Recordings
Meeting Notes
Transcript
GM everyone we are here a bit of a skeleton crew today but soil King has some thoughts to share so so king floor is yours sweet all right GM everybody um I've been thinking a bit more these past few weeks in the context of uh some of our past discussions here on beanock uh particularly as it pertains to uh the suggestion of of of like the unwinding of the protocol and you know just to give like a quick recap uh one of the primary challenges that we had identified in doing so was you know how to distribute the assets uh in a way you know that would be fairly like to uh you know what is Bean Stock's yield distribution mechanism that it already has in place um but then also like there's practical considerations of you know development work that it would require uh and also you know we don't want um you know it would be like for the Dow to implement something where you know maybe the for example like let's say that there was the idea Flo of like returning the funds to the F holders um if the Dow were to implement that type of structure um you know at least from from my perspective it would be pretty foolish to just like you know send funds back to those wallets directly uh because you know maybe those wallets are either like inactive or you know maybe they've lost their keys or you know whatever right so there needs to be some kind of uh opt-in mechanism I guess if you will for people to actually you know claim uh those assets as it occurs and so you know just just kind of a simple idea that I had thought of is you know you know again like if this was the direction that the Dow wanted to take to actually unwind the protocol and and essentially you know just kind of you know I guess you could say like just pay out whatever whatever funds are are still there um it would be interesting if the system just had some kind of Base uh like Bean mint amount uh you know irrespective of the Delta B you could say um if the protocol were to Mint let's say a 100 beans every season uh and those beans could then be distributed to The Silo to the field and to the barn uh you know just as they have been you know historically um and the idea is that it would be you know like a decent amount of of mints such that you know those those beans would be distributed but it would also happen like very gradually so that you know it wouldn't be such that people could um you know just just quickly like you know come and claim their beans and just you know dump them um so yeah I mean just you know again just like from my perspective this this has the strength of being according to the existing yield distribution mechanism so in that sense there's like some element of fairness uh but then also you know the won't like really get claimed by those wallets that are that are no longer active or no longer accessible um so yeah curious if anybody what what you guys's uh reactions are to that and if anyone has any you know maybe related ideas I mean I find this idea to be quite compelling to be perfectly honest it's kind of like a print your way out of the problem where either everyone gets the value distributed according to the normal mechanism and it's just done with like prin as a proxy or you know given we're going to be printing so little I don't know maybe it's like you print your way out of the problem on the positive side um I don't know exactly what that would mean but it's actually very interesting it would just be like set a minimum mint every season and then like pay it out out as as normal as if it were a normal mint yeah that that was my intention and I think like another like really core strength to this is that there's like very little development required like you know we're we have to come to the Dow and say hey can we get like a budget approved to you know do this development and you know you know figure out which W to pay out and you know have you know them able to claim according to these rules and you know there's of course like contract signers involved and all that kind of stuff um so this it's very it would be very simp simple and you know I think it could be effective if that's the direction that uh that the Dow wanted to go this is like a sapu proposal yeah I mean yeah a little bit but you know I mean on the other hand too like there you know because there would be some amount of introduced like you could Envision a case where people might you I I don't know I mean I guess we'd have to see what actual apy it would produce but you could see potential interest for new depositors like you know even So Below Peg right because it would still be even at 24 cents yeah it's very interesting it's very interesting in many ways it feels like you know and as much as I've been an advocate for like keeping the beanock the OG beanock alive and just kind of chilling for future data collection this feels like another way to get some very meaningful data like what happens with a basement you know like a base apy totally yeah and and it could be done I mean I'm just throwing out 100 beans as a as an example but you know we we could of course like maybe make make some kind of Target like we would say oh we want to Mint you know such and such number of beans by this date and you know we can just set the the speed that way uh so it can happen like super gradually from my perspective I think the slower it happens you know is better um but you know haven't really dug into those numbers yeah I mean I I do think it kind of Dooms the protocol hard to see that like we would need it to like taper off or something if you know what I mean um like we don't want to get into like an anchor style thing where people are just expecting 20% forever um so I don't really know