IPTMan Delegate Platform

20230712_1436UTC

7/6 Community Call - Missed

A couple of quiet weeks while GFX devs launch OKU we wait for IP to launch on Optimism and BPT collateral to be added to the protocol.

Well schedule another call later in the month for July

20230722_1929UTC

Realized I voted but forgot to post this.

Proposal 29 adding BPT collateral to IP - after discussions with others ended up voting yes to addition of BPT collateral. While this has passed and is ‘executed’ it is not clear whether BPT collateral has actually been added and can be used.

Proposal 31 June Delegate Program Administration Expenses - Yes

Proposal 32 Addition of MKR collateral to IP - Yes

20230821_1257UTC

Proposal 33 list SNX on IP Optimism deployment - Yes - cap is low and SNX is well traded on Optimism.

Proposal 34 Pause IPT liquidity mining rewards until further notice - Yes - Really want to have a solid plan with IPT rewards.

Some general notes. Not a lot of traction with IP being released on Optimism. As far as I can tell mainnet no work has been done with Velodrome or Optimism teams to get IPT whitelisted on bridge, or on Velodrome so IP can get on the Velodrome flywheel with IPT even if governance wanted to. The plain and simple here is that if dev/operations teams are not going to put effort into getting what governance needs then it was/is a strong signal to me GFX isn’t too serious about promoting IP.

Perhaps governance needs to put a governance poll on above getting done as it looks like devs on Velodrome and Optimism require development teams to contract them regarding new project listings. I know they would be very happy to announce new projects entering the system.

Also since IP is on Optimism we might also want to consider getting on BASE as well as we could probably get on the Aerodrome flywheel pretty early there as well.

The real issue with the Velodrome and Aerodrome flywheels is accumulating a DAO position in veAERO and veVELO.

20230828_1302UTC

Proposal 35 July Program Delegate Expenses - Yes - As a note here I would like these votes to be quarterly/yearly as it seems a waste to have to vote on administrative expenses monthly. I support various sorts of compensation for paid positions but would rather see these with longer governance cadence.

Proposal 36 Adding SNX to the Optimism IP instance. - Yes - All for this as long as the cap is reasonable (which it is). In fact IP could just look at SONNE for a list of reasonable collateral types to add. One thing Velodrome needs is ability for veNFT holders to be able to borrow on their positions while still retaining ability to vote and claim rewards. Ability to borrow and stake Velodrome v2 LP positions would be useful and unique as well (very much like the balancer setup we have now). IP needs to show off new the new tech in places it might actually be used. So far I see very little use of balancer LP in IP which is pretty sad.

20231007_1423UTC

Been an insanely busy end of fiscal year for me. I missed voting on Proposal 37 by 4 hours :frowning: so it failed. I think this illustrates a kind of governance failure if one IP voter can make or break a proposal. Really would like to see these monthly payments go to more like a 3-6 month voting cycle and have a well defined governance cycle and maybe get a few more delegates on board here.

As to next steps for IP, I hope @Getty and IP dev team can get v2 type LP working (Like for Velodrome/Aerodrome/Uniswap) so people can still stake their v2 LP for staking rewards while also being able to borrow against their v2 positions. Stuff like ETH/USDC shouldn’t be too difficult and borrowing against v2 could become a selling point for IP.

As to current votes and activity:

Attended 20230927 Community call

Proposal 36 - August Delegate Program Administration Expenses - Missed by 4 hours and since I have significant IPT proposal failed by 500K votes. Sorry IP community!

Proposal 37 - August Delegate Program Administration Expenses - Supported.

As to things to work on for IP. I really think the addition of Uniswap v2 assets to IP instances would be useful and unique. Not sure if this would bring back my liquidity back at this point or not, but it would give me and other better options to borrow against liquidity positions and still earn staking rewards where ever IP instance lives.

