb5f87538664e9d101375a104e6e81658cfbd6b..1af423f19472b3687f42ee9674d8887866994a79 100644
--- a/src/proto_alpha/lib_protocol/apply_results.mli
+++ b/src/proto_alpha/lib_protocol/apply_results.mli
@@ -342,8 +342,8 @@ type block_metadata = {
   consumed_gas : Gas.Arith.fp;
   deactivated : Signature.Public_key_hash.t list;
   balance_updates : Receipt.balance_updates;
-  liquidity_baking_toggle_ema : Toggle_EMA.t;
-  adaptive_inflation_toggle_ema : Toggle_EMA.t;
+  liquidity_baking_toggle_ema : Toggle_votes.Liquidity_baking_toggle_EMA.t;
+  adaptive_inflation_toggle_ema : Toggle_votes.Adaptive_inflation_launch_EMA.t;
   implicit_operations_results : packed_successful_manager_operation_result list;
   dal_attestation : Dal.Attestation.t option;
 }
diff --git a/src/proto_alpha/lib_protocol/liquidity_baking_storage.ml b/src/proto_alpha/lib_protocol/liquidity_baking_storage.ml
index 2c416fd82f8b4728a988dd9145fc817bbe896f88..c6e87ab09e765df1d2586c107a2700c07ec495a1 100644
--- a/src/proto_alpha/lib_protocol/liquidity_baking_storage.ml
+++ b/src/proto_alpha/lib_protocol/liquidity_baking_storage.ml
@@ -30,7 +30,7 @@ let get_cpmm_address = Storage.Liquidity_baking.Cpmm_address.get
 
 let get_toggle_ema ctxt =
   Storage.Liquidity_baking.Toggle_ema.get ctxt >>=? fun ema ->
-  Toggle_EMA.of_int64 ema
+  Liquidity_baking_toggle_EMA.of_int64 ema
 
 let on_cpmm_exists ctxt f =
   get_cpmm_address ctxt >>=? fun cpmm_contract ->
@@ -43,12 +43,14 @@ let on_cpmm_exists ctxt f =
 
 let update_toggle_ema ctxt ~toggle_vote =
   get_toggle_ema ctxt >>=? fun old_ema ->
-  let new_ema = compute_new_ema ~toggle_vote old_ema in
-  Storage.Liquidity_baking.Toggle_ema.update ctxt (Toggle_EMA.to_int64 new_ema)
+  let new_ema = compute_new_liquidity_baking_ema ~toggle_vote old_ema in
+  Storage.Liquidity_baking.Toggle_ema.update
+    ctxt
+    (Liquidity_baking_toggle_EMA.to_int64 new_ema)
   >|=? fun ctxt -> (ctxt, new_ema)
 
 let check_ema_below_threshold ctxt ema =
-  Toggle_EMA.(
+  Liquidity_baking_toggle_EMA.(
     ema < Constants_storage.liquidity_baking_toggle_ema_threshold ctxt)
 
 let on_subsidy_allowed ctxt ~toggle_vote f =
diff --git a/src/proto_alpha/lib_protocol/liquidity_baking_storage.mli b/src/proto_alpha/lib_protocol/liquidity_baking_storage.mli
index 9d83c3cc96893e7b6351fc23043216e8708acfb9..97db7278af4c0ab055f6aeccf4ae93ae6e68630f 100644
--- a/src/proto_alpha/lib_protocol/liquidity_baking_storage.mli
+++ b/src/proto_alpha/lib_protocol/liquidity_baking_storage.mli
@@ -40,4 +40,6 @@ val on_subsidy_allowed :
   Raw_context.t ->
   toggle_vote:Toggle_votes_repr.toggle_vote ->
   (Raw_context.t -> Contract_hash.t -> (Raw_context.t * 'a list) tzresult Lwt.t) ->
-  (Raw_context.t * 'a list * Toggle_EMA.t) tzresult Lwt.t
+  (Raw_context.t * 'a list * Toggle_votes_repr.Liquidity_baking_toggle_EMA.t)
+  tzresult
+  Lwt.t
diff --git a/src/proto_alpha/lib_protocol/test/helpers/block.ml b/src/proto_alpha/lib_protocol/test/helpers/block.ml
index 1835f0baa7492f6f1c68b038709f3e911f591006..b023aac8bd406f6a17b50bb46fc104a1576e51b7 100644
--- a/src/proto_alpha/lib_protocol/test/helpers/block.ml
+++ b/src/proto_alpha/lib_protocol/test/helpers/block.ml
@@ -996,7 +996,7 @@ let bake_n_with_origination_results ?(baking_mode = Application) ?policy n b =
 
