Buy crypto anonymously on the Incognito pDEX   

Provide rates rebalanced

#21

See the ongoing discussion I brought up here. Still waiting to hear back from @aaron

1 Like
#22

I would add that there needs to be a golden source. You’ve a very nice forum, so why are there separate announcement on telegram? Trying to find details on stake or provide on the forum, I got lost between what’s current and what’s deprecated. It’s fine to change things, but there are needs to be clarity as to what is current and a rationale.

Is dpex able to compete with sushi or uni or pancake just by privacy? Fees bring liquidity, but so does transparent governance, particular to attract more than hobby size (1750 prv at current value is more than hobby size for most). One other advantage is with high gas fees, maybe has some cost advantage for medium amounts.

I’m new to the project, like the concept, but am not sure whether to invest more into it at this stage.

#23

Hey @duc,

I gotta say, this rollback is extremely frustrating. I’m very interested in hearing what this timeline is. It sounded like you had a plan weeks ago, and then this. It’s not the decision that is upsetting. But, the fact you guys spent the time to announce the new rates, and then immediately switched back. It creates doubt in any announcements you make. Doubling down with @andrey stepping down immediately after doesn’t help. There was plenty of feedback (myself included), that showed the potential problem you were about to create. It just seems like this is a reactive decision to a problem you already knew existed. I’ll have plenty of other questions after the new timeline is announced. But, in the meantime, here is my two cents about the problems and possible solution.

Problems:

  1. You are no longer marketing. This means, there is currently no onboarding new capital. I understand why, but it means you need a temporary solution. That is, how to keep existing users.
  2. Removing provide rates will drive away any current liquidity. Those existing users showed up specifically for that, and the money already moved off network is proof.
  3. Earnings for validators is decreasing at a rapid rate, and you are no longer creating pnodes. At some point, it will not become cost-effective for vnode operators to keep them online. As that PRV price ticker makes it’s way down, you get closer to that by the day.

Solution:

  1. If you are keeping provide going, and there are no more pnodes in production, there is no reason to keep the extra slots locked. There are more than enough operating nodes. Slowly releasing them is understandable, but there is zero reason to have to wait another two months. This increases vnode operator earnings back up to acceptable levels, and simultaneously allows them to onboard new vnodes. Thus, strengthening the network.
  2. An announcement should be made weeks ahead of Add V2 going live. Anyone who wants to add funds to provide may do so up until it does. After that, provide is locked forever. Anyone who has funds in there will continue to earn at those rates. Any new money will only be allowed into Add V2. This is a bonus for any early adopters of the network, and it alleviates a mass exit when the rates change (like this past weekend). Anyone may remove funds at any time, but they cant add them back once they are removed.
  3. Once this product is ready for market, it should only be marketed with Add V2 rates. That way, no one feels like there is a bait and switch if they move money over. They know what they signed up for. Provide was just for early adopters.
  4. As new liquidity starts coming in again, then you can start adjusting provide rates SLOWLY. It should be aligned with the liquidity coming in. So, when provide rates eventually become low enough, there isnt a mass exit of liquidity from the network.
  5. As provide rates drop, start offlining those nodes as liquidity is removed from there.

Just my opinion. The new timeline announcement can’t come soon enough for me. It’s going to be a real test about the stability of this ship, and the new direction.

12 Likes
#24

Thank you to @efraimip, @curmudgeon, and yes most of all to @Thriftinkid for I have seen the loyalty and support that Thriftinkid has shown this project by helping other users and assisting the project overall when tech issues or just basic usage issues have arisen…it does seem indeed that decisions are being made on the fly by the powers that be here at Incognito…well I say to them…listen to what efraimipk, curmudgen, and thriftinkid just posted in this string…they are giving you critical feedback as to the current status and general feeling within the community. They are in addition offering and suggesting very good advice as to how to correct the issues currently facing the project. It goes without say that the sudden departure of @andrey and the abrupt changes in the Provides APY rates would create normally in any other company or outfit a run on its shareholder price or in this case the price of the native coin…so in a way so far the project has been lucky that there hasn’t been a sudden run on PRV’s value and that things can still be corrected and need to be…or else much like the infamous tragedy of the Titanic…this beautiful ship is going to suffer the same ending as did that ship…at the bottom of the ocean with most of its crew and passengers lost… :sunglasses:

#25

I switched also the day it changed, its bs almost felt intentional.

#26

I like this idea, hope they do it.

#27

I won’t say the current chance wasn’t sudden, neither that it was communicated well, but I will say it was expected sooner or later. The people who are here since testnet will probably agree.

All the project was about from the start was privacy, quality, stability, and in the long run increased value for PRV.

For me it feels like a welcome restart. We’ll lose a few folks, but they would have left for the next great deal anyway.

If we can trade a dip in value and users, for a more decentralized, stable system in the end, I am in. I am positive things will pick up again.

7 Likes
#29

So there will be no provide feature any more and if we provide liquidity we have to do it on both sides and that might result in impermanent loss ?

#30

Correct. Eventually. They switched the rates back last month in provide and they will remain that way until they figure out this slashing change over with the nodes. They are still a ways out it looks like.

1 Like