Nah it’s all good. I don’t think anyone intends to use the funds for any reason other than reducing the deficit though. I already mentioned earlier in this discussion that this is the main goal from my perspective and I know others here share the same perspective. I can say that I didn’t talk to a single person who even hinted that it’s not the case, so I have a good reason to believe that the DAO (at least the majority) sees it as a deficit reduction first solution.
I think the main issue here is that the original discussion had different components and different opinions and in order to streamline the process, the DAO took the logical approach of breaking it down into more practical phases so to not get stuck in endless discussions.
This is the first phase that will take a bit to implement, and during the implementation phase, I think the DAO can already discuss the 2nd step. I think this approach is practical and it makes sense to me.
if all the surplus goes into eth, will this in any way affect the current deficit on the eth pool? i understand that alt surpluses are sold from their tkns to eth, and effectively this also means that if eth is being purchased, then around 3-5 mil worth of eth will effectively leave the eth pool.
if you look at the proposal, you’ll notice it mentions that trade should take place on another exchange, so it doesn’t affect the pool
even if the trade was on the pool, it won’t really make a difference in ETH price, meaning that it would just open an arb opportunity that would return the pool to its previous state. but given #1, this is actually irrelevant
hey @alphavalion it’s being implemented but due to the on-chain oracle integration it has a complexity that requires more research so it’ll take a few weeks to have that deployed.
Yup - the v3 code changes are completed and the code was merged to the main branch.
The devs are now working on the new Carbon POL contract that’s going to receive/trade/hold the liquidity. This is the more complex part as it involves the oracle integration plus other security mechanisms.
Will keep everyone posted.
Hey - yeah - the Carbon changes are 95% implemented and moving to testing soon.
I believe it can all go live sometime next week, if there are no major surprises.
Update - due to security considerations we had to change the way the contract trades the tokens.
This means a delay in the implementation but shouldn’t be very significant.
New proposal coming up with the new details.
BancorNetwork now exposes a public withdrawPOL function that anyone can trigger to disable pools and transfer the surplus of a given pool to the Carbon POL contract.
Valid tokens are those in surplus that the DAO voted to auto disable.
The contract is available here:
The last part is the POL trading to ETH which should be complete in the next few days.
The Carbon POL contract is now fully operational - all trades for existing tokens to ETH have been enabled.
As a reminder, trading was enabled with a price that’s much higher than market price and the price declines over time, so expect trades sometime in the next 2 weeks.
I’d just like to throw this out there that since this conversation and me urging you guys to put some of the POL into wbtc, that eth has dropped against wbtc by 14% + and by the time btc rallies hard, that this % will probably increase. In todays value we could have had an additional $406,000 of purchasing power to go towards the deficit had we gone the route that I suggested many times.
But eth does have more trading pools and it is that “universal coin”
When it comes to big decisions like this next time, lets listen to some people who know a little more about how market cycles play out.
you guys sold alts july 2023 which was basically the rock bottom for alts
you went all into eth… when if you went into btc like what I suggested, then rotated back into eth, that would have outperformed any strategy that likely would have been created
