Balanced Maintenance: Parameter updates & Emergency List additions

Proposal Discussion
#1

Here’s a few things I think we should update:

  • Orignation Fee - this was meant to be changed in BIP57 but wasn’t included in the contract calls. Let’s change it to 0.2% as planned

  • Add more people to the emergency shutdown whitelist - Here are three wallets associated with ICON team members that will have the authority to disable balanced
    – Cyrus = hx273282814c780556a4b94c8d82627620c16e3ed0
    – Fidel = hxd5abca9d4baa7349f6f2809863cac1bd3c4ae0aa
    – Newton (venture23) = hxf7209f1934b52d5ff22b3222d7efa1fcd5fee2fa

  • Tighten the bnUSD redemption limit - Right now, bnUSD can be redeemed for .905 worth of crypto (e.g. sICX). This was set to protect borrowers during tough times. Now that the protocol has made significant progress in stabilizing bnUSD, i propose we increase redemption to 0.97. This translates to a redemption fee of 250 points

  • Lower the sICX withdrawal limit from loans - It’s currently set to 15%. As the amount of sICX in the contract rises, the DAO needs less available at any given time for withdraws, while the amount that can be exploited also rises. I suggest we change it to 7.5%.

  • Increase quorum requirement for governance votes - The quorum is currently set to 20%. The DAO typically has a much higher voter turn out, therefore to increase security I propose to increase the quorum to 40%.

  • Recover Avwva funds - community member accidentally bridged funds to an incorrect address, we can recover in this vote.

I’ll leave this thread up for a week or so at least. Let’s try to do several non-contentious maintenance kind of upgrades in this proposal.

EDIT: Adjusted the following items based on discussion:

  • Lower sICX withdrawal limit from loans
  • Increase quorum requirement for governance votes
  • Recover funds of @Avwva
  • Removed vote duration because there is no setter in governance currently
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BIP61: Parameter changes and maintenance
#2

I agree on all points. One more thing that might be worth considering is to increase the quorum. We have had up to 70% voted recently and quorum is still at 20% which seems way to small.

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#3

Any particular quorum you think is good? 40%? I’ll edit the post to add it.

#4

Yes, 40% seems reasonable with the 3 day voting period

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#5

Hi all,

I want to draw your attention to an unforeseen situation I encountered recently, which is unfortunately all too familiar in the world of cryptocurrency. I found ourselves in a situation where funds were sent to a non-existent address.

After discussing this issue on our Discord channel, we concluded that interaction with a non-existent address is impossible, and therefore, the funds can be recovered via Voting.
#ticket-32

I understand that such situations can be stressful and cause concern among community members. However, I have confidence in the strength of our community and its ability to handle such challenges. Thank you in advance.

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