 let bake_n_with_liquidity_baking_toggle_ema ?(baking_mode = Application) ?policy
     ?liquidity_baking_toggle_vote ?adaptive_inflation_vote n b =
-  let initial_ema = Toggle_EMA.zero in
+  let initial_ema = Toggle_votes.Liquidity_baking_toggle_EMA.zero in
   List.fold_left_es
     (fun (b, _toggle_ema) _ ->
       bake_with_metadata
diff --git a/src/proto_alpha/lib_protocol/test/helpers/block.mli b/src/proto_alpha/lib_protocol/test/helpers/block.mli
index 390ef1170f099f683789cc849a059838a3c7b48e..312845c83e81c2364a612451a712ac2b94e396a2 100644
--- a/src/proto_alpha/lib_protocol/test/helpers/block.mli
+++ b/src/proto_alpha/lib_protocol/test/helpers/block.mli
@@ -269,7 +269,8 @@ val bake_n_with_liquidity_baking_toggle_ema :
   ?adaptive_inflation_vote:Toggle_votes.toggle_vote ->
   int ->
   t ->
-  (block * Alpha_context.Toggle_EMA.t) tzresult Lwt.t
+  (block * Alpha_context.Toggle_votes.Liquidity_baking_toggle_EMA.t) tzresult
+  Lwt.t
 
 val current_cycle : t -> Cycle.t tzresult Lwt.t
 
diff --git a/src/proto_alpha/lib_protocol/test/integration/test_liquidity_baking.ml b/src/proto_alpha/lib_protocol/test/integration/test_liquidity_baking.ml
index 1c51c7e0c3257d19fb6adb3142226df8adef274b..190d73665fe6ab649ee5ab0113632b83cc05f0da 100644
--- a/src/proto_alpha/lib_protocol/test/integration/test_liquidity_baking.ml
+++ b/src/proto_alpha/lib_protocol/test/integration/test_liquidity_baking.ml
@@ -257,7 +257,9 @@ let liquidity_baking_toggle_ema n_vote_on n_vote_off level bake_after
   >>=? fun (_blk, toggle_ema) ->
   Assert.leq_int
     ~loc:__LOC__
-    (toggle_ema |> Alpha_context.Toggle_EMA.to_int64 |> Int64.to_int)
+    (toggle_ema
+   |> Alpha_context.Toggle_votes.Liquidity_baking_toggle_EMA.to_int64
+   |> Int64.to_int)
     expected_toggle_ema
   >>=? fun () -> return_unit
 
diff --git a/src/proto_alpha/lib_protocol/test/unit/test_liquidity_baking_repr.ml b/src/proto_alpha/lib_protocol/test/unit/test_liquidity_baking_repr.ml
index e3eee00daa1a2bb2fd724c789f72f00920ad9620..388873529b049f52fca8906a6db036e6b7c91cd1 100644
--- a/src/proto_alpha/lib_protocol/test/unit/test_liquidity_baking_repr.ml
+++ b/src/proto_alpha/lib_protocol/test/unit/test_liquidity_baking_repr.ml
@@ -32,18 +32,21 @@
 *)
 
 open Protocol
+module Toggle_EMA = Toggle_votes_repr.Liquidity_baking_toggle_EMA
 
 let ema_of_int64 ema = Toggle_EMA.of_int64 ema >|= Environment.wrap_tzresult
 
 let ema_to_int64 = Toggle_EMA.to_int64
 
 let compute_new_ema ~toggle_vote ema =
-  Toggle_votes_repr.compute_new_ema ~toggle_vote ema |> ema_to_int64
+  Toggle_votes_repr.compute_new_liquidity_baking_ema ~toggle_vote ema
+  |> ema_to_int64
 