One thing I can say is that the crypto markets have moved mostly from trading to a farming perspective. Volumes are going to stay down as long as people are earning 10,20,50,100,200,500,1000+ APRs and up via various farming and staking options. The markets have evolved from a trading (buy a token to hope price goes up and sell) to buy a token to earn staking returns somewhere (sell staking returns) to actually being able to earn pretty decent returns with various stable coins, stable coin LPs etc.

Most crypto is turning out to be hot money looking to maximize returns while minimizing risk. If you can earn 10-30% on a stable coin or a stable coin LP why would you bother trying to buy and pair a token with a variable price to either another token or a stable to earn an unsustainable 50-100%. Trading fees are dropping not increasing and network, dev, liquidity fragmentation is real.

In time I expect most of these high APR/APYs to go down, or go away. I do expect returns in crypto to match or slightly exceed Tradfi returns, BUT as and if TradFI returns climb I expect less and less money to seek much riskier assets in crypto. In fact if TradFi rates really climb (say 10% or higher) I see money will start exiting risky crypto to look for ‘safer’ returns in TradFI. Since I see a lot of the movement in crypto to be moving from crypto only stuff to real world it would make sense to cut out a lot of the risk on the crypto and move liquidity directly to TradFI in such a case.

I am also expecting over next few years for some real market activity by BRICs against the hegemony of the US dollar in a lot of markets and this will create additional turmoil not just in TradFI markets but crypto. At some point various sovereign’s are not going to be able to service even the interest on their debt and this will lead to greater and greater financial, market and economic instability. The whole lower interest rates to keep the economic train from falling apart basically allowed sovereign’s to borrow themselves into insolvency and now they are addicted to borrowing just to pay off interest on their mounting debts so this keep rates low to help sovereigns and national economies is going to not play nice with trying to keep inflation low. In the end I think most heavily indebt sovereigns will give up on controlling inflation in favor of managing their national economies until hyperinflation finally gives way to most of their currencies.

3 Likes

20231120_1913UTC

Missed IP CC’s in October. Could not be helped.

Proposal 39 September Delegate Program Expenses - supported.
Proposal 40 Add wOETH to Mainnet IP instance - supported (caps reasonably low and if we get any usage it would be a plus for the protocol)
Proposal 41 October Delegate Program Expenses - missed this before it closed. Not sure there was a timely notification.
Proposal 42 October Delegate Program Expenses - supported

General comments for the month.

Hoping @Getty and dev team can implement Velodrome v2 LP as collateral (including ability to stake these in either Velodrome, Yearn, etc.) working. I am also still waiting to see IPT whitelisted on Optimism bridge and on Velodrome for gauge emissions. Once we get these tasks accomplished governance can think about bribing for LP on Optimism. Perhaps we can get some trading going, some moderate rewards up, and bootstrap some IPT:USDC liquidity on Velodrome/optimism and IP. Unless someone else has a better plan to get IP some traction in the space. I will keep asking about this. I also think if this gets done a IP port to base might be worthwhile since base has the focus of Coinbase. We could also think about whether to go USDC (native) or USDbC (bridged) carefully. Guess is we should go with USDC, but honestly I don’t see a massive shift of USDbC rewards to USDC on base yet.

20231130_1429UTC

Attended 20231129_1500UTC CC

I keep pushing for IP devs and even GFX to contact Optimism so IPT can be added to Optimistic bridge and IPT added to Velodrome so we can get whitelisted for staking rewards.

Someone else suggested going for OP rewards but ultimately the question is what to use them for. Just giving people OP for borrowing USDi isn’t really going to be long term sustainable. We need to get IPT:USDC Velodrome pair listed and then incentivized, getting OP matching rewards here will help us rebuild IPT market cap so IPT rewards actually have some real $$ value. Until then IPT rewards won’t really do much and unless governance/GFX get serious about IP in terms of being consistent about PR, development, and marketing/partnerships it will continue to be one of the least known about and least used DeFI project in the space.

