Skip to content

Ticker Council General Guide

Jump to bottom
U-Zyn Chua edited this page Nov 5, 2021 · 2 revisions

Ticker Council

Ticker Council is interim.

See https://github.com/DeFiCh/dfips/issues/41

Ticker Council will eventually be replaced with on-chain governance run by masternodes.

Summary on Decentralized Tokenization

See https://github.com/DeFiCh/pinkpaper/tree/main/loan

Loan

  1. Alice opens a Vault and selects a loan scheme.

  2. Alice supplies collateral: DFI, BTC, USDC, USDT.

    1. DFI has to be more than 50% of the total collateral’s worth in a vault, e.g. >$50 must be in DFI in a vault with $100 in total collateral.

  3. Alice takes a loan in any of the following loanable tokens, a.k.a. loan tokens.

    1. DUSD: An algorithmic stablecoin that’s always worth $1
    2. Other loan tokens, e.g. TSLA, XAU, etc.

Liquidity mining and DEX

  1. Users participate in liquidity mining on DEX to earn rewards.
  2. Rewards are the same as DEX of today.
  3. Pairs available:
    1. DUSD-DFI
    2. dTSLA-DUSD
    3. d{loan token}-DUSD

DEX Rewards

See: https://github.com/DeFiCh/dfips/issues/50

  • New rewards pool: 100 DFI per block from Eunos (less now after continuous reduction).
  • This is separate from the cryptocurrency LM rewards of today.
  • To be allocated to LM pairs with allocation determined by Ticker Council.

Liquidation

Prices are as follows:

  • Current active price
    • Previous next active price from the last hour (120 blocks)
  • Next active price
    • Locked in price from the current live price at the hour (mod 120th block)
  • Current live price
    • This is a live ticker price.

This pricing system gives more confidence and predictability on what the next prices will be in the coming next hour and less price shock.

When liquidation occurs, Vault is locked and auctions are triggered.

Auctions take place for 720 blocks (6 hours). Allowing the community to bid for assets to recover owned loans.

Functions of Ticker Council

  1. Determine tokens for loan.
  2. Determine loan token interest rates.
  3. Determine loan scheme changes.
  4. Determine liquidity mining rewards split for each pair.
  5. Suggest new token listings for possible future listings.

Ticker Council should meet once every 2 weeks initially, especially during early stages of launch.

1. Determine tokens for loan

Ticker Council should be deciding loanable tokens based on the following criteria:

  • Demand and popularity of said tokens.
  • Stability of price feeds and oracles.

2. Determine loan token interest rates

With the listed loan tokens, determine the interest rates of each loan tokens. They are defaulted to 0% at launch.

Think about this as micro interest rate for each token.

Depending on the severity of the situation, there will usually be at least 7 days of lead time on rate changes.

3. Determine loan scheme changes

Initial launch loan schemes:

  • Min collateralization ratio: 150%. Interest rate: 5% APR.
  • Min collateralization ratio: 175%. Interest rate: 3% APR.
  • Min collateralization ratio: 200%. Interest rate: 2% APR.
  • Min collateralization ratio: 350%. Interest rate: 1.5% APR.
  • Min collateralization ratio: 500%. Interest rate: 1% APR.
  • Min collateralization ratio: 1000%. Interest rate: 0.5% APR.

Depending on the severity of the situation, there will usually be at least 7 days of lead time on rate changes.

4. Determine liquidity mining rewards split for each pair.

Determine how liquidity mining rewards should be split for each pair.

There will usually be at least 7 days of lead time on rate changes.

5. Suggest new token listings for possible future listings.

Ticker Council should be gathering feedback from community members on what decentralized tokens should be listed next.

Clone this wiki locally