Expected on Snapshot on March 22rd, 2023
- This proposal follows the first proposal introducing the Fast Lane which is designed to reduce the deficits.
- The major functionality of the Fast Lane Contract is live and in testing. As a reminder, it is not complete as it will continue to be adding additional exchanges (for example Balancer, Curve , Carbon).
- Fast Lane Smart Contract: TransparentUpgradeableProxyImmutable | Address 0x41Eeba3355d7D6FF628B7982F3F9D055c39488cB | Etherscan
- Testing of the Smart Contract has been and is underway.
- While the Fast Lane does indeed work, some parameter changes are required.
- This proposal seeks to change the BNT split (burn and caller) from 90/10 to 50/50 in order for this system to become economically self-sustaining. The change seeks to ensure that the gas cost to reward a Fast Lane caller is not greater than the rewards themselves.
As noted above, the main functionality of the fast lane is complete.
As an example transaction, let’s look at: Ethereum Transaction Hash (Txhash) Details | Etherscan
While technical readers may be interested to see the full transaction, I would like to discuss the last two parts.
The top line in the image above is sending 116 BNT ($64) to the BNT token contract - where they are immediately burned.
The last, is sending 12 BNT ($7) to the address that informed the Fast Lane of the arbitrage - the caller.
However, the associated gas with the tx was $13.
Accordingly, this proposal seeks to change the BNT split (burn and caller) from 90/10 to 50/50 in order for this system to become economically self-sustaining.
The data below only includes the data collected since the V3 fee exemption was implemented.
*** Arb Stats ***
Number of Txs: 63
Unique Callers: 3
Total Flash Volume: 924,380 BNT
Total BNT Burnt: 4,898 BNT
Avg BNT Burnt: 78 BNT
Total Rewards Paid: 544 BNT
Total Gas Paid: 0.998 ETH
*** LeaderBoard ***
Top Burn: 227.51 BNT
Arb Path: [‘Bancor V3’, ‘Uniswap V2’, ‘Bancor V3’]
Txhash:Ethereum Transaction Hash (Txhash) Details | Etherscan
*** Interactions Count ***
Bancor V2: 0
Bancor V3: 63
Uniswap V2: 37
Uniswap V3: 12
As highlighted in bold above, the rewards paid to the caller are not sufficient to cover the gas at the moment.
If this proposal passes, further testing will be done with the new rates and updates will follow.
Additionally, the open sourcing of a bot that can find these are opportunities is expected shortly. Such a bot would have parameters that individual users can set based on their preferences to try to compete for the caller rewards.
Change the Fast Lane BNT rewards split from 90/10 to 50/50
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