AMPL Office hours 08/02/23
Updates :
- On the ForthDAO front, I’d like to highlight this pending vote submitted by the Buttonwood team, which starts today: https://www.tally.xyz/gov/ampleforth/proposal/18
2. Also, this signal check for the next geyser round: https://signal.ampleforth.org/#/proposal/0xdb30761644bdb32b6d89cb77826aa960d45fe41c4f67c047a0e3e396d183066c
1)Do Roll over depositors get 1% rollover fee + 2.5% mint/redeem or only 1% rollover fee.
Brandon : The 2.5% mint/redeem fee is applied to mint and redeem operations. These funds go directly to the SPOT contract. The rewards to rotators comes from this pool.
2) Do you think crypto is warming up to defi built on liquidations being a house of cards after the curve drama?
Brandon : The situation around CRV has brought much broader awareness of the systemic risks of liquidations-based systems. This idea has been around us for a long time, but it’s becoming much harder to ignore now.
For example, this happened last year: https://decrypt.co/91436/7-siblings-maker-liquidation-600m-worth-ethereum-narrowly-avoided. So it’s definitely not new.
I said at the StableSummit that the Ampleforth project considered and discarded liquidations as a building block back in 2018. A liquidation-free base for the next financial stack is still a core, differentiating quality of the Ampleforth ecosystem, and is carried through all the way from AMPL to SPOT.
But I think the larger DeFi community is still not yet aware that there is an alternative to liquidations. This is a great chance to help us spread the word that there is another, better way to move forward
3) Was there enough ampl to rollover the 8/1 tranche? If not should’nt there be raw ampl as spot collateral?
Brandon : All rotations have executed for the last round. Remember that a tranche is opened up for rotations 1 week ahead of it’s maturity before it matures to raw ampl. Some rotations are still going directly to SPOT right now, as the vault ramps up duties over time. Eventually, all rotations will go through the vault.
4) How secure is the rollover vault? The geyser seems pretty secure, is it on the same level If the Rollover is compromised, will the victims be compensated from the DAO? Any insurance fund?
Brandon : There is always technical risk (i.e. potential smart contract bugs) with any new DeFi project. There is no getting around this, but the more time it spends in the wild, and the more TVL it accrues, the more confidence you might have in it.
The code is available for inspection here:
https://github.com/ampleforth/spot/tree/main/spot-contracts/contracts/vaults
The audit from Peckshield is available here:
https://github.com/ampleforth/ampleforth-audits/blob/master/spot/v2.0.0/PeckShield-Audit-Report-Spot-v2.0.pdf
I think the dev group has had a solid track record of building secure systems so far, fwiw. 4 years with no major vulnerabilities is commendable in this space.
Who the DAO might compensate depends on the DAO’s governance process, so I can’t say as just one individual. Same thing for whether the DAO should take out an insurance policy. If that’s something you think would be valuable (perhaps it would lead to more confidence and thus usage?) You could submit a proposal for it. Individuals are always free to buy insurance for themselves of course, through platforms like Nexus Mutual. Here are some other options: https://defiprime.com/insurance
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Next office hours : August 2nd, 2023.
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