 (* Folds compute_new_ema on a list of votes *)
 let compute_new_ema_n toggle_votes initial_ema =
   List.fold_left
-    (fun ema toggle_vote -> Toggle_votes_repr.compute_new_ema ~toggle_vote ema)
+    (fun ema toggle_vote ->
+      Toggle_votes_repr.compute_new_liquidity_baking_ema ~toggle_vote ema)
     initial_ema
     toggle_votes
   |> ema_to_int64
diff --git a/src/proto_alpha/lib_protocol/toggle_EMA.ml b/src/proto_alpha/lib_protocol/toggle_EMA.ml
index 86ff588368eda6fed6f61fad72418a7b379e85b7..99f0b01b4d02701a34af7af984c8e8b0dcbb9cde 100644
--- a/src/proto_alpha/lib_protocol/toggle_EMA.ml
+++ b/src/proto_alpha/lib_protocol/toggle_EMA.ml
@@ -24,57 +24,123 @@
 (*                                                                           *)
 (*****************************************************************************)
 
-(** Exponential moving average of toggle votes. Represented as an int64 between
-    0 and 2,000,000,000. It is an exponential moving average of the "off" votes
-    over a window of the most recent 2000 blocks that did not vote "pass". *)
+(** Block headers contain some fields whose values represent the block
+   producer's opinion on some topics. The votes are averaged to get an
+   estimation of the will of the stake-weighted majority of bakers on
+   these topics. The protocol can then perform automatic actions
+   depending on the values of these averages; typically activating or
+   deactivating some features.
 
-(* The exponential moving average is represented as an Int64 between 0L and 2_000_000_000L *)
-type t = Int64.t (* Invariant 0 <= ema <= 2_000_000_000L *)
+   This module is about the computation of these averages.
 
-(* This error is not registered because we don't expect it to be
-   raised. *)
-type error += Toggle_ema_out_of_bound of Int64.t
+   We use exponential moving averages (EMA for short) because they can
+   easily and efficiently be implemented because a single value needs to
+   be stored in the context for each average. Each EMA is updated once per
+   block and stored in the context. It is represented using a 64-bit
+   signed integer but it can only take non-negative values in a range
+   of the form 0...ema_max where the constant ema_max, the maximum
+   value of the EMA, is a parameter of this module. To update an EMA,
+   we multiply the EMA computed in the previous block by a constant
+   factor slightly less than 1 called the attenuation factor, and then
+   we either add or remove (depending on the vote that was casted in
+   the block header) another constant called the baker's contribution
+   to the EMA. The baker contribution is also a parameter of this
+   module. When multiplying by the attenuation factor, we round toward
+   the middle of the 0...ema_max range. The update formula is thus:
 
-let check_bounds x = Compare.Int64.(0L <= x && x <= 2_000_000_000L)
+   new_ema = ((old_ema - ema_max/2) * attenuation_factor) +- baker_contribution + ema_max/2
 
-let of_int64 (x : Int64.t) : t tzresult Lwt.t =
-  if check_bounds x then return x else tzfail @@ Toggle_ema_out_of_bound x
+*)
 
-let zero : t = Int64.zero
+module type EMA_PARAMETERS = sig
+  val baker_contribution : Z.t
 
-(* The conv_with_guard combinator of Data_encoding expects a (_, string) result. *)
-let of_int64_for_encoding x =
-  if check_bounds x then Ok x else Error "out of bounds"
+  val ema_max : Int64.t
 
-let to_int64 (ema : t) : Int64.t = ema
+  (* We don't need to parameterize by the attenuation factor because
+     it can be computed from the two other parameters with the
+     following formula:
 
