Update final fees - UPP #332
Conversation
There was a problem hiding this comment.
This constant manual update is not going to be scalable. I suggest a proposal that runs through all the approved collateral at the end of each month, and adjust them accordingly. Once the UMIP is approved, we can just run a script that uses $400/TOKEN_USD to get the final fee.
|
How often do the final fees need to be updated? Does the store contract need to always maintain ~$400 worth of the collateral currencies in it? |
Its not ideal, but it doesnt have to be exactly $400, only enough that the DVM is secure, but not so high that it is a barrier to valid disputes or liquidations. We are going to adjust when they fall outwith the range of approx $300 - $700. The reason that we are having to adjust so many all at once is because of the significant overall shift in the market in the last month that have thrown a whole load of store fees out of kilter. A variable amount of collateral for the store fee causes issues with the contract, which needs a set value of collateral. |
final fees - UPP.md
Outdated
|
|
||
| ## Specifics | ||
|
|
||
| - The PERL final fee will be increased to 4000 PERL. |
There was a problem hiding this comment.
I think most of these values need to be updated due to recent price moves.
|
Is it possible for us to have UMIPs refer to a final fee that is stored elsewhere, in a location that is continually updated? Perhaps as a future add on to UMAverse? |
There needs to be a governance vote to adjust final fees, and once that vote has occurred the final fee is set to that static number of tokens until another proposal to adjust that comes along. Is this answering the question? |
Not quite. I think what I'm getting at is- I know it currently IS this way, but MUST it be this way? Is this an area where we could consider making a change in the interest of less upkeep? Or would that inherently break a cog in the machine? Rather than having a governance vote to adjust final fees every month, could we hold a governance vote to change the way final fees are updated? |
Edited for updated market prices
final fees - UPP.md
Outdated
| @@ -0,0 +1,62 @@ | |||
| ## Summary | |||
|
|
|||
| This UPP will increase the final fees for RenBTC, PERL, bBADGER RenDOGE, OCEAN, YAM, wBTC, AAVE, SNX, UMA, DPI SUSHI, xSUSHI, XIO, BAL,bDIGG RAI, COMP, ALCX, ALPHA, REN, CRV, RGT NFTX, LON, MASK, BANK, SFI, VSP DEXTF, ORN, PUNK-BASIC, iFARM, BNT, vBNT, BAND, SDT, KP3R, CHAIN OPEN and DFX to be around $400. This will increase the cost of initiating disputes for the DVM. | |||
There was a problem hiding this comment.
RenDOGE should not be here
Add LINK here
Add "," between DPI and SUSHI, between bDIGG and RAI, between RGT and NFTX, between VSP and DEXTF, and between CHAIN and OPEN
final fees - UPP.md
Outdated
| - The ALCX final fee will be increased to 1.35 ALCX | ||
| - The ALPHA final fee will be increased to 1100 ALPHA | ||
| - The REN final fee will be increased to 1150 REN | ||
| - The CRX final fee will be increased to 250 CRV |
final fees - UPP.md
Outdated
|
|
||
| This UPP will increase the final fees for RenBTC, PERL, bBADGER RenDOGE, OCEAN, YAM, wBTC, AAVE, SNX, UMA, DPI SUSHI, xSUSHI, XIO, BAL,bDIGG RAI, COMP, ALCX, ALPHA, REN, CRV, RGT NFTX, LON, MASK, BANK, SFI, VSP DEXTF, ORN, PUNK-BASIC, iFARM, BNT, vBNT, BAND, SDT, KP3R, CHAIN OPEN and DFX to be around $400. This will increase the cost of initiating disputes for the DVM. | ||
|
|
||
| Additionally, this UPP will decrease the final fees for RenDoge, and BASK to around $400, reducing the cost of initiating disputes for the DVM. |
final fees - UPP.md
Outdated
| ## Specifics | ||
|
|
||
| - The RenBTC final fee will be increased to 0.01 RenBTC | ||
| - The PERL final fee will be increased to 3500 PERL. |
There was a problem hiding this comment.
3500 @ current price of 0.0586 USD is 205 USD that is too low
No description provided.