20231218_1700-1746 UTC

Attended 20231218_1200UTC CC

Some discussion today about better marketing for IP etc. @PaperImperium suggested perhaps we could do a poll regarding dev prioritization of work goals. During last meeting someone was talking about putting together a proposal to add VELO and other lower cap tokens to IP on Optimism.

Since development time is limited perhaps it makes sense to talk about priorities. So I will get at least a discussion thread going on that in the forums. Will add the list of topics that I know about and then reply to my own post with what I see as low hanging fruit priorities for GFX/IP development.

My biggest problem as one of the largest IP delegate is that if I don’t vote my IPT, we won’t make quorum which will cause all proposals to fail. It is not clear to me if it makes sense (or has good community optics) for me to vote abstain so we can make quorum, and then have remaining voting power pass or fail any individual proposal.

Started forum thread for people to talk about what they see as list of IP development items.

20231223_1628UTC

Regarding 43 December Delegate Program Administration Expenses Typo and my support.

My thinking on the typo here was to accept it as proposed (for December). We are going to be voting for this in December anyway, as well, so I didn’t see the point of voting December down to re-accept November and December in proper order when we just need

@feems to put up a vote for November Expenses which I would also support

to complete expense ‘bookkeeping’ for 2023 here even if typo sloppy in the end.

I likely will propose to IP governance we just go to financing expenses on a quarterly schedule starting 2024, since there really isn’t a lot going on atm and we probably would do better looking at things quarterly vs. monthly as a general principle.

Happy Holidays and New Year Everyone.,
IPTman

3 Likes

20240113_0049UTC

Attended 20240108_1630 Community Call

NOTES: Discussed proposal 44 addition of v3 collateral to IP instance. I have some concerns which I will post in the thread (lack of collateral cap and about how the liquidations work). In the final analysis, like early days of MCD in Maker I feel it is more important to take risks with collateral to expand growth (and right now IP really needs to make some moves that leads to positive growth of users) so I have:

Proposal 44 to Utilize Uniswap V3 Positions as Collateral on the Optimism Deployment of Interest Protocol: Supported the proposal with my vote.

I brought up my own disappointment regarding fact I have been asking for support for v2 type assets (these should be significantly easier and would support caps) AND that IPT had not been whitelisted on Optimism Bridge, or Velodrome. @PaperImperium said he would look into this and at least got a GFX dev to look into getting IPT across the bridge and in process of being whitelisted on Optimism. (Thank you @PaperImperium and GFX developers)

Proposal 45 December Delegate Program Administration Expenses: Intend to support. My comments regarding announcements and notifications of IPIPs coming up for vote both on discord and here in forums causing some change for the better regarding governance COMMs

And the big one now cancelled.

Proposal 46 IP Administrative Proposal - "A GFX Labs developer wallet (0x958892b4a0512b28AaAC890FC938868BBD42f064) has been comprised. Unfortunately, the wallet held ownership of GFX’s IPT auction contract, and since the contract had reached its withdrawal point, the attacker had the ability to withdraw the IPT tokens not purchased. Subsequently, the attacker transferred and sold 3M IPT tokens. At this time, the attacker holds 2M IPT tokens.

To prevent the community from having these stolen IPTs lingering over the community, we have constructed a proposal to upgrade the IPT token contract to add a function to transfer the tokens from the attacker to the protocol treasury and then revert the upgrade to the prior implementation. "

I want to note this issue only affected GFX’s IPT holdings and not IP governance. GFX recovered 1.6M tokens on the open market.