-(* We perform the computations in Z to avoid overflows. *)
+     attenuation_factor = (ema_max - 2 baker_contribution) / ema_max
+  *)
+end
 
-let z_1999 : Z.t = Z.of_int 1999
+module type T = sig
+  type t
 
-let z_2000 : Z.t = Z.of_int 2000
+  val of_int64 : Int64.t -> t tzresult Lwt.t
 
-let attenuate z = Z.(div (mul z_1999 z) z_2000)
+  val zero : t
 
-let z_1_000_000_000 = Z.of_int 1_000_000_000
+  val to_int64 : t -> Int64.t
 
-(* Outside of this module, the EMA is always between 0 and 2,000,000,000.
-   This [recenter] wrappers, puts it in between -1,000,000,000 and 1,000,000,000.
-   The goal of this recentering around zero is to make [update_ema_off] and
-   [update_ema_on] behave symmetrically with respect to rounding. *)
-let recenter f ema = Z.(add z_1_000_000_000 (f (sub ema z_1_000_000_000)))
+  val encoding : t Data_encoding.t
 
-let z_500_000 = Z.of_int 500_000
+  val ( < ) : t -> Int64.t -> bool
 
-let update_ema_off (ema : t) : t =
-  let ema = Z.of_int64 ema in
-  recenter (fun ema -> Z.add (attenuate ema) z_500_000) ema |> Z.to_int64
+  val update_ema_up : t -> t
 
-let update_ema_on (ema : t) : t =
-  let ema = Z.of_int64 ema in
-  recenter (fun ema -> Z.sub (attenuate ema) z_500_000) ema |> Z.to_int64
+  val update_ema_down : t -> t
+end
 
-let ( < ) : t -> Int64.t -> bool = Compare.Int64.( < )
+module Make (EMA_parameters : EMA_PARAMETERS) : T = struct
+  type t = Int64.t
+  (* Invariant 0L <= ema <= EMA_Parameters.ema_max *)
 
-let encoding : t Data_encoding.t =
-  Data_encoding.(conv_with_guard to_int64 of_int64_for_encoding int64)
+  (* This error is not registered because we don't expect it to be
+     raised. *)
+  type error += Toggle_ema_out_of_bound of Int64.t
+
+  let check_bounds x = Compare.Int64.(0L <= x && x <= EMA_parameters.ema_max)
+
+  let of_int64 (x : Int64.t) : t tzresult Lwt.t =
+    if check_bounds x then return x else tzfail @@ Toggle_ema_out_of_bound x
+
+  let zero : t = Int64.zero
+
+  (* The conv_with_guard combinator of Data_encoding expects a (_, string) result. *)
+  let of_int64_for_encoding x =
+    if check_bounds x then Ok x else Error "out of bounds"
+
+  let to_int64 (ema : t) : Int64.t = ema
+
+  (* We perform the computations in Z to avoid overflows. *)
+
+  let ema_max_z = Z.of_int64 EMA_parameters.ema_max
+
+  let attenuation_numerator =
+    Z.(sub ema_max_z (mul (of_int 2) EMA_parameters.baker_contribution))
+
+  let attenuation_denominator = ema_max_z
+
+  let attenuate z =
+    Z.(div (mul attenuation_numerator z) attenuation_denominator)
+
+  let half_ema_max_z = Z.(div ema_max_z (of_int 2))
+
+  (* Outside of this module, the EMA is always between 0L and ema_max.
+     This [recenter] wrappers, puts it in between -ema_max/2 and
+     ema_max/2.  The goal of this recentering around zero is to make
+     [update_ema_off] and [update_ema_on] behave symmetrically with
+     respect to rounding. *)
+  let recenter f ema = Z.(add half_ema_max_z (f (sub ema half_ema_max_z)))
+
+  let update_ema_up (ema : t) : t =
+    let ema = Z.of_int64 ema in
+    recenter
+      (fun ema -> Z.add (attenuate ema) EMA_parameters.baker_contribution)
+      ema
+    |> Z.to_int64
+
+  let update_ema_down (ema : t) : t =
+    let ema = Z.of_int64 ema in
+    recenter
+      (fun ema -> Z.sub (attenuate ema) EMA_parameters.baker_contribution)
+      ema
+    |> Z.to_int64
+
+  let ( < ) : t -> Int64.t -> bool = Compare.Int64.( < )
+
+  let encoding : t Data_encoding.t =
+    Data_encoding.(conv_with_guard to_int64 of_int64_for_encoding int64)
+end
diff --git a/src/proto_alpha/lib_protocol/toggle_EMA.mli b/src/proto_alpha/lib_protocol/toggle_EMA.mli
index bc1a56679c2c7a81ee6cc495cbf55f76b25b92c8..86c39893ed32fb20437a166cb94fd80cd3a1e744 100644
--- a/src/proto_alpha/lib_protocol/toggle_EMA.mli
+++ b/src/proto_alpha/lib_protocol/toggle_EMA.mli
@@ -24,22 +24,33 @@
 (*                                                                           *)
 (*****************************************************************************)
 
