I thought the team was saying the proposal was invalid because I made a mistake when I listed it. 24 weeks (3 months) contradicts itself…hence you can approve it.
Yes, that was the reason, but what the PP team now suggest is this:
"Proposal 15 version 2 was approved by the CVP community. But, to make it legit and implement it properly we still need to understand:
Vesting rules:
1. 24 weeks or 3 months?
2. Are these new rules applied to ALL pools or only to YETI/CVP-ETH?
If only to YETI/CVP-ETH we need to develop this solution".
So I just wanted to express my opinion NOT TO apply new vesting rules to the whole protocol (but to keep them as they are, i.e. 10 weeks), and preferably NOT TO develop separate solution for YETI/CVP-ETH pools, and therefore I proposed a modification to your proposal as stated above.
I am for this proposal.
The corent rewards alloready cost us in loss of CVP processing power (which is not a small loss).
It’s just like any inflation: we are earning more units of currency but we losing purchasing power, That’s the reason why CVP price is falling ATM: inflation & inflation expectations…
if we want more indexes that will include CVP & expending the project TVL CVP price can’t be a drag on indexes appreciation.
BTW we’ll need to do it sooner rather than later.
Doing it later will cost the community & the project more…
I just created Proposal 15.3 to overturn 15.2 since people may have voted differently depending on if they interrupted the rewards to be vested over a longer period of time - 24 weeks…or over a shorter period of time - 12 week. We are basically hitting the reset button on this thing…please let me know when I can submit it for a vote.
Please put the wording of the proposal here in the forum first to check and discuss it with the community.
Proposal 15.3 - Overturn the Passing of Proposal 15.2
The purpose of proposal is to overturn Proposal 15.2 which passed with misleading information. The vesting rewards read “24 weeks (3 months)”. Depending on how the person voting in favor of this proposal interrupted this statement, they may have thought they were voting for a much longer vesting period for the CVP Rewards. In addition, the team has notified the community that the functionality doesnt currently exist for the various pools to set different vesting periods by each pool. Upon the passing of this Proposal, a new Proposal will be made for the Yeti and CVP/ETH Pools with 10 weeks of vesting.
So this would be explanatory text of the new 15.3 proposal? And we should decide between what options?
I was basically gonna hit the reset button on this thing…and propose this:
The purpose of this proposal is to vote on Rewards for the CVP/ETH, YETI/ETH and YETI Mining Pools.
In the first week of January, the Yeti Rewards for both mining pools are set to expire. This proposal would continue on with the rewards at a 33% reduced rate for the next 3 months.
Current Mining Rewards Set to Expire;
250K/Month for YETI/Eth Balancer Pool
200K/Month for Yeti Pool
New Mining Rewards for the next 3 Months:
167K/Month for YETI/Eth Balancer Pool
134K/Month for Yeti Pool
At the end of December, the rewards for the CVP/ETH Uniswap Mining Pool are set to get cut in half. From 182K/week down to 91/K per week. Instead of a 50% reduction, this proposal would only reduce the rewards by 33% for the next 3 months.
Current Mining Rewards Set to Expire;
182K/week for CVP/ETH Uniswap Pool
New Mining Rewards for the next 3 Months:
122K/week for CVP/ETH Uniswap Pool
All rewards for the above pools would vest over 10 weeks.
After March 31st, 2021 the rewards for the 2 YETI Pools will cease to exist and the rewards for the CVP ETH Pool will drop back down to 91K/week.
3 Likes
OK, I would support this proposal! Thanks for your patience, mate 
I support this proposal too. I think we should be willing to revisit these reward structures for the month of February since a few users have expressed their concerns regarding inflation, but for now I do like defining these rewards for the next 3 months.
Thanks for putting this proposal together and having a discussion!
I think its still to high inflation assuming the ASSY pool will be launched soon.
IMO it will also won’t be enough to reduce selling pressure on CVP which won’t benefit YETI & PIPT holders.
There are 637,122 CVP tokens in PIPT & 197,588 CVP tokens in YETI
PIPT APY is 248% ATM
PIPT/ETH APY is 275% ATM
The amount of CVP tokens in PIPT is still trending up, in fact its at ATH as of today.
Please see link:
YETI APY is 278% ATM
YETI/ETH APY is 318% ATM
It looks like CVP amount in YETI might rolled over, ATH 207,173 was a week ago (21/12).
please see link:
CVP/ETH APY is 424%
Liquidity down trend in the pool stopped in 23/12 and went up a little (its basically sideways for a few days), please see attached photos.
CVP price is down ~23.5% since 24/12 untill this moment.
Which lets me to believe that a big part of the selling pressure comes from the YETI pool rewards…
As i said we’ll have more selling pressure from ASSY pool.
I think as @Sergey offered, rewards should be further reduced in order to bootstrap YETI & PIPT.
I know it sounds counter intuitive but, as i said earlier, if CVP price will be a drag on both indexes it will be like full gas in Neutral when trying to drive a vehicle up hill.
And one last thing: IMO 3 months are to much time, it basically means we’ll have a problem to add more indexes (including ASSY) if we choose to do so.
IMO we’ll need to revisit our decision, which ever it may be, every month until we’ll find the equilibrium between supply & demand.
In fact i think we’ll evetually come to the conclution that rewards should grow with TVL but its TBD going forword, when we’ll have more data (IMHO not enuogh observations ATM…).
2 Likes
I agree with Sergey to halve reward for all pools for the month Jan. At least lets not overcommit to 3 months. Lets set the rewards for just January and then reevaluate at the end of January. That can allow us to reassess the situation and take action without locking ourselves in to a fixed 3 months.
1 Like
Given proposal 15 version 2 has already been approved by the CVP community, I believe it would be disingenuous to modify the proposal in addition to the specific points that must be clarified.
Vesting rules:
- 24 weeks or 3 months?
- Are these new rules applied to ALL pools or only to YETI/CVP-ETH?
- 3 months
- ALL pools
Yes please make appropriate alterations based on the teams latest medium article regarding your proposal @Alan.
Also Delphi digital had looked at rewards in detail and they provided detailed analytics for the original rewards path. Looking to change this to dilute more could do more harm for the project. My only concern is that, is the affect on the project.
Or my other suggestion is for the people who support this proposal, is to keep the original plan of Delphi and perhaps wait until the month of February to make a decision IF rewards are not good. See if Delphi’s original agreed upon plan is good, give that a chance?
That’s all
Yeah, I think the first step is to revoke 15.2. From there, I think Ill turn it over to Yan at Delphi to propose the rewards for the pools…
fair enough.
Wasn’t fully awere of the situation, my apologies.
1 Like