IMC Period 37 Report; Period 38 Budget

Governance
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Hi all,

A little late this period (:baby:), but summary below:

Report 37

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  • IMC continued spending budget cut (by calculating values with artificial 0.005 RPL/ETH ratio)
  • ~11k of inflows, ~8.7k of outflows
  • Budgeting summary:
    • RPL balance change: Period 37 saw a +33% change from ~6.89k RPL to ~9.17k RPL
    • The IMC has decided to continue saving the allocations previously budgeted for cakepie (1,100 RPL per fortnight), and Hop (100 RPL per period), which contributed to an additional 2,300 per period not being spent). The IMC is still deliberating on how this will be spent moving forward
    • Balancer continues to send USDC as part of the Balancer Alliance fee share. This is used to grow the v3 position for “LP 80/20 BAL/ETH”.

Budget 38

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  • Similar plan as last period, expecting another ~+25% surplus, as we deliberate the best plan for extra funds moving forward

Data - 1% Price Impact

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  • rETH has been trading relatively close to peg, in part due to balanced supply/demand at the moment between NO’s and rETH holders. Ideally rETH withdrawals could be implemented in Saturn 2 and this would provide the highest assurance of liquidity from forced exits
  • The IMC is still deliberating a plan of action moving forward and the market is demonstrating sufficient liquidity in the meantime.

Resources

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Thanks for sharing @samus and for the work of the IMC team. I understand IMC is 100% focused / chartered for rETH liquidity right? Is there any program for RPL liquidity from another committee for example?

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From RPIP20:

  • As a lesser goal, the IMC SHOULD support RPL/ETH TWAP oracle safety
  • As a lesser goal, the IMC MAY act to improve accessibility of RPL; efforts for this goal SHOULD NOT exceed 10% of resources
    https://rpips.rocketpool.net/RPIPs/RPIP-20

The IMC more recently has been maintaining an RPL/rETH position which helps boost liquidity for both. We are contributing 154 RPL per fortnight toward this position (and kickstarted it in the beginning with more capital).

Some additional context in a previous report:
IMC Period 30/31 Reports; Period 31/32 Budgets, which also references the description of the strategy when we decided it here:
Discord

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