Currently RPL price is updated approximately every 19 hours on main net.
I propose we match what we do on prater, which is to update this approximately every 1 hour on main net.
As we all know, things have been starting to get volatile again. I don’t see a downside, if there are any ways that somebody might game this that would turn it into a negative please enlighten me.
Everyone should have the ability to react to the current market price, including NO’s.
Providing some costs for more context for any decisions this post.
submitPrices(uint256 _block, uint256 _rplPrice, uint256 _effectiveRplStake) costs oDAO
- an average of 1.8 ETH a month, averaged since Oct 2021.
- In the current “bear market” this about 0.8 ETH/month,
- while peak bull market it was 5.5 ETH/month.
Increasing it to hourly would mean an increase of ~19x in transaction costs,
- to 34.2 ETH/month just to submitPrices on-chain.
- For reference, this would be about 15.2 ETH/month in the current “bear market” months
- or a possible 104 ETH/month during 2022 peak gas costs.
Since oDAO are paid for their duties in RPL, the RPL equivalent at 0.025 would be:
- Bear market = 608 RPL/month
- Peak bull market = 4180 RPL/month
Ok… so what are the desired benefits? What I see is:
- Can withdraw RPL on a wick up
- Can start a minipool on a wick up
The first is kinda a nothingburger from the protocol point of view (though some would say it could hurt RPL value a bit). The second is damaging to RPL’s role as secondary collateral.
On top of that, I think it can cause confusion. Eg, if it’s fluctuating up and down in a range:
- “I thought I bought enough to start a minipool”
- “I thought I’d topped off enough to get RPL rewards”
- “I thought I could withdraw X”
It’s also extra gas from oDAO. They can afford it, but I’ll need a decent reason to go for “let’s increase a cost 20x”
It doesn’t necessarily have to be 1 hour. 2 hours or 3 hours would also be much more reasonable than every 19 hours if we’re worried about oDAO gas.
You mention that people would only use it when RPL shoots up. But currently it also gives people a 19 hour window to withdraw below 150% when RPL tanks. So it works both ways equally. There are big swings both up and down in a 19 hour window. The point is to reduce the time needed for NO’s to be able to take advantage of an upswing and to prevent abuse of a downswing by withdrawing below 150%. I don’t see how having a more up to date price could ever be a bad thing.
I hear you that folks have a lot longer to react if the price is far off (eg, withdraw RPL or kick off minipools that they “shouldn’t” be able to). I think we essentially are trading off more opportunities to catch a wick, which I don’t think is helpful (eg, after getting listed on binance, we had a couple of jumps of ~30% that lasted under a minute.
Now I’m wondering if we’d be better off with some kind of time-weighted average. If we had that, I think I’d be less resistant to more updates – I just don’t want people looking for wicks, where the oDAO update is essentially a fluke, in order to launch minipools.
I’d like to emphasize my concern is more about the minipool launch than the 150% side. If someone ends up at 110% by playing games I’m not as annoyed as if someone effectively launches minipools at 7%.