0x41173311aB332fb08d2B0bB9398aE6d178B3aDAf - 100K IPT remaining - wallet that attacker used to withdraw the 5M IPT and has sold 4.9M IPT to:

0x9fc90081c0b6b0b9cd13671cd7ae6dfa0da64e0b - +1.645M (GFX)
0x5fee8d7d02B0cfC08f0205ffd6d6B41877c86558 - +1.3M (my delegate wallet)
0xd3e3a63b3a527347c3346689f2db4e95ccf32dd7 - +1.0M
0x8622bd4dC0D000D74F7aa453F6A86BA2eeB64e4b - +620K
0x0988E41C02915Fe1beFA78c556f946E5F20ffBD - +330K

Fortunately this attacker didn’t have enough sophistication to attempt to perform a governance attack with this 5M and netted roughly 25K in proceeds in ETH since removed from that wallet. I wait regarding a formal announcement/statement from GFX on the matter and what actions IP governance might consider, and what if any personal actions I may need to take.

I made following post regarding adding a,c,e,so deposit tokens as collateral up for discussion.

2 Likes

20240123_1146 UTC

Proposal 45 December Delegate Program Administrative Expenses Confirm supported.

Proposal 47 Proposal to update oracle for CappedB_stETH_STABLE Supported - But I have some questions here regarding minimal liquidity for the oracle to be active and whether when we go below that liquidity the facility cap should just be reduced to 0 I know a fair amount of work went into this but if people are not using the facility and the liquidity is too low for oracles to actually work whether the facility should be allowed to have a cap vs. just reducing the liquidity requirement (which is causing the oracle problem).

There is also a general question here regarding work on things that take a lot of time, that no-one is using or will use. Back to the lets get Velodrome v2 assets as collateral that can be staked for staking returns. While I personally want to see the above perhaps it is better to get some low hanging fruit both on Optimism and Ethereum starting with AAVE aUSDC

20240222_1626UTC

20240131 IP Conference Call Attended

Proposal 48 To List Several More Uniswap V3 Pools To Be Used As Collateral On The Optimism Deployment Of Interest Protocol - Supported. I had some concerns after testing the UI with the first v3 collateral but I still stand with going forward and taking risk to get some use vs. being slower.

The UI for the v3 NFT deposits definitely needs more work, and I still have to try to withdraw my v3 position. Turns out I found a bug which is why I think this proposal was cancelled.

Proposal 49 January Delegate Program Administration Expenses - Supported. Thank you to @Feems for the work there.

Proposal 50 To List aUSDC As Collateral On The Optimism Deployment Of Interest Protocol - really happy and excited to see GFX/IP developers getting this one ready to go. Intend to support once voting goes live.

I am still wondering where we are at with IPT whitelisting on optimism bridge, and for a reward gauge for IPT on Velodrome.

20240303_1410UTC

20240223 IP Conference Call Attended

Proposal 50 To List aUSDC As Collateral On The Optimism Deployment Of Interest Protocol - Supported as intended.

Documenting in the forums some important interestprotocol events over the past couple weeks.

1) IPT whitelisted on Optimism Bridge.
Special thanks to @PaperImperium and GFX devs for getting this moved forward.

image

bridged IPT token address on optimism is 0xa211E25F7246950E0cCe054e3161C7c0b6379485

https://optimistic.etherscan.io/token/0xa211e25f7246950e0cce054e3161c7c0b6379485#balances

2) I took ~535.9K of the IPT I bought during the IPT theft event and bridged them to Optimism.

https://etherscan.io/tx/0xe65e36f2f568d2525da9c4729d9642de44f577466e8e2dfe6376743ddfe8293c

Next steps are:

  1. Execute aUSDC proposal so that optimism IP instance is upgraded and bugs in the v3 uniswap NFT LP collateral oracle/NFT value calculations are fixed.
  2. Post and get passed an IPT velodrome token whitelisting proposal
  3. Get IPT:USDC LP up and approved for a velodrome IPT:USDC LP gauge so interestprotocol can get on the velodrome flywheel.
  4. Bring back interestprotocol deposit/LP/use incentives (for optimism at first, but also for mainnet)
  5. Begin to advertise/inform people of the new collateral types (v3 uniswap NFT, etc.) that can be used as collateral, try to get some use going.
  6. Continue to push for interestprotocol to add velodrome liquidity assets as collateral types.
    a) various velodrome LP (ETH:USDC VELO:USDC, OP:USDC, OP:WETH, etc.) with ability to redeposit LP into velodrome staking contracts and collecting staked LP gauge emission rewards
    b) veVELO NFTs with ability to collect rewards and vote for gauges.
1 Like

