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Neutrino on Ethereum

Vote for Neutrino updates

On this page, you can influence decisions concerning the Neutrino protocol. The community is welcome to vote for issuing new Neutrino assets or updating protocol features and parameters. On-chain governance is carried out with the NSBT token.

Vote #9 Exclude USDN locked in vesting from BR calculation

Voting starts at height and ends at height , which is expected to be approximately days.For a vote to be considered valid, more than 50% of the existing gNSBT must participate in it.In the current market situation, the protocol needs additional stability and security of its reserves. The Neutrino team analyzed the market statistics, considered several proposals from the community and came to the conclusion that it is necessary to change the following parameters.
1. Select "Yes" or "No" for each of the 2 protocol parameter changes.
All answers must be selected to proceed.
1. Change BR calculation logics Currently, there is a 546M USDN that is locked in vesting and cannot participate in the market circulation. This amount is the cause of the Vires.Finance liquidity crunch and the instability of USDN. To stop the contagion caused by this liquidity crunch and reduce the effect of Vires issues on USDN, we suggest excluding this amount from the calculation of the BR value. This would mean Backing Ratio is calculated only based on circulating supply, not on total supply. The vesting USDN amount is calculated the following way:
usdnBalance(acc) + usdnStaking.getUsdnStakedAmt(acc)
The following accounts that hold or stake USDN will be excluded: 3P3VTtUiwJ91Ly7vwtRVKv5NkNNiPoWe7oP - ~408M 3PKZk5TdPCLP2GZviipLFfK46ExTnwkRCBd - ~29.96M 3PDHaUcRCwK2FBBTGjNMcRHfEVUBp4x5sdB - ~108.34M Excluding USDN that is locked in/held by the vesting accounts from calculation will lead to an increase of the BR value up to ~40% and, as a result, will bring back the "healthy" logics based on the fundamental principles of the Neutrino protocol. Also, as we are expecting a significant leap of the BR value, we suggest reducing USDN->WAVES max swap amount by changing the value of "a" parameter to 0.63. This will decrease the pressure on the protocol reserves, so we can monitor the operation. When we are sure that the changes have a positive effect, we will run a vote to increase the max swap amount.
gNSBT amountCurrent
a=1.47 br=35%
New
a=0.63 br=35%
1008336
500494212
1,0001,063455
5,0006,2912,696
10,00013,5335,800
25,00037,24915,964
50,00080,12134,338
100,000172,34073,860
200,000370,701158,872
300,000580,236248,672
400,000797,373341,731
500,0001,020,345437,291
600,0001,248,080534,892
700,0001,479,853634,223
800,0001,715,141735,060
900,0001,953,545837,233
1,000,0002,194,752940,608
2. Reduce WAVES→USDN protocol fee We suggest reducing the protocol fee for WAVES->USDN swaps to 0.5%
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2. Stake your NSBT to get gNSBT to be able to vote.
Stake NSBT
3. Confirm your choice selected in step #1.
4. Wait until voting ends
Vote will be over in Infinity blocks (~ Infinity w, NaN d, NaN h, NaN m)
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