Results of the proposal for updating the protocol ( 3rd of Dec )
We have made some suggestions for updating the protocol.
The results of the voting are also available.
About incentives for xCOFFIN holders
About improvement protocols
As a result of the vote, we will proceed with the following
- Use the marketing funds for xCOFFIN holders, up to 2 months, or CoUSD price back to PEG.
- Reduce farm rewards temporary
- Use transfer tax for xCOFFIN holders and change the threshold of burn/tax.
- Improve new Collateral Reserve / Rebalancing
- Improve and devise a New Mint / Redemption Mechanism
- To prepare a new collateral & redemption system, continue to disable redeem another 4 weeks after voting resolution.
- Reconsider how to keep the CoUSD price stable. Buyback options with collateral if enough collateral. Sell options if above peg.
- Update new Road map & Expected Schedules which are related to above items.
Details are as follows.
We’ve already setup to use marketing funds for xCOFFIN holders.
And we have also configured using transfer tax and changed the burn/tax threshold.
On the below article, we’ve mentioned new bonding mechanism. However we’ve not created actual proposal on snapshot yet. It’s because of still testing feasibility. We believe we need more such mechanism for CoUSD demands. It’ll be boost for our protocol.
Our priority is to update collateral/mint/redeem for stable token. We’ve already started to proceed new mechanism. At the same time, we are researching new bonding mechanism feasibility also.