20240314_1600 UTC

Attended CC on 20240311_1700UTC

Regarding (2) I put up a IPT velodrome whitelisting proposal. So everyone please head over to Velodrome discord and put up a comment/like. DIrect link to the whitelisting proposal in Velodrome discord below.

Would be nice if interestprotocol can get IPT whitelisted on Velodrome. Looking to get a IPT:USDC gauge up.

(1) above is completed. I hope devs have put up LP and checked this price oracle on the v3 Uniswap LPs is correct.

During the meeting I discussed getting Velodrome v2, and in particular v3 slipstream NFT (concentrated liquidity) assets up as collateral on interest protocol. If users can still stake their deposited NFTs and collect emissions, or just collect fee rewards (if they don’t stake) this would be VERY IMPORTANT for Velodrome and the Optimism community generally. Once we have this working and we have IPT whitelisted and a LP gauge up we can roll out rewards and kickstart interestprotocol usage on Optimism.

There are other concentrated liquidity positions we can easily add. Like the CL1-USDC:USDC.e (which is basically native:bridged USDC - basically USDC to IP), and the equivalent CL100-WETH:USDC LP which is basically identical to the uniswap v3 .05% WETH:USDC LP NFT…

If developers can get this all together and working in a reasonable time frame (a month or two) perhaps we can beat other protocols to the v3 collateral punch in interestprotocol.

1 Like

20240328_2105UTC

Attended CC on 20240328_1300UTC

First I want to thank everyone for pushing the CC forward an hour and putting up with me!

This has been an exciting week for myself and interest protocol. So lets get the housekeeping out of the way.

First my votes:

Proposal 51
February Delegate Program Administration Expenses
- supported.

Proposal 52
To List aUSDC As Un-Capped Collateral On The Optimism Deployment Of Interest Protocol
- supported

So some background on Proposal 52. I was probably the first user of this facility. Quick summary I found a moderate problem with the uncapped aUSDC facility. This proposal hopefully will fix the issue I found relating to how much aUSDC the protocol reported I had, vs. how much I had deposited. Let’s just say over time these matched less and less in a way not favorable to the user. devs assure me the additional aUSDC are still there, but they are inaccessible to me. We still need to see the post mortem on what caused this bug, but long story short there still is aUSDC I deposited in the capped collateral still living somewhere in the protocol (presumably the capped contract).

Now to more important news for the protocol and everyone.

  1. IPT is now Whitelisted on Velodrome on Optimism

What this means is that interestprotocol bridged L1 IPT now trades on Velodrome via an incentivized Velodrome v IPT:USDC .3% Uniswap v2 like Liquidity Pool.

The tasks I have done here:

  • IPT Whitelisted on Velodrome so it can be used in liquidity positions
  • IPT tradeable on Velodrome
  • Bridged about 600K IPT via my IPTMan.eth delegate wallet.
  • IPT:USDC .3% v2 LP initialized and filled with approximately 9.2K USDC(native) against 210K IPT - initial price was about .041
  • IPT was whitelisted for Velodrome LP gauge(s) I focused on one gauge IPT:USDC 0.3% fee v2 LP. What this means is that IPT can formally incentivize (bribe) pools with tokens
  • I bribed with 10K IPT worth at time $476). We received approximately 460K veVELO votes (about .0469% of the total vote).

IPT:USDC pool LP and rewards APR as time of writing:

Link to above pool and Velodrome on optimism.

Emission value for the $476 (10K IPT value of bribe) will lead to approximately 5000 VELO (worth about $1.7K) to the pool. Current APR 272% or .745%/day. This will vary with VELO price (the $$ value of emissions) and the APR will vary with both VELO and IPT price.

