MCCP 23: Disable Underutilized Dials II

It is proposed to disable the second batch of underutilized dials in the Emissions Controller as launched with MIP 24 in order to avoid incentivising pools that receive a substantial amount of MTA per epoch but do not contribute effectively to the usage of the mStable protocol and add value by contributing to overall revenue.

The first set of dials was disabled with MCCP 22. This resulted in a much more streamlined emission process by avoiding dust MTA to be sent to illiquid pools.

This proposal seeks to further disable more dials and make MTA emissions more capital efficient.

As per the temperature check results, the proposal will have two alternative choices in regards to dial configuration:

• Disable most dials but keep:
  • MTA Staking
  • mBPT Staking
  • TreasuryDAO
• Disabling some dials but keep:
  • MTA Staking
  • mBPT Staking
  • TreasuryDAO
  • imUSD Vault
  • imUSD Vault Polygon
• Don’t disable any more dials

Technical Specification

For each of the dials to be disabled the following function will be called from the ProtocolDAO multisig:

Emissions Controller (0xBa69e6FC7Df49a3b75b565068Fb91ff2d9d91780):

• updateDial(uint256 _dialId, bool _disabled, bool _notify)
  • _dialId = See table in specifications
  • _disabled = true Changing the flag to disable the dial
  • _notify = get the current value of the flag, set to the same value

Links

• RFC: Disable all dials except staking & treasury and create a v2-incentives one
• Proposal: MCCP 23: Disable underutilized dials II
• Discussion: MCCP 23: Disable underutilized dials II

Which of the proposed dial configurations should the Emissions Controller be adapted to as shown in MCCP 23?