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Launch Inverse Plus

Executed
#006 - mills ERA

Executed Feb 4th, 2022

Details

Deployer

Authors: @nourharidy @patB @nakamomo @n3bs @basedxeno @thealientourist @cryptoharry

Objectives of INV+

  • Increase treasury and liquidity holdings in order to increase the supply of lendable DOLA towards our goal of 1 billion DOLA circulation by the end of 2022.
  • Ensure that the Inverse product line is optimized for maximum performance and competitive strength
  • Expand INV & DOLA LP bond capacity via Olympus Pro
  • Transition the INV governance token to a model with expanding supply that will accrue value based on DOLA lending revenue

Core Proposal Features

  • Positive Sum Rewards Token.
  • xINV Continuous Rewards
  • DOLA Revenue Sharing Rewards
  • Permanent protocol-owned liquidity
  • Low-interest DOLA borrowing

Summary of Continuous xINV Reward Rate Framework

  • With INV+, xINV rewards occur on a near-constant basis, not an arbitrary interval (e.g. 8 hours). Continuous rewards are issued with the creation of new Ethereum blocks https://ycharts.com/indicators/ethereum_blocks_per_day which today are mined 6400 times per day.
  • The amount of xINV rewards received by stakers is determined by a Policy Committee initially comprised of seven members who monitor and adjust the xINV Continuous Rewards rate with the following goals and criteria in mind:
    • Grow the Inverse Treasury to support at least 1 billion in circulating DOLA on a sustained basis by the end of 2022.
    • Issue rewards within the aggregate limits set by the GovernorMills voters, who are responsible for replenishing the INV Continuous Rewards allocation approximately every 90 days.
    • Limit sudden downward price action linked to changes in the xINV Continuous reward rate
  • With an initial allocation of 15,500 INV for purposes of xINV staking rewards, a base reward rate APY of 100% is anticipated, with an initial cap of 500%.

Policy Committee To Manage xINV Reward Rates and LP Bond Allocations

  • A Policy Committee will be responsible for setting reward rates for xINV as well as allocating INV for LP bonding campaigns.
  • The Policy Committee will submit a new request for minting of INV to the treasury approximately every 90 days for these purposes via GovernorMills.
  • The Policy Committee will be comprised of 7 INV team members who have been active in the development of INV+ and will serve on the committee for a one year term:
    • Nour, patb, BasedXeno, thealientourist, nakamomo, n3bs, and cryptoharry.
    • No additional compensation for serving on this committee is required. Inactive or retiring committee members may be replaced by vote on GovernorMills.
    • Voting requires 5 members to achieve quorum and decisions are decided by majority vote though the committee will endeavor to reach unanimous consent on rewards decisions.
  • Reward rate changes are implemented by the Policy Committee using the Policy Committee multisig wallet.

On-Chain Actions To Approve

  • Move ownership of the xINV contract to the new xINV Manager contract
  • Set a hard cap of 0.085616438356 per block for xINV reward rate
  • Set xINV reward rate to 0.0260416666666667 per block (5000 INV per month)
  • Set xINV withdrawal delay to 0 days
  • Authorize a 15,000 INV allowance to Policy Committee multisig to be used for refilling OP Bonds over the coming months.
  • Authorize 15,500 INV allowance to the xINV contract from the Inverse treasury to be used as xINV rewards.

Actions

Action 1
xINV
._setRewardPerBlock(

26041666666666700

)

Action 2
«
Set xINV's

INV

Allowance to

15,500

»
INV
.approve(
xINV,

15500000000000000000000

)

Action 3
Escrow
._setEscrowDuration(

0

)

Action 4
xINV
._setPendingAdmin(

)

Action 5
XinvManager
._acceptAdmin()

Action 6
XinvManager
.setMaxRewardPerBlock(

85616438356000000

)

Action 7
«
Set Policy Committee's

INV

Allowance to

15,000

»
INV
.approve(
Policy Committee,

15000000000000000000000

)

Proof of Reviews

Members allowed to make Drafts can sign the fact that they reviewed the Draft Proposal

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For Votes

32 voters

11.54k votes

BasedXeno

2.89k

BenLavabo

1.23k

Somer

1.11k

PatB

1.07k

adamQ

1.01k

View All

Against Votes

0 voters

0 votes

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