Hello Sovryns,
We’re currently preparing SIP-0058 to update the staking contract. This update allows us to resolve the issue with the incorrect vesting stake. Read more details here: SIPS/SIP-0058.md at SIP-0058 · DistributedCollective/SIPS · GitHub
If this passes, we’ll require a short pause on the contract for applying the fix. Afterwards, we’ll be able to reenable the fee distributions.
We intend to put it to the vote next week!
Hello Ororo,
do I understand correctly that the rather large VP of 4-year contracts gets a corresponding share of the fee share accumulated over the last few months?
I also noticed that there was a recent rbtc payout to stakers. I’m guessing this involved the redemption fee from Zero? I would have expected a much larger payout there based on my analysis.
If this occurs the same way with accumulated AMM fees, we should think about compensating long term stakers.
I think the best solution is to get this SIP through and look to the future. But compensation of old stakers, e.g. with a one-time SOV distribution, should be considered. Otherwise, that would be quite a slap in the face.
Sorry if i am being a bit negative here but i think this topic should be adressed.
Otherwise: GREAT JOB on the launch! Really happy with it!
Yes, I firmly assumed this would be corrected retroactively. If it is not corrected, slap in the face actually is too mild a term. They made an error that potentially costs stakers a very large amount of fees. The need for compensation should be self-evident. Otherwise, who will ever trust the team again or ever assume again that fees are distributed fairly?
It really should be compensation in RBTC because that is what was lost, but given the limited resources, SOV tokens would be an acceptable substitute as a gesture of goodwill from the community.
i want to know more about this. stakers commited a long term risk by locking the tokens.
the only reason why i stake, is for passive income in RBTC and other revenue sharings.
if someway a lot of fees are flowing away to parties that should not recieve any fees, this would be unacceptable in my vision.
even so strong i would probably vote against this SIP.
there must come more clarity on this.
what are the total fees collected untill now?
what is the amount stakers should recieve per VP?
what do stakers recieve actually per VP?
if there is any difference, how will this be compensated?
if they will compensate as Sacro mentioned, will they exclude the parties who recieved already fees that they shouldnt?
how much liquid SOV will be released by this mistake? to be honest, i rather recieve RBTC.
and as mentioned, we recieved already some RBTC fees, but i assume this was not what we should have recieved? so how will this be compensated?
Agree that we should have some type of compensation if there is distortion of reward payout
The 4 year vesting contracts were and are and will be not able to withdraw any fee share, but their stake was considered between the deployment of the vesting contracts and the stop of the fee sharing distribution. We stopped the fee sharing distribution from the margin trading protocol and the AMM in November to stop this from happening. These funds are currently not claimable by anyone and this SIP does not fix this.
The SIP only allows us to fix the stake, so that all fee distributions happening after the fix do not falsely consider the 4 year vesting stake as eligible when calculating everyone’s share. It will allow us to resume normal operation and make sure that all rewards going forward are distributed as expected.
Regarding the accumulated fees which have not been distributed between the distribution stop and now: They get distributed according to the most recent stake weight at the time of distribution. This is how the fee sharing contract always has worked.
I know this is considered unfair by many as more stakers joined the pool since the last distribution. However, we are not talking about a very big amount of money and the cost of fixing this would be disproportionately high.
These should be the fees which are currently waiting to be distributed on the margin trading protocol and the AMM (numbers generated with a script, not manually verified for correctness) :
Total WRBTC fees: 2.2965075804621096
Total SOV fees: 7424.896712857844
ref_block: 5138745
Consider that these are distributed among all stakers. The total voluntary weighted stake at the reference block is 57082406. To know how much of the fees you’d get divide your own voting power by the total and multiple the result with the fees to be distributed.
There is currently no plan for any special compensation.
I am sorry that all of us received less fees than we should have during these months, but am looking forward to receiving the full amount of fees again from next week.
Thanks for the clarification, then I initially misunderstood and it is not as serious as I feared.
So, to quantify the losses, the following example calculation would be necessary:
57082406 VP on today’s reference block
~42000000 VP at the start of the stop
That means, very roughly speaking, a 25% loss for each staker over the last 4 months.
At approx. 2.5 btc this would be 0.6 btc.
Is that correct? If so, I withdraw my demand for compensation and hope that we can close the issue as soon as possible.
Thank you for your detailed explanation & most for the transparency of letting people calculate their own fees including what should have been and what really will be now. For my rather small stake it does indeed not make a huge monetary difference and therefore my primary discontent has faded and I am yet again a fan of your work. Let’s look ahead and look forward to fat future rewards.
Doesnt look too bad if those are the right numbers
Agreed 100%. Let’s close this issue ASAP and get everything working again.