Kolibri Governance Proposal #6 - Continuous Increase of the Stability Fee to Reach Peg

we’re not arguing against it.
we’re just saying for now we can get by without DSR. until we implement it
even though the supply will go down

Sure, I think we might disagree on how much the supply will go down by though.

1 Like

Another 1% increase of the stability fee (to 8.5%) has been submitted in operation hash ooG674FtGwBXsyQB7Ery3iXtP86aNcWrtzNJDQGZ57pm32SCR9X.

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 12.76%. EMA10 Data is available here:
https://p.datadoghq.com/sb/e72980047-41e546b0c453a72015620c4d8002646b?from_ts=1614802054474&live=true&to_ts=1615406854474&tpl_var_network=mainnet

Another 1% increase of the stability fee (to 9.5%) has been submitted in operation hash ooYUZ6Ru4ZDh6bDqafuDxgtnKPoNMAW7UUGNSEoXs6gDXuNmwk2 .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 13.95%. EMA10 Data is available here:
https://p.datadoghq.com/sb/e72980047-41e546b0c453a72015620c4d8002646b?from_ts=1614802054474&live=true&to_ts=1615406854474&tpl_var_network=mainnet

Another 1% increase of the stability fee (to 10.5%) has been submitted in operation hash onxgULN42AF3hXxaLU9qExS7LDMf7V1m9zgyRuDYJ4Hr39MQuUA .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 11.83%. EMA10 Data is available on our metrics dashboard.

Another 1% increase of the stability fee (to 11.5%) has been submitted in operation hash ooC9G3YYtJamHT971tfwtiGyZ5i9qMvxzxdS6AioiPeJip4h1oW .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 8.66%. EMA10 Data is available on our metrics dashboard .

Another 1% increase of the stability fee (to 12.5%) has been submitted in operation hash oonxJxJucpeYT9j7gtoj8r3wsAhuQVsMmdUxvEef2YCAFFEGTem .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 10.22%. EMA10 Data is available on our metrics dashboard .

Another 1% increase of the stability fee (to 13.5%) has been submitted in operation hash ooRgZyhWqWhYEaoReV6zELMsMWes1KfX7PjECp5mjEz4EkeD6cp .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 11.62%. EMA10 Data is available on our metrics dashboard .

Any timeline for when these modifications might be made by the community via a governance token?

Another 1% increase of the stability fee (to 14.5%) has been submitted in operation hash opW32uY4tKkKwNnnPp5inijhhqnonad34canhFq8QEC4jTAZkzV .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 11.6%. EMA10 Data is available on our metrics dashboard .

Another 1% increase of the stability fee (to 14.5%) has been submitted in operation hash oniyqvLaGm3z78HEKJu6zacrECzv3cfjyhwkt2yrm87HcHiLT7q .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 12.01%. EMA10 Data is available on our metrics dashboard .

(Sorry that I missed your post)

We’re unable to share timelines at this time. We also do not have definitive plans to have a governance token and we may very well never have a governance token.

We are interested in giving up control of the system to the community in some way, but we’re still investigating and considering the best ways to do that. Right now, our focus is on using the levers we have to move the price to peg.

Another 1% increase of the stability fee (to 16.5%) has been submitted in operation hash opHcn3yMnyYbTNnKtfXR2GatBDXbwRMXiuNMs4BgnxVPKe645aZ .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 8.84%. EMA10 Data is available on our metrics dashboard .

EDIT: An earlier version of this post incorrectly stated the raise was to 14.5%

Oh wow. Thanks for the info.

Another 1% increase of the stability fee (to 17.5%) has been submitted in operation hash oohnThY3yXuKddciDQVPnodRotshCPHgebfvtHwp1NF3xPHt25U .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 8.61%. EMA10 Data is available on our metrics dashboard .

Another 1% increase of the stability fee (to 18.5%) has been submitted in operation hash oogHY48rSmbtJQFATDY3w9CpNskFw1MCFAs64XcQwcTBngURrsv .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 7.97%. EMA10 Data is available on our metrics dashboard .

This is now significantly more expensive than taking a traditional loan (and crypto-based options), and also carries the additional risk of liquidation (and liq. price increases as fees accrue). These increases are not sustainable IMO.

I agree with Arthur’s points and think there needs to be a better solution to this than simply raising the fee until it hits $1.

Also note that we’re likely to have the exact opposite problem when xtz price increases substantially, and everyone sells xtz for kusd to repay their loans. Until now, people have just been using it to buy more xtz, that will change along with the market.

Personally I was super into this and using it at the start, but won’t use with these fees and lost interest for the time being (though still love the project).

Half of the reason for being off-peg is just due to low liquidity, not the fee.

1 Like

Not trying to argue with you but I believe I pay more than 50% a year on binance.
Anyway this fee is a temporary measure until there are more usecases/places to spend kUSD.
a DSR-like contract would probably solve the peg problem altogether.

1 Like

Another 1% increase of the stability fee (to 19.5%) has been submitted in operation hash oo2DANo4YzyEKhPBJwevobKhbeeYGy95moRTXtQR5hGcmXyw9BU .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 9.96%. EMA10 Data is available on our metrics dashboard .

Another 1% increase of the stability fee (to 20.5%) has been submitted in operation hash ooXULXdySAtV5FNNFZmLEyDhfkf5UsvSLZHwu6HfZFw9QGuVhbC .

This increase is now in the timelock for 8 hours, after which time any member of the community may execute it.

At current time our EMA10 is 8.46%. EMA10 Data is available on our metrics dashboard .