Skip to content
New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Fee reclamation and rebates #77

Merged
merged 6 commits into from
Jan 21, 2020
Merged

Conversation

jjgonecrypto
Copy link
Contributor

No description provided.

@jacko125
Copy link
Contributor

jacko125 commented Jan 21, 2020

@justinjmoses

Potentially on settle() if there is a difference on the dest synth price after (M minutes), we can issue or burn the difference of the two prices against the dest synth instead of diverting the difference to the FeePool.

Ie, Exchange 100 sUSD to 1 sETH (@ $100 ETH) , the user would get 1 sETH

If the price after 3 minutes was higher for ETH at $102.7 (2.7 % higher), then we can burn the extra amount of sETH that the trader received, to equal the actual price of $102.7 after M minutes.

The trader should have gotten actually 100 sUSD / 102.7 = 0.9737098345 sETH minus any fees.

Inversely, if any rebates are due on settlement after 3 Minutes, it would work the same way, we can then issue more of the dest synth to cover the price shift after 3 Minutes.

The trader still has to execute into the position and signal that they would be locked into the trade and not be able to move / transfer / exchange until after 3M when it settles.

@jjgonecrypto
Copy link
Contributor Author

Actually that's a much better solution @jacko125. That also solves the concerns I had about the Fee Pool being drained. @brian0641 had mentioned the idea of minting sUSD on rebates - but I hadn't joined the dots. I'll update this PR.

@hav-noms hav-noms merged commit 6e510cf into master Jan 21, 2020
@jjgonecrypto jjgonecrypto deleted the sip-add-fee-reclamation-and-rebates branch January 21, 2020 23:07
Sign up for free to join this conversation on GitHub. Already have an account? Sign in to comment
Labels
None yet
Projects
None yet
Development

Successfully merging this pull request may close these issues.

3 participants