how to wind it down yeah I mean this was I'm I'm really just suggesting this in the context of like that earlier conversation I think it was a call from either I think it was like two or three weeks ago uh that was specifically about unwinding the protocol uh this is kind of what what came to mind to me after that discussion if we wanted to wind it down this would be an elegent elegant way of doing it but you know to the point where we're like maybe if there's a base yeld that grow like I do think we would want to make it such that there's a way to you know at least potentially print print the way out of it if you know what I mean but if it's just in perpetuity it's like it's going to print and then blow up so I think the open question on this topic would be like how to appropriately toggle this Auto mint um could just be priced just like price below I know 75 CU yeah that's a great point I mean if you know if if there you know the would be a winding down however if there were to be some kind of recovery like yeah you're right it it would be appropriate to disable it so yeah it could be simply just on the price like I don't know just throwing out a number like maybe price below 75 cents uh have the basement yeah I just feel like the game theory there doesn't like to me it's one thing to say we're just going to print until everyone's taken all the money out and this thing dies like actual sauko sapu um but I think it's another thing if we're trying to figure out what it would look like to print our way out of it and in that case I do think something as simple as like just a hard stop on Price is probably not the meta um and then it's like well if we're going to do it properly now you know we probably want to minimize development effort but if we're if we're going to give this a shot like we should give it a real shot I feel so very interesting very interesting soil King you are uh yeah this is super interesting I see why they call you the soil King I mean I'm wondering like is there a way like maybe it's like based on Supply like we're going to like a like like this this percent prints up to a supply of a billion and then this perc you know it'll like scale down from let's say we do 25% or something 20% 25% from now until the Supply hits a billion it'll probably die as a result but if it didn't die from a billion to two billion we scale it down significantly or something like linearly over the next billion yeah I mean I think having it go that long is proa overkill uh I mean at least like looking at the current Yeah well yeah I mean but at some point at some point I think the sunrise stops getting called because the because the beans you aren't enough to pay the pay the caller yeah I mean that would be the point where it dies yeah I'm very interested in this I'm cuur I'm curious what uh I'm curious what the community would think about something like this I can't say I'm so excited about signing Bean stock up for Bushido code um but it's definitely very interesting and probably the most compelling proposal I've heard on this front by a lot I think awesome yeah I mean I don't know if I would necessarily say like oh yeah like I'm super excited about this too I mean obviously you know it is it does kind of represent like that winding down but you know again if that if that's the direction the da wants to go I think this would be this would be a good way to do it so I don't know I I think it would be interesting to have like you know maybe not like you know develop anything at this point but you know we we've been talking about a lot of stuff you know over this past month call it and you know maybe to have some kind of one of those temp check votes or something that you know we could just see you know who who comes out to to vote on that even to gauge like what kind of stock is is paying attention but also just to see what people's preference is toward this stuff yeah I'm very interested in this um in terms of next steps would you be willing to write up a small proposal and post it in the general chat and then we'll take it from there yeah sure I could do that wonderful um anyone else have thoughts on this you mind summarizing it the summary is we would basically signed Bean Stu up for a suicide mission whereby the protocol would just start printing uh likely targeting some apy with the expectation that the most likely outcome is that the this is the fairest way to wind down the protocol and distribute the the the funds underneath the unrip lp uh by basically paying out mints to all parties in the system and until it's all gone and the you know the mission element of it other than just dying is that potentially through having like a you know some fixed apy that people would participate again which I think is very unlikely but that would be like the you know there's a potential for it to live um however I think that's pretty unlikely given what's gone on but that's the that's the summary and then I guess the last step would be like when to wind it down and we thought the the so far the best idea I think has been that you know it'll happen up the the mint will be fixed some fixed apy up to some Supply and if we exceed that Supply then the mint will start to like the the apy will start to wind down yeah so iite a proposal for that and I I'll get some data too on like what uh amounts of bean mints like what what kind of apy that would yield like in The Silo Etc Great thank you very much soil King anyone else have anything uh they're interested in discussing well I think we'll leave this open for another 30 seconds or so and see if anyone else has anything they want to speak about before we wrap this up all right this one was short but very sweet take care everyone bye