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dYdXdYdXby0xDf71878436e521e430fACf36ee5e3D74fA519F2cxenophonlabs.eth

Move LP rewards formula weight from stkDYDX to MakerVolume

Voting ended about 3 years agoSucceeded

Overview

  • DYDX token holders recently voted to wind down the safety staking module. This passed both off-chain snapshot and on-chain vote.
  • With the safety staking module being wound down, it makes little sense to keep the stkDYDX terms in the LP rewards formulas.
  • Each market's LP rewards formula contains a 0.05 weight on stkDYDX; we propose that each formula's stkDYDX weight be redistributed to the MakerVolume term.

Explicit changes (see attached image)

  • Change the Q_{BTC} formula to have [MakerVolume]^0.85 and remove the [stkDYDX]^0.05 term.
  • Change the Q_{ETH} formula to have [MakerVolume]^0.85 and remove the [stkDYDX]^0.05 term.
  • Change the Q_{non BTC/ETH} formula to have [MakerVolume]^0.65 and remove the [stkDYDX]^0.05 term.

q_formulas.png

Implementation

These changes do not require an on-chain vote, since they only affect the off-chain rewards calculation.

Voting options

  • Yes: make the explicit changes listed above.
  • No: do nothing.

Links

  • Forum discussion
  • LP rewards documentation
  • Xenophon Labs

Off-Chain Vote

Yes - make changes
16.18M DYDX100%
No - do nothing
4.56K DYDX0%
Download mobile app to vote

Discussion

dYdXMove LP rewards formula weight from stkDYDX to MakerVolume

Timeline

Dec 05, 2022Proposal created
Dec 06, 2022Proposal vote started
Dec 10, 2022Proposal vote ended
Oct 26, 2023Proposal updated