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DebaseonomicsDebaseonomicsby0x7b87Fb3937C2725E804304f4E3528B20ec46a5c60x7b87…a5c6

Compose SP1 V3 with Debase protocol

Voting ended over 5 years agoSucceeded

Proposal in full: https://github.com/debaseonomics/DIPS/blob/main/dip-13.md

Simple Summary Proposal to remove randomness from stabilizer pool 1 and to remove it's rebase counter and replacing it by a pool that gives rewards during rebase expansions/stability and pauses rewards during contraction. Due to rising gas costs and the continued price appreciation of LINK, it would be increasingly expensive to maintain the LINK powered random number generator in SP1. Removing randomization also simplifies the rewards scheme and encourages liquidity. Rewards are given out as soon as a positive rebase happens and pauses rewards as soon as a negative rebase happens. The positive and negative rebases have different reward rates.

Technical specification

  1. SP1 gives out continous rewards over a period of 1 month.
  2. Rewards stop when Debase TWAP price falls below < 0.95 $Dai
  3. Rewards start when Debase TWAP price goes above > 0.95 $Dai
  4. Increasing rebase reward to during positive rebases and during stability, at the rate of 0.6 pct of Total supply per month and 0.3 pct of Total supply per month respectively.(~200k DEBASES per month and ~100k DEBASES per month at today's total supply)
  5. Builders fee is 20 pct (requested separately from rewards contract), the same time reward requests are made.

Vote Yes in favor, No otherwise

Off-Chain Vote

Yes
4.63K 100%
No
0 0%
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Timeline

Feb 15, 2021Proposal created
Feb 15, 2021Proposal vote started
Feb 16, 2021Proposal vote ended
Oct 26, 2023Proposal updated