Simple Summary
This proposal will slow the distribution rate of POOL to the USDC and Dai Prize Pools.
Abstract
The POOL distribution rates for the Dai and USDC pools will be set to 255 POOL per day.
Motivation
It appears the amount of deposits has reached a temporary plateau. After a week of very rapid growth, deposits are staying in the $95 million to $105 million range for several days
It does NOT appear that deposits directly follow POOL distribution. The UNI Pool has $18 million deposited and is ~50% as large as the Dai pool, even though it receives only ~10% of the amount of POOL as the Dai pool.
Whales are simply mining and selling the POOL, such as this whale which [sold ~5,000 POOL tokens for $83,000] (Ethereum Transaction Hash (Txhash) Details | Etherscan). This is definitely not the intention of the POOL distribution.
Specification
Overview
This proposal will set the drip rate for the Dai Prize Pool token faucet and the USDC Prize Pool token faucet to 0.002952569916855631 POOL per second.
Rationale
Whales have been attracted in equal parts to the stable coin prize pools and the UNI prize pools. To mitigate the dumping of POOL by the whales, it makes sense to lower the drip rate of the Dai and USDC prize pools to match the UNI prize pool.
Technical Specification
| Index | Contract | Function | Inputs |
|---|---|---|---|
| 0 | 0xbd537257fad96e977b9e545be583bbf7028f30b9 | setDripRatePerSecond(uint256) | 2952569916855631 |
| 1 | 0xF362ce295F2A4eaE4348fFC8cDBCe8d729ccb8Eb | setDripRatePerSecond(uint256) | 2952569916855631 |
Test Cases
0.002952569916855631 POOL per second = 0.002952569916855631 * 60 * 60 * 24 =~ 255.1 POOL per day
Status
QUORUM NOT MET