ICE Airdrop Preparation Proposal

Proposal discussion WIP: OIP
#42

I went through all the replies, and there is a consensus on the first two proposals (disabling sICX borrow and removing OMM rewards).

I think these two should be implemented immediately. On the other hand, subtracting total sICX borrows from the sICX supplies to calculate the net ICX ownership seems to be a fair approach.

It was noted that there might be a situation where some might borrow sICX by depositing stable coins. In that case, those people will carry a negative sICX net balance.

If we try to calculate the total sum of those with negative sICX net balance, we will end up with some kind of surplus. Because of this surplus, it may not be possible to get 1 ICE for every underlying ICX staked as sICX.

However, that surplus is not expected to be very high compared to the total circulating sICX. With that assumption, we may receive a little less than 1 ICE per ICX, which is okay for me, but I am not sure what others think.

#43

It does seem like the community has some hesitation on the 3rd change, so it may be better to break the proposals into two proposals.

OIP 1 (Yes/No)

  • Disable sICX borrow (no one will be able to borrow sICX anymore)
  • Remove OMM rewards for sICX borrow (OMM rewards will be shifted to sICX supply)

OIP 2 (Yes/No)

  • Increase sICX borrow rates to 120% fixed interest rates per year
2 Likes
#44

waitting for it
sounds like its good

#45

I believe the 3rd step is a necessary one as well to avoid people gaming the ICE airdrop.
The only issue is people being caught of guard by not following their position closely.

However I agree splitting the vote is a good idea. It should at least have a high likelihood of being approved and fast implementation. This will then allow to see the impact of the first 2 steps already before putting the 3rd step up to vote.

1 Like