-(** Exponential moving average of toggle votes. Represented as an int64 between
-    0 and 2,000,000,000. It is an exponential moving average of the "off" votes
-    over a window of the most recent 2000 blocks that did not vote "pass". *)
+module type EMA_PARAMETERS = sig
+  (* This represents the impact on the EMA of a single block
+     vote. Between voting On and voting Off, the impact on the EMA is
+     twice this number. *)
+  val baker_contribution : Z.t
 
-type t
+  (* This is the maximum value that the EMA can take. The minimal
+     value cannot be set, it is 0L. *)
+  val ema_max : Int64.t
+end
 
-val of_int64 : Int64.t -> t tzresult Lwt.t
+module type T = sig
+  type t
 
-val zero : t
+  val of_int64 : Int64.t -> t tzresult Lwt.t
 
-val to_int64 : t -> Int64.t
+  val zero : t
 
-val encoding : t Data_encoding.t
+  val to_int64 : t -> Int64.t
 
-val ( < ) : t -> Int64.t -> bool
+  val encoding : t Data_encoding.t
 
-val update_ema_off : t -> t
+  val ( < ) : t -> Int64.t -> bool
 
-val update_ema_on : t -> t
+  val update_ema_up : t -> t
+
+  val update_ema_down : t -> t
+end
+
+module Make (_ : EMA_PARAMETERS) : T
diff --git a/src/proto_alpha/lib_protocol/toggle_votes_repr.ml b/src/proto_alpha/lib_protocol/toggle_votes_repr.ml
index 7425ed029b22d7ff159858ad47a6dadffa694242..5a3c9f29ab46d59af59ad769a6c3714b4a27f45e 100644
--- a/src/proto_alpha/lib_protocol/toggle_votes_repr.ml
+++ b/src/proto_alpha/lib_protocol/toggle_votes_repr.ml
@@ -87,9 +87,26 @@ let toggle_votes_encoding =
     "toggle_votes"
     (Compact.make ~tag_size:`Uint8 toggle_votes_compact_encoding)
 
