The first burn event happened on 4/4/21 and assuming that in 6 months the rate would have increased to 10% then that would have happened sometime earlier this month in October. This means that we would have been at 15% in April of next year (2022).
I don’t feel strongly about changing the rate now vs letting it happen automatically as was originally intended (every 6 months). With that said, the current low rate has been good for the protocol since it has been able to acquire vBNT at a fairly cheap rate and hopefully, this doesn’t have the opposite effect of folks trying to acquire vBNT now for fear of the ratio going higher in the future and therefore pushing the rate higher than expected. Presumably, we might have folks on the sidelines that would be leveraging while this is happening but I guess we will have to wait and see.