VIP-029 Unlock USDC and USDT LP Tokens

Proposal ID
CPz1MQrCadKgLRKp352AN9q4TZzsLLtqfpY2fnAGv3a6

What we propose

We propose enabling the free unlock of all locked LP tokens for USDC and USDT.

  • Users would be able to unlock their locked LP tokens without penalty
  • Users would be able to import LP tokens up to 1k USDT and 5k USDC daily
  • Add measures to block bot activity for one epoch

Why is this important

Unlock LP tokens without penalty

USDC/USDT LP token holders locked their tokens, believing the situation in the existing markets could be resolved. They supported the Vires Finance platform and should not be penalized for doing so now the situation has changed.

Limited LP imports

As the global limit is 100K USDN per day, importing LP tokens is proportional: 1K USDT per day, 5K USDC per day.

Fight Bots

We’ve also seen bot activity draining the daily vesting within the first epoch. Everyone should have the same chance to withdraw, and so by limiting bot activity, we can reduce the vesting rush and give every user a fair chance.

The accounts that are using bots have typically split their deposits across multiple accounts. Their balances are almost identical in each account, so by sorting all accounts with identical balances we can block the majority of bot users.

We propose the accounts that have the same vesting balance (by 0.01 USDN) will not be able to withdraw within one epoch. Blocking the top 5 groups would reduce the immediate demand for vesting by a substantial amount and give normal users a chance to withdraw. To illustrate the idea, here’s what the top 5 groups look like:

As demand and market conditions change, all imposed limitations can be adjusted through DAO votings in the future.

Transaction Payload

{
  "type": 12,
  "version": 2,
  "data": [
    {
      "key": "usdn_vestn_all_max_busy_slots_per_amount",
      "type": "integer",
      "value": 1
    },
    {
      "key": "daily_import_limit_3PGCkrHBxFMi7tz1xqnxgBpeNvn5E4M4g8S",
      "type": "integer",
      "value": 5000000000
    },
    {
      "key": "daily_import_limit_3PEiD1zJWTMZNWSCyzhvBw9pxxAWeEwaghR",
      "type": "integer",
      "value": 1000000000
    },
    {
      "key": "import_always_allowed_reserves",
      "type": "string",
      "value": "3PGCkrHBxFMi7tz1xqnxgBpeNvn5E4M4g8S|3PEiD1zJWTMZNWSCyzhvBw9pxxAWeEwaghR"
    },
    {
      "key": "lp_unlock_free_atoken_ids",
      "type": "string",
      "value": "FSRHtSyXRXQjzQLRtmaqFpBDDCNjY8PU8KNtwoGXVBmr|2tVLdi5fQXk2JcuDAojhctnDp5B5PZhNMyj5GUpeC3tZ"
    }
  ],
  "senderPublicKey": "3gQ8QUfoGQW6YVuhUv3zuqsbmxbV5F2FAuDXJqVKD6C9",
  "fee": 50000000,
  "feeAssetId": "WAVES",
  "timestamp": 1663005000000
}

Awesome. Can we get one of these for gVires holders please?

2 Likes

Gooood though.

However, VIP26 vestors are now suffering the suspending our vesting without any vote.
Please consider VIP28 and VIP26 will be migrate at same limitation.
By implementing this, 500USDN limit are in whale. No depeg, and whale can recovery from minimum, and make dao reliable.

agree. i’ll vote yes and it will pass :wink:

  1. Import/unlock lp

    • bot blocking bypass possibility by adding different amount of usdn to vesting to every address
    • looping (buy cheap on market, sell expensive to vesting using
      bots with different amount of usdn)
  2. bot blocking

    • innocent users will be frozen as well with bot users
    • bot blocking bypass possibility by changing amount of usdn on address by different amount of
      unlocks on account

About usdn vesting: Better do cooldown (n epochs) on every address, where n = 1 / (100000 / Total daily usdn consumption).
Now it is: 1/(100000/253685)=2.53685, so total daily consumption will be static 100k every epoch

1 Like

However, this rule has so baggy because if your vested amount is nearly number of another person, you can’t withdraw any amounts accidentally. There are some “people” who will be saw as “BOT”.

If the proposal aims to get rid of bots, One epock should be 1 block. 1440 blocks rules will kill not only bot but also simple duplicated account which is controlled by human.
Moreover, 1 block limitation will be able to ease the problem of the same vesting amount unluckily.

1 Like

the team paused withdrawal by op_liquidao_all_withdrawVested_paused . saying that USDN depeg situation is worsen. is vires alone causing depeg?

it is caused by the demand of USDN decreasing . confidence in USDN dropping .

Let’s get this rollin’ and let’s discuss the next steps.

Automate vesting such that each account simply receives the USDN it deserves without having to click Withdraw. If this costs WAVES for the transactions then simply subsidize us.

multiaccounts and bots problem … no more problems sir

unless… the team vires wants to earn more $USDT/$USDC … ironic

Problem: " The accounts that are using bots have typically split their deposits across multiple accounts. Their balances are almost identical in each account, so by sorting all accounts with identical balances we can block the majority of bot users."

Solution: I can use a random number …

the team should compensate vires holders ( gvires ) , this is down -70%

other: only gvires holders should use this

Not sure I’m fully understanding this, does this mean we will be able to withdraw our locked USDC from Vires without vesting?
Either way I think the very important agenda currently it to deal with the bots bc it’s making it impossible to vest or withdraw anything, we have to deal with that if we even want our money and opening up LP imports will be a nightmare if we don’t have the bots under control

The team has identified a number of addresses in groups with the same amounts.
Couldn’t they pause those addresses? For withdrawals
Yes the bot amounts can be changed. But the team identified certain addresses in groups.
Or am I missing something? Not in IT major

No one can supply new liquidity, And vesting will be entire supply
SO different amount won’t be realized

So I am incorrect?

I just want to get back to $1000/day withdrawal of USDC/T and I will be happy. This is all kind of a mess, let them drop it in our wallets if bots are the problems. Please just let us slowly get some back on not get fucked by bots!

5 Likes

agre, but we need to reopen deposit of usdc/usdt and return to old 80% APY to attract new liquidity. Vires decision has made the opposition and this is the results.

2 Likes

Alright, just unlocked my $250k USDC. Now I am receiving no vires rewards and earning 1.8% on my USDC, horrible. Plus I have learned if I choose the convert option I have to convert all of it and at this rate will have to wait about 500 days to withdraw since I can only withdraw 1/500th of my balance per day. Plus I don’t know if I would be fighting bots daily. Pure garbage. Useless. Plus the risk of a large balance with a possible depeg. This unlock did nothing for me and those with large balances.

4 Likes