So far BIPs tend to get posted, commented on, changed based on poll parameters and then pushed to snapshot without incorporating all feedback in the comments.
I would like to try to make this a community run BIP that starts with a Request for Comment (RFC).
The full contents of the BIP is below. I will modify it based on the comments and in 2-4 days submit it as a formal BIP.
BIP-29: Retire Badger Superset
Category: Setts (Harvest Ren Superset to be specific)
Scope: Retiring Sett
The Harvest Superset seems to be non-beneficial to everyone involved (see details)
The team is busy and it doesn’t make sense to spend time now to rework this sett.
This proposal suggests that we simply retire the Sett and proposes a way to do it.
We can launch new supersetts later when we have time and/or have available strategists to write/maintain them.
See this Forum Post for an initial conversation that triggered this RFC
Details - The Situation
Harvest seems to have some reporting problems. The APY on their homepage is higher than expected, and harvest vault balance shows less value than badger has in its set. Therefore the sheet below used common sense to try to find answers when possible. Here is a Google Sheet with calculations: https://docs.google.com/spreadsheets/d/1EbVsghTdtbjRSSc5XAYQnc58Z1N18078NqoiDhRQ1j8/edit?usp=sharing
Here are some relevant screenshots:
Situation for Badger
These numbers are clearly not 100% correct due to UI issues on either the Badger or the Harvest end (or both).
Looking at the numbers above, 3 things are clear:
Both Badger users and the Badger platform are losing money with funds invested in the Ren Supersett vs native Ren sett.
The Harvest REN vault is almost entirely made up of the tokens in the Badger Harvest Supersett. This demonstrates that our large holding there has rendered this pool uninteresting for Harvest native users.
Harvest could/would (most likely) rather allocate this FARM elsewhere, which provides better marketing value from them, but feel obligated not to completely screw over Badger.
Lastly, the Badger Dev Team is quite busy and it does not make sense to spend time trying to change the SuperSett to find a better APY on RenBTC (the deposited token in the set)
Details - Proposed Solution
The simplest thing to do is to remove withdraw fees and disincentivize this set. Based on basic concepts of efficient markets, users will naturally move over to other setts. We can therefore “decide” where we want the users to go by shifting the badger allocated to the Harvest Supersett to other setts.
As the native tokens are already crv:RenBTC. I would suggest simply shifting the emissions over to the Ren set, which offers slightly better income for everyone involved and less risk exposure from exposure to additional smart contracts/protocols. Before we do this, we should remove the 0.5% withdraw fee on the Harvest SuperSett so users can move(as wish them to) without paying a penalty.
Implementation Details and Timing
It is my understanding that both the emissions allocated to each sett and the withdraw fees are simple parameters that can be changed by the dev team with very little work. @mitche50 can you confirm this?
The original documentation offered rewards multipliers in the form of Geysers for the first 8 weeks of staking. We “owe” our early stakers this advantage and should not make changes before the end of this event. My understanding is that the 8 weeks actually ends on 01-28-2021 so this, as of today is no longer an issue.
I would propose the following time schedule where T = the time this BIP passes snapshot:
T: Set Withdraw fee on Harvest Superset, announce to retirement as widely as possible.
T+1 week: Move 25% of emissions from Harvest Supersett to Ren native sett
T+2 weeks: Move additional 25% of emissions from Harvest to Ren native sett
T+3 weeks: Move additional 25% of emissions from Harvest to Ren native sett
t+4 weeks: Move all remaining emissions from the Harvest to Ren native sett
t+4+ weeks: As dev time permits, disable deposits into this sett and move to an archive page for any remaining users to withdraw.
- As soon as the BIP passes
- After geysers have been retired and badger boost is in place.
- Something Else (post a comment )
- Big bang 1 week after
- Over 2 weeks
- Over 4 weeks [ proposed ]
- No we should balance it between all other sets
- No I have a more complicated idea that I have proposed in the comments.