DFIP-2205-C: Disable the dToken Burn Fee #144
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Darkchicken1991
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uzyn
changed the title
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signmessage 8cZqD6X14ipFqmvz6pYYR5p7Dp5n4xc9VT "DFIP-2205-C-yes" |
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signmessage 8VKs5jqADhwRTHVXsf8hhMmJm5r8FpWF7h dfip-2205-c-yes |
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signmessage 8RJM58PhPWKy8ufcbHwtxHLrByEyCM5Pey "DFIP-2205-C-yes" |
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$ defi-cli signmessage 8KFsvQJ6uMsaydwfqmho1kCof1PWV3v9kg "dfip-2205-c-yes" |
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defi-cli signmessage "8LaQQZhfYiLukaZM9qekTB1b7UAR3Bapn2" "dfip-2205-c-no" |
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$ defi-cli signmessage 8WpKkyyMdDQVnuYxZ87aqremVQ4GKnRTJL "dfip-2205-c-yes" |
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$ defi-cli signmessage 8J9DBy8o5fHTrrYtsaSkPmftHiiZFQHDi8 "dfip-2205-c-no" |
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$ defi-cli signmessage 8LZvqY8roXp5SjgKQ8GzuCC5LXcfAZPcbJ "dfip-2205-c-no" |
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$ defi-cli signmessage 8Qcpm3NwpwSBnyD8xzKwppe4upZ4RFYpQo "dfip-2205-c-neutral" |
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$ defi-cli signmessage 8V77Hhv6pen56H54LJSwt7b3SYjDAgGJBr "dfip-2205-c-yes" |
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signmessage 8VKs5jqADhwRTHVXsf8hhMmJm5r8FpWF7h dfip-2205-c-no |
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$ defi-cli signmessage 8GCKyUYHw51D6be61jNNUhEfEEddtThbAZ "dfip-2205-c-neutral" |
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$ defi-cli signmessage 8SW9FEuf7KsTiGGWJP65XbPo5P7NiNCfa6 "dfip-2205-c-neutral" |
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$ defi-cli signmessage 8T8Qq5yr2BciNjzXerE4q2GXoa8vfD2awh "dfip-2205-c-neutral" |
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$ defi-cli signmessage 8UuvfXfPHECLf4ZAswjA1GBqvjdXwtzPVq "dfip-2205-c-neutral" signmessage 8WrcPiaoGhQgitWiBG6e3fW7dVTuZMvjot "dfip-2205-c-neutral" |
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$ defi-cli signmessage 8YBcHsAMiQkVSdmRutroDJYzhmk7XfPrme "dfip-2205-c-no" |
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signmessage 8P24qRzccs9FJXkqrrzPZGa2aNXxqBkrmb "DFIP-2205-C-yes" |
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signmessage 8cS4WTshRjjhKJ5fizs7tNmK49yRufM5Vt dfip-2205-c-no |
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Votes of the DFX Community Votes: signmessage 8KirKNGVgrsQsmWuy1Ee4ZmsnXVVkAEzh2 dfip-2205-c-no |
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signmessage 8dJLcKddBnwXzzXBLeZLYqzHehfeB8UWa2 "DFIP-2205-C-no" |
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$ defi-cli signmessage 8abZCfXnX4qg63ms273ez2pPY3GefLAh2s "dfip-2205-c-no" |
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signmessage 8S4J5K9ohSkxgbYFc2Cbfmf3rf6WjfYH8T dfip-2205-c-no |
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$ defi-cli signmessage 8FS2nyrAoBUistTC4BUPTHf8LJa8ytQ6ip "dfip-2205-d-no" |
mnstate_validate.log |
and others
DFIP Overview
Previous discussion: https://www.reddit.com/r/defiblockchain/comments/u1vowi/my_thoughts_on_the_current_problem_of_defichain/
Describe your proposal
Disable the dToken Burn Fee
The dToken prices are regulated by the FutureSwaps alone. It is questionable whether the disadvantages justify an additional dToken burn fee.
The dBTC and dUSD burn fee are excluded from these DFIP.
With DFIP-2203-A we have created a solution that brings our dToken prices closer to the oracle prices and still provides room for our own price development independent of the real market. In hindsight, it has been noticed that the burn fee introduced with DFIP-2203-A leads to high overall fees in the DefiChain system. More precisely, it is questionable whether the additional burn fee results in an advantage for the DefichainSystem, since it reduces the benefit of the system without bringing significant advantages.
I opened this post on Reddit in advance and started a discussion. Outside of the Reddit post, I also discussed the burn fee with many people. The following two points came to light:
First, I would like to address the price stabilization argument here. The FutureSwaps alone will be able to keep prices stable over time. Everybody has the possibility to sell their dTokens once a week for 95% of the oracle price or to buy them for 105% of the oracle price. So no one is forced to pay prices outside the limit anymore. Over time, DEX prices will move closer and closer to this limit. The volume will increase from week to week. Especially when the function for the lightwallets is enabled, a much higher volume will go through the FutureSwaps.
That the dToken burn indirectly drives the DFI burn may be true. However, I think that many here do not see the system as a whole and are blinded by the idea of a price increase through an additional DFI burn. While we indirectly increase the rarity of DFI, we also decrease the utility of the entire defichain system. It is questionable whether we can increase the price of DFI in this way.
Before we were one of the cheaper defichain systems with a total fee of 0.2% only through commissions. Now we have the highest transaction fee in the DefiSpace with the dToken. This has now been increased from 0.2% to 0.4% ( 0.2% Commission, 0.1% dToken BurnFee, 0.1% dUSD Burn Fee ). This makes Defichain less attractive compared to other DefiSystems. Also, everyone has to go through the dUSD pool beforehand with 0.3% total fees before you can buy a dToken.
With the higher total fee, we also hurt arbitrage trading. This provides for more stable prices and for significantly more commissions. Commissions are important to ensure high liquidity in the long run, independent of block rewards.
Ultimately, we reduce the benefit of our unique system by the additional BurnFee. Whether we achieve a price increase through the additional burn is questionable if we reduce the benefit of the system at the same time.
How does this DFIP benefit the DeFiChain community?
If the situation changes, it is possible to reactivate the BurnFee at any time with a new DFIP. All required techniques remain implemented.
Non-obligation
I understand that vote of confidence for DFIP carries no obligations by any developers to implement the proposals. DeFiChain is a community projects. Pull requests can be submitted by community and reserved to be evaluated for safety and general community acceptance.
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