The point here is we got some luck and our bribe cost to emissions value (bribeROI) is 1700/476 =3.57 (we get $3.57 for every $1 of vote incentives/bribes). Velodrome has a $OP grant to incentivize native USDC pools so we ‘should’ get some level of $OP matching incentives next epoch. So if we maintain this $500 value of IPT or other bribe incentives - combined with matching $OP we should get the same or more VELO emissions next epoch (epochs are weeks).

  • I purchased about 10.5K VELO and locked this in a veVELO NFT to vote for the IPT:USDC pool (I had a concern no-one would vote for the pool but turned out another 450K of votes voted to claim the bribe incentives).
  • Because I purchased part of the GFX IPT lost in the distribution contract it is my goal to use 100K IPT of the IPT I purchased to put up 10K IPT/epoch incentives for the next 10 weeks. I also have used something north of $12K of my own cash to pair with 210K of IPT with 9.2K of USDC to initialize the LP and buy the 10.5K VELO to lock in the veVELO NFT (now worth about 3.5K). I will account for this later. Because this all is being done with my own private funds, I don’t anticipate asking governance for a refund, and the details are public on optimistic blockchain I don’t intend to account for my activities here except to report to governance weekly in the forums basic activities related to incentivizing the pool, the emissions and activity in building IPT:USDC liquidity and trading(fees) on Velodrome for the community.

Anyone can bribe the pools, provide liquidity, and earn LP emissions in VELO. My intention is to leave my initial LP permanently and to over time claw back the USDC I spent by selling IPT to provide sell side liquidity should the IPT price rise. It is my hope that after 10 weeks that governance:

  1. Decides to hire/appoint a Velodrome IPT:USDC LP incentive ‘manager’
  2. Incentivize the pool with IPT
  3. Build a community owned IPT:USDC position and capture and recycle the VELO LP emissions to the bribe/incentive rewards.
  4. The details of who or how this is managed we have 2.5 months to decide and implement. I intend to manage this for next 10 epochs.

So InterestProtocol IPT is formally on the Velodrome Flywheel Lets try to be good Velodrome community members, and endeavor to build project marketcap in a slow and steady fashion for all interestprotocol stakeholders. So if you appreciate this work stop on over to Velodrome discord, say hi, and thank the Velodrome team (Alex and Dan) for their efforts to get us on the Flywheel!

To me this is a significant accomplishment that I am happy to see come to fruition. Often times I have ideas, it is rare that I am able to actually be on the front lines getting something accomplished. To be fair GFX devs getting IPT whitelisted on Optimism bridge was key.

Now to other important topics:

In all this work I found out USDC.e (Optimistic bridged version of USDC on Optimism) is being depreciated. If you go to optimistic bridge to bridge USDC you will be referred to superchain bridge that only bridges mainnet USDC to Optimism USDC ‘native’. Which means that interestprotocol using USDC.e vs. USDC.n(for native) is likely to be unusable at some point.

This means we need to think about spinning up another IP instance on Optimism that uses same collateral, but USDC.n vs. USDC.e as its liquidity source. @Getty and GFX devs are aware of this change. We won’t lose USDC.e immediately but it is clear to me circle is pushing for native USDC on various chains than sticking with bridged USDC.e

Other things.

Given that we may end up with more IPT:USDC liquidity on Optimism and increasing L1 gas prices and costs for delegates in the CC (and with a proposal) I am going to propose that we move IPT governance away from mainnet to Optimism. This should reduce delegate voting costs, and hopefully bring in new IPT owners to delegate IPT. @Getty and GFX developers in the CC indicated this will take some careful work, but ‘should’ be doable. Expect a formal proposal from me or GFX devs to propose this change IP governance from mainnet to Optimism

Similarly we discussed delegates and users being able to claim their IPT compensation/rewards on Optimism… - @Getty and GFX devs said there shouldn’t be too much problem spinning up a claim contract on optimism. We probably will need a proposal for this as well.

