Hey folks, we’ve now shipped the reduced farming rates from this proposal. Many folks agreed with the proposal, but some thought it went too far, and others thought it didn’t go far enough. Now that we have the updated rates live, we’d like to see if/how the community would like to further adjust the rates.
I’ve included here 5 votes, for the current 5 farms that are active. For each farm, I’ve indicated the current emissions rate, and given you the option to vote for an increase or decrease. Once all the votes are in, we will use the median choice on each question to inform how to move forward. The farms are sorted from largest TRU/day to smallest.
1. Uniswap TFI-LP/TUSD Pair, currently 208,921 TRU/day. I am in favor of a:
Large increase (25%+)
Small increase (5%-25%)
No change
Small decrease (5%-25%)
Large decrease (25%+)
0voters
2. Uniswap ETH/TRU Pair Emissions, currently 207,350 TRU/day. I am in favor of a:
Large increase (25%+)
Small increase (5%-25%)
No change
Small decrease (5%-25%)
Large decrease (25%+)
0voters
3. TrueFi Lending Pool, currently 171,138 TRU/day. I am in favor of a:
Large increase (25%+)
Small increase (5%-25%)
No change
Small decrease (5%-25%)
Large decrease (25%+)
0voters
4. Balancer BAL/DAI/TRU Pool Emissions, currently 113,100 TRU/day. I am in favor of a:
Large increase (25%+)
Small increase (5%-25%)
No change
Small decrease (5%-25%)
Large decrease (25%+)
0voters
This one is a bit different because it’s not a fixed TRU/day, it depends on how many loans the protocol is making and the specifics of those loans:
5. TRU Stakers, currently the number of TUSD paid in interest * 1.0 TRU/TUSD. I am in favor of a:
Large increase (25%+)
Small increase (5%-25%)
No change
Small decrease (5%-25%)
Large decrease (25%+)
0voters
(See the TrueFi Spec for details on how this is calculated.)
Thank you for your participation. If you would like to be more specific about what changes you’d like to see, please post a reply in this thread.
Hey folks, here are the preliminary results from the vote. If you haven’t voted, please vote within the next 12 hours, we will be closing the polls tomorrow.
Uniswap TFI-LP/TUSD Pair, currently 208,921 TRU/day.
Median vote: No change
Uniswap ETH/TRU Pair Emissions, currently 207,350 TRU/day.
Median vote: Small increase (5%-25%)
TrueFi Lending Pool, currently 171,138 TRU/day.
Median vote: No change
Balancer BAL/DAI/TRU Pool Emissions, currently 113,100 TRU/day.
Median vote: Large decrease (25%+)
TRU Stakers, currently the number of TUSD paid in interest * 1.0 TRU/TUSD. I am in favor of a:
Median vote: split right between Large increase (25%+) and Small increase (5%-25%)
@shubiwubi- I actually am for large decrease for the ETH/TRU farm or honestly killing that farm completely. The protocol is essentially paying ~$25k/day and for what? Most of the liquidity on that Uniswap is provided by our company and we’re happy to provide it regardless of if there’s a farm. We don’t make a cent on farming anyway. So basically the protocol is shooting out $25k/day of TRU onto the market, it’s getting sold, and TRU token holders are ultimately paying for it with lower price.
I think the Balancer farm is similarly providing almost 0 value to the protocol.
I’m not sure the high emissions are even helping farmers as much as they think- right now they’re getting a lot of cheap TRU, instead they could be getting less TRU but each one is worth a lot more.
Your observations are correct. There’s little to no value for any of the Uniswap or Balancer pools.
If you look at the current vote, the largest % of votes on both BAL and UNI pools are “large decrease”. So I believe most in the community agree with your assessment.
Uniswap TFI-LP/TUSD Pair , currently 208,921 TRU/day .
Median vote: split between large decrease and small decrease
Uniswap ETH/TRU Pair Emissions, currently 207,350 TRU/day .
Median vote: split between small decrease and no change
TrueFi Lending Pool , currently 171,138 TRU/day .
Median vote: no change
Balancer BAL/DAI/TRU Pool Emissions, currently 113,100 TRU/day .
Median vote: large decrease
TRU Stakers , currently the number of TUSD paid in interest * 1.0 TRU/TUSD
Median vote: split between no change and small increase
It seems like there are strong differences of opinion in the community about what to do here. Here’s a proposed change based on these results that may not make everyone happy, but is likely a step in the right direction. Where the median of a poll was split, I have aimed to take the middle point between the two opinions.
Proposed changes
Uniswap TFI-LP/TUSD Pair , currently 208,921 TRU/day .
Median vote: split between large decrease and small decrease
Proposed change: decrease by 25% to 156,690 TRU/day
Uniswap ETH/TRU Pair Emissions, currently 207,350 TRU/day .
Median vote: split between small decrease and no change
Proposed change: decrease by 2.5% to 202,166 TRU/day
TrueFi Lending Pool , currently 171,138 TRU/day .
Median vote: no change No proposed change
Balancer BAL/DAI/TRU Pool Emissions, currently 113,100 TRU/day .
Median vote: large decrease
Proposed change: turn off this farm (0 TRU/day).
TRU Stakers , currently the number of TUSD paid in interest * 1.0 TRU/TUSD
Median vote: split between no change and small increase
Proposed change: increase by 2.5% to number of TUSD paid in interest * 1.025 TRU/TUSD
For the balancer farm, I’m proposing that we turn the farm off. Multiple community members have pointed out that the value this farm provides to the protocol is little to none. I think a reasonable alternative would be to significantly reduce this farm, but I think it’s valuable for us as a community to be willing to identify something that isn’t actually helping the protocol and cut it off.
I know that many of these changes do not go as far as some community members would like- the median vote tends to be centrist. But I believe that with steady progress in the right direction, we’ll get to a very good place.
Poll on this proposal
In favor
Against
0voters
If in favor gets 51% of the vote, we will move forward with it.
If against gets 50% or more of the vote, we will as a community discuss how to adjust to something that would receive more support.
I don’t think we should completely turn off the Balancer pool, I think any pool we should reduce slowly, instead of turning anything off quickly. Changing any farm to 0 could have unexpected consequences.
For the TRU stakers, we need there to be sufficient APY returns to incentivise voting. So I think it should be much higher than it is now, otherwise we might not have enough voters in the future.
Also keep in mind anyone can create an account here. Why not start using snapshot so only TRU holders can vote on significant changes to the protocol?
Hey folks, this vote has now passed and will be put into effect today. I know that not everyone agrees with all parts of it, but it’s overall another step in the right direction. We can continue tuning the knobs as we go.
(Note that the above changes are not yet reflected on the front-end at app.truefi.io, they will be updated within the next hour or so)
We’re working on the change for TRU stakers, this one requires a smart contract upgrade rather than just a function call and so will take a little longer. Will probably still be able to have it shipped today.
Large increase (25%+)
Small increase (5%-25%)
No change
Small decrease (5%-25%)
Large decrease (25%+)
