Remove 7 and 14 day Uptime Authorizations

Proposal Discussion
1

This proposal removes the parameters that allow the creation of seven-day and fourteen day uptime Incentives on Supercharged pools.

Background

The decision to introduce uptime incentive durations in Proposal 737 was to enable incentives to generate liquidity breadth and depth. These incentives require a position to exist for a specified period before it can claim any accumulated incentives. Incentives forfeited before the uptime is reached are redistributed amongst other liquidity providers in the active tick, encouraging positions to be wide enough to remain in range for the full uptime.

Each specified uptime requires an accumulator to be run, increasing network overhead. Therefore, the number of uptimes is kept as low as possible.

Preliminary usage of Uptime Incentives has seen the most usage in the one-minute and one-hour uptimes, with some usage of the one-day uptime but only one usage of the fourteen-day uptime, which has seen poor adoption and no usage of the seven-day uptime.

This proposal directly prevents the creation of new seven-day and fourteen-day gauges and signals approval of removing these accumulators in a future software upgrade.

If any seven-day or fourteen uptimes exist during the upgrade handler of the upgrade in which these accumulators are removed, any incentives remaining within the gauges will be refunded to the loading address.

New accumulators to replace these between the one-minute and one-day Uptimes may be added in a future software upgrade, but these will need to be approved for use by another parameter update proposal in the same manner as Proposal 737 authorized the accumulators added in the V23 Software Upgrade.

Target Onchain Date: 26th April 2024

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2

What about adding the removal of 1 and 7 day bonding gauges to this?

(pretty short notice I guess)

3

We did pass that prop last year :face_with_open_eyes_and_hand_over_mouth:

The incentive removal was actioned right away, but the removal of the 1 and 7 days ended up being slightly more awkward due to the existing gauges.

It was actually going to be in v24 but got removed at the last minute due to some conflicts… so maybe in v25 or v26

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4

Good riddance if not used :slight_smile:

Why refund the open 14-day gauge? Is it not easier to convert to a 1-day gauge in the upgrade?

5

This is the route that was given to me by our chain development team.
Currently, only one 14-day gauge is being used, and it will expire before the new implementation. The team responsible for that gauge has been requested to convert to a lower uptime for renewals. The clause is included just in case anyone decides to load a further gauge ahead of any change, and it will be bounced back to them.

2 Likes
6

Clear! So in theory there will be no 14-day gauge open when the change will happen. Even better :slight_smile:

1 Like