AIP 72: Rebalance ETH Pool

[agriimony]

Summary

• This AIP is proposed as a one-time process which will emit no points for voting
• AirSwap claims are currently unavailable due to a Activate RPC node issue
• Token pool distributions are unequally distributed as a result
• The unequal distribution will result in a large disparity in claims between early and late claimants.
• This AIP proposes to split fees equally among 9 tokens before resuming claims to reduce the disparity between claimants.

Specification

1. Tokens worth more than $1K in the ETH V3 Pool will be drained into the Ops wallet before claims are reactivated on Activate
2. All tokens will first be converted into WETH before converting 11.1% of each into the following tokens
   a. WETH
   b. WBTC
   c. LINK
   d. APE
   e. USDC
   f. USDT
   g. DAI
   h. MATIC
   i. TUSD
3. All tokens will be sent back to the ETH V3 Pool

Note: This specification will require Activate to correct the claiming issue on ETH.

Rationale

The AirSwap Pool contract relies on a steady flow of input (fees) and output (claims) to maintain its balance between the various tokens. Since Activate nodes have been down for more than 2 weeks, claims have been disabled resulting in certain tokens growing much faster than others.

At time of writing, the top 3 pools (WETH, USDT, USDC) make up 73.1% of the total pool size. Unfortunately, this disparity will only grow larger as the nodes are expected to require more time to fix.

In order to smoothen the claiming process for community members and prevent a rush for the largest pools, we propose to implement a once-off rebalancing of the Pool contract to split the fees up among more tokens.

Copyright

All proposals are public domain via CC0

[Nowfel1]

Strongly disagree with this AIP.

1. Don't think this will smooth the claim process and multiple pools already solve this.
2. there are 0.8% swap fees.
3. Stakers will receive 80% less amount if this AIP passes.
4. Further delays the claim.

[agriimony]

Strongly disagree with this AIP.

1. Don't think this will smooth the claim process and multiple pools already solve this.

2. there are 0.8% swap fees.

3. Stakers will receive 80% less amount if this AIP passes.

4. Further delays the claim.

1. Ideally yes, but fees have accumulated in certain pools so you would end up with a rush for these.
2. AirSwap charges 0.07% swap fees for example
3. Any reason to back up that figure (80%)? Only a few people will receive less (the first few who claim)
4. The claim is already delayed pending the node fix

Some other valid issues you didn't mention

1. more dust leftover in other pools
2. will require manual intervention in the pools (which I'm personally very against as well)