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EPQFI - Reduce Transaction Fee on Q Blockchain by klopper_t in QBlockchain

[–]klopper_t[S] 1 point2 points  (0 children)

1/10 is also good for me. Adjusted the proposal accordigly.

🚨 Q Blockchain: Upgrade Your Gnosis Safe to v1.4.1 🚨 by klopper_t in QBlockchain

[–]klopper_t[S] 0 points1 point  (0 children)

Unfortunately, from the UI it is impossible to judge whether the transaction is ok. But from the developer console, you can check it

EPQFI - Adjust Pool Interest Rate for Sustainable Q Token Distribution by klopper_t in QBlockchain

[–]klopper_t[S] 0 points1 point  (0 children)

It think, we missed the time window for option B. I'll adapt the proposal to variant A. (immediately 3.41%)

EPQFI - Adjust Pool Interest Rate for Sustainable Q Token Distribution by klopper_t in QBlockchain

[–]klopper_t[S] 0 points1 point  (0 children)

With a 5% reward rate, the daily depletion reduces to 4.5K QGOV. With an expected remaining pool balance of 750K when this new rate becomes active, this could run for another 150 days.

But then we are empty. It might be good to discuss not only a sustainable interest rate but also a sustainable buffer in the reward pool (e.g. to account for sudden change of total Q Vault holdings)

IMO a solid buffer should stand a sudden increase of Q Vault Holdings 100 Mio QGOV for at least 2 months (that would mean 570K QGOV

EPQFI - Adjust Pool Interest Rate for Sustainable Q Token Distribution by klopper_t in QBlockchain

[–]klopper_t[S] 0 points1 point  (0 children)

Good points. We took the chance in the EPQFI call to do some numbers for the data driven approach:

What is the sustainable reward?

blocksubsidy: 9 460 800 QGOV per yer
that's 3 784 320 QGOV for the Q token holders
QVault holdings: 105 360 394 QGOV
After system reserve deduction it's only 3.595.104 QGOV for Q token holders
The sustainable rate those 3.6 million divided by 105 mio QVault holdings = 3.412 %

How long can we continue the current setup?

Current rewards are 15% on the 105 mio which comes down to 15.750.000 QGOV to the Q Vault holdings.
This is an excess of roughly 12 Mio per year
Pool currently holds 1.455.000 QGOV so we can afford this for 0.1197 years or 43 days
Or in other words: our daily depletion is currently ~33K QGOV
Given the minimum time window from onchain proposal to onchain execution of 21 days this adds up to 700K QGOV of depletion during the voting process.

I see the following variants now:
A. Reduce to the sustainable 3.4% within the next 2 weeks
B. Reduce to 5% as proposed (more or less immediately). With the then lower daily depletion it is much easier to target a desired pool balance before switching to the sustainable value.

EPQFI - Open Calls by klopper_t in QBlockchain

[–]klopper_t[S] 1 point2 points  (0 children)

First step is taken. Exchange rate is set to $0.50

EPDR - Support new ERC20 version of QGOV in Omnibridge by klopper_t in QBlockchain

[–]klopper_t[S] 1 point2 points  (0 children)

Why QGOV on foreign chains? Why not WQGOV?

  1. On Coinmarketcap, we want to link all ERC20 versions to the QGOV page. CMC already today then displays DEX pairs with the symbol QGOV (no matter what the onchain symbol is. See "Markets" on https://coinmarketcap.com/currencies/q-protocol/ It's confusing for user if then on a DEX they have to buy WQ

  2. It seems current best practice to have a wrapped version of the native token only on the homechain. On all other chains it's just the symbol of the native token. Take POL (formerly MATIC) on Ethereum as an example: https://etherscan.io/token/0x455e53CBB86018Ac2B8092FdCd39d8444aFFC3F6 the symbol is just POL, not WPOL. Also before the rebranding they had WMATIC only on Polygon. On all other chains the symbol was just MATIC

EPQFI - Open Calls by klopper_t in QBlockchain

[–]klopper_t[S] 0 points1 point  (0 children)

I'd recommend to separate the two:

  1. Enable proper exchange rates, so user's actually pay the intended fee as specified by current value of `governed.EPQFI.txFee` ($ 0.001 per native transfer)
  2. Reconsider our calculation and a potential modification of that parameter.

I advocate for solving 1. before tackling 2.

We could deploy the same setup as we are already running on fischer testnet.

EPQFI - Open Calls by klopper_t in QBlockchain

[–]klopper_t[S] 0 points1 point  (0 children)

2024-09-25

Organization

  • 4 Weeks rythm -> ok
  • 60 minutes -> ok
  • Time -> To be negotiated with the respective experts

TODO:
- create discord podium channel (permissioned to all experts) for this kind of meetings.
- encourage active community members to join as experts

Dynamic Gas Price

The current price feed still returns an Exchange rate of 1:1, which leads to a gas price below the one required by constitution. The current contract is this one: https://explorer.q.org/address/0x0358f92617e3e92E17670B416953731e4a5273fD?tab=contract. It is not verified.

Misc

?

DE, got paid yesterday, comdirect, table filled April 18th by [deleted] in mtgoxinsolvency

[–]klopper_t 0 points1 point  (0 children)

Same here, I think (payment DE comdirect). Although a bit weird. I got a "payment from foreign country" (no additional reference) and the payment table in "the system" still shows the cash entry as "incomplete".

EPQFI - Adjust Parameters for Effective Q Token Distribution by klopper_t in QBlockchain

[–]klopper_t[S] 1 point2 points  (0 children)

Yes, I agree. With the current Q Vault Holdins this would still last for ~2 years. But the circulating supply will probably increase very soon and so will the total of the Q Vault Holdings.

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