I just see the 44% APR in the earn pool, where do you see the 51% ?
[Discussion] New PRV utilities
Yes, you’re right @xlsm142857, it was 51% and now is 42%. However, it’s still a BIG yield. Look at ETH / USDT - that at nice 36% yield and XMR / PRV is at 26% yield.
I’d like to know how these yields are calculated and are they being propped up by the Incognito treasury?
The ticket represents your ownership of the earn pools. When you request a withdrawal, the ticket will be burnt as a proof for withdrawal. You need to wait for the blockchain to mint another ticket as a replacement. And this can not be applied to prevent spam.
The APY depends on the pool size and the fee (the rewards for liquidity providers). The smaller the pool size is, the more dominant you are. So liquidity you have provided would be more usable, which increases the rewards you get. That’s how yield rates are calculated
hey @duc, I’m pleased to pass through the written breakdown you did for me and others. This is precisely useful input that helps to understand the trade-off.
I think this is calculated based on the trading volume and the amount of funds that provide liquidity
Hey everyone, we’re appreciated your thoughtful conversation here about the proposed PRV utilities, especially the new network fee. Also, thank you @abduraman for creating the survey. As mentioned earlier, more participants who hold PRV will be able to anonymously vote on such an important decision once we deliver the privacy DAO. (ETA: Dec 30, more details of how it works will be published on another topic).
According to the survey result and all shared ideas on the topic, we will be proceeding to update the network fee to 0.1 PRV (95% burned and 5% rewarded network validators). All needed deployment for the network, app, wallet extension, and website is estimated to be done today (Dec 21).
Good luck!!! :ням:
Yes, keep restaking until you get a better shard!
14 days from the start of discussion to implementation, with only 26 voters. That moved fast!
Where do the funds for the airdrops come from? Is the airdrop in place already, or did we jump the gun and alienate new users by raising the TX fee too fast?
I came here to express my belief that this was implemented in the worst possible way.
The fee increase was done after 2 weeks of discussion and a 10 day poll that only asked to decide between 2 options and very low number of voters anyways. Where’s the option to not raise fees at all, or raise by just a little bit, let’s say 10X. It’s a huge bias, and nothing close to democracy or decentralization or DAO.
The issue is that the fee was increased 1,000,000%, from 0.0000001 PRV to 0.1 PRV, virtually overnight.
A better way would be to advertise the discussion on the roadmap, the e-mails the team sends out, on the front page of the website, and on reddit and other social media. Then allow some time for discussion, say a couple of months.
Then implement a timeline that slowly raises the fees, say 10X a month, until it hits the rate it needs to be.
I feel like I’ve been smacked over the face with this drastic fee change, with very little communication from the team, and I’ve lost a lot of trust in the transparency of heavy handed things the team might implement in the future.
I understand what you’re saying, however, the new transaction fee is only ~0.02¢ per TX.
Per the updated roadmap, a pDAO is being developed to make user input/voting much more streamlined in the near future.
It’s not the amount of the fees that concerns me. 1,000,000% increase is a huge number. It’s the way it was implemented, with little discussion and a straw poll.
You can do better today, the promise of pDAO does nothing for me today.
the network has been operating for 3 or 4 years and I think such an increase in fees is acceptable…this is spam protection
It’s going to cause regular legit transactions to fall off as well. As the fees were basically dust I would roll my earnings into provide at every possible chance and do multiple swap txns a day. Now the fees have to be factored in and I can see myself waiting to transact on the network about once a month so my earnings can offset the fees. Also, what happens when the price of PRV goes up? The $0.02 now will be much more significant then.
This was already addressed. The pDAO can alter the price as needed.
You must live in a Country with propaganda. The dollar is stronger against the yuan and ruble right now. Russian economy is in shambles due to it’s war and China is facing a debt/covid crisis. 8% inflation in America is peanuts comparatively.
So why didn’t the team wait until the pDAO to implement a change?
Also, it’s gonna be a bit of a pain to have to vote for a fee change every time the price of PRV changes.
I really fail to see how raising the fee is going to have a meaningful impact on storage. If anything, it’ll be a temporary bandaid type mitigation at best. The hopes are that the network will grow over time, not be slowed down. This whole fee increase proposal is to slow down transactions? That just make no sense. The team has even admitted that they are just guessing that spam is a problem, as the blockchain is a privacy one and they have no idea what the transactions are for anyways. The real solution to the data storage problem for validators is to implement pruning. All of the major blockchains have implemented this already. In fact, I suggested this as a feature in September, and was ignored.
Pruning is already active:
That is for a fullnode. It does nothing for us validators.
Have you bootstrapped your node before? If so, then you are benefiting from state pruning.