-(* Invariant: 0 <= ema <= 2_000_000 *)
-let compute_new_ema ~toggle_vote ema =
+module Liquidity_baking_toggle_EMA = Toggle_EMA.Make (struct
+  let baker_contribution = Z.of_int 500_000
+
+  let ema_max = 2_000_000_000L
+end)
+
+module Adaptive_inflation_launch_EMA = Toggle_EMA.Make (struct
+  let baker_contribution = Z.of_int 500_000
+
+  let ema_max = 2_000_000_000L
+end)
+
+let compute_new_liquidity_baking_ema ~toggle_vote ema =
+  match toggle_vote with
+  | Toggle_vote_pass -> ema
+  | Toggle_vote_off -> Liquidity_baking_toggle_EMA.update_ema_up ema
+  | Toggle_vote_on -> Liquidity_baking_toggle_EMA.update_ema_down ema
+
+let compute_new_adaptive_inflation_ema ~toggle_vote ema =
   match toggle_vote with
   | Toggle_vote_pass -> ema
-  | Toggle_vote_off -> Toggle_EMA.update_ema_off ema
-  | Toggle_vote_on -> Toggle_EMA.update_ema_on ema
+  | Toggle_vote_off -> Adaptive_inflation_launch_EMA.update_ema_down ema
+  | Toggle_vote_on -> Adaptive_inflation_launch_EMA.update_ema_up ema
diff --git a/src/proto_alpha/lib_protocol/toggle_votes_repr.mli b/src/proto_alpha/lib_protocol/toggle_votes_repr.mli
index 25aed7e9b4d0f0c82982c3f2b50f70b794bbcb28..adef7e167b5368887acf35240b1d77a7612f5c7b 100644
--- a/src/proto_alpha/lib_protocol/toggle_votes_repr.mli
+++ b/src/proto_alpha/lib_protocol/toggle_votes_repr.mli
@@ -39,10 +39,16 @@ val adaptive_inflation_vote_encoding : toggle_vote Data_encoding.encoding
 
 val toggle_votes_encoding : toggle_votes Data_encoding.encoding
 
-(** [compute_new_ema ~toggle_vote old_ema] returns the value [new_ema] of the
-    exponential moving average [old_ema] updated by the vote [toggle_vote].
+module Liquidity_baking_toggle_EMA : Toggle_EMA.T
 
-    It is updated as follows:
+module Adaptive_inflation_launch_EMA : Toggle_EMA.T
+
+(** [compute_new_liquidity_baking_ema ~toggle_vote old_ema] returns the value
+    [new_ema] of the exponential moving average [old_ema] updated by the vote
+    [toggle_vote] interpreted as a vote to deactivate the liquidity baking
+    feature (Off increases the EMA).
+
+    The EMA is updated as follows:
     - if [toggle_vote] is [Toggle_vote_pass] then [new_ema] = [old_ema],
     - if [toggle_vote] is [Toggle_vote_off], then [new_ema] = (1999 * ema[n] // 2000) + 1,000,000,
     - if [toggle_vote] is [Toggle_vote_on], then [new_ema] = (1999 * ema[n] // 2000).
@@ -50,4 +56,25 @@ val toggle_votes_encoding : toggle_votes Data_encoding.encoding
     The multiplication is performed in [Z.t] to avoid overflows, division is
     rounded toward 1,000,000,000 (the middle of the interval).
     *)
-val compute_new_ema : toggle_vote:toggle_vote -> Toggle_EMA.t -> Toggle_EMA.t
+val compute_new_liquidity_baking_ema :
+  toggle_vote:toggle_vote ->
+  Liquidity_baking_toggle_EMA.t ->
+  Liquidity_baking_toggle_EMA.t
+
+(** [compute_new_adaptive_inflation_ema ~toggle_vote old_ema] returns the value
+    [new_ema] of the exponential moving average [old_ema] updated by the vote
+    [toggle_vote] interpreted as a vote to activate the adaptive inflation
+    feature (Off decreases the EMA).
+
+    The EMA is updated as follows:
+    - if [toggle_vote] is [Toggle_vote_pass] then [new_ema] = [old_ema],
+    - if [toggle_vote] is [Toggle_vote_off], then [new_ema] = (1999 * ema[n] // 2000),
+    - if [toggle_vote] is [Toggle_vote_on], then [new_ema] = (1999 * ema[n] // 2000) + 1,000,000.
+
+    The multiplication is performed in [Z.t] to avoid overflows, division is
+    rounded toward 1,000,000,000 (the middle of the interval).
+    *)
+val compute_new_adaptive_inflation_ema :
+  toggle_vote:toggle_vote ->
+  Adaptive_inflation_launch_EMA.t ->
+  Adaptive_inflation_launch_EMA.t