Based on discussions with Velodrome communities and users as well as Velodrome team itself - as well as comments from @Getty and GFX devs that it looks possible for interestprotocol to add Velodrome Slipstream (its v3 LP NFTs) assets as collateral within our protocol. This would be a pretty significant development on Optimism as well as the Velodrome community. It would be a first there and give us first mover advantage.

Requirements for such a facility are same as for Aura/Balancer and Uniswap assets.

  • Must be able to stake the LP within the collateral contract and claim rewards
  • protocol Value ideally should include not just the LP but also the claimable rewards
  • UI really needs to show the NFT IDs and display the relevant LP and fees/rewards for claiming and withdrawal

The mechanics of these should mimic the Balancer LP Aura staking model interestprotocol has already developed. This will require significant testing (perhaps we could use the depreciating USDC.e IP instance for this before releasing to the USDC.n IP instance we spin up) idk will leave this to developers.

Right now the interest protocol UI for Uniswap v3 WETH:USDC doesn’t include the collectable v3 rewards, nor does the UI give ability for user to collect these without withdrawing the NFT. We need this all to be easy, intuitive, reliable and easy for users to use. I think some careful consideration of how we handle these mixed assets in liquidations (in terms of users setting order of liquidations) needs to be considered as well. While this feels daunting from a development perspective I think if interestprotocol wants to succeed and thrive we need to not just be ahead of everyone, but we need to do it ‘well’.

I think this is an exciting time for interestprotocol, and our window to take advantage here is narrow. If we can execute we leapfrog quite a bit of development going on and can become a leader, and a better known and used protocol than a protocol no-one knows about and is barely used.

Final thing to consider and less important than the above tasks:

Spinning up a USDC.n liquidity based IP instance on Base Given that base and Aerodrome is so hot, whatever we do with Velodrome on Optimism I am pretty sure this could all port very easily to base (just change token and contract addresses). Given we would have the only protocol that could take slipstream collateral (both Aero (coming very soon) and Velodrome - now) we could get additional attention and users via base.

That is all for my Delegate report this month.

2 Likes

Posted Velodrome IPT:USDC v2 LP community update (as promised).

Quick summary is that I have tossed about $2K worth of incentives to get about $4K worth of VELO emissions. IPT:USDC LP APR holding at around .6%/day (200% APR). IPT price .032 liquidity about 34K total (17K USDC and 533K IPT). Trading volume pretty much negligible at this point.

Hope is if IP can add Velodrome Concentrated LP as collateral deposits that can be staked and collect VELO emissions - we should get an announcement by Velodrome team about this first that gets us some real protocol traction and people really talking about interestprotocol

I have not posted for discussion proposals discussed in my previous delegate post because I am swamped right now with taxes, consulting with another project regarding a completely new token launch model I have been working on over the past 3-4 years. Hopefully soon everyone going to see what can really be done in this space and the beginnings in practical reality (yes you will be able to buy in) of what I personally envision for the crypto-economy of the future.

My last presentation to the financial wizards had some eyes popping, and people smiling/excited. Lets hope they just do what I suggest and ‘don’t fuck it up’. :slight_smile:

As to the proposals. If I have time today I hope to post a number of these to get them rolling for discussion and ultimately DAO vote.

Attended call today 202404030 GMT.

Discussed was:
@PaperImperium

  1. status of aUSDC.e (now uncapped and usable) on Optimism IP instance. I tested this and it looks good.
  2. making ip multi reserve to account for USDC bridged to native migration going on.
  3. GFX devs prioritizing interest protocol adding Velodrome v3 CL assets as collateral. Hopefully coming soon!
    @IPTMan
  4. Proposal to move IP governance to Optimism to reduce gas fees for governance and to hopefully bring in more delegated IPT
  5. Status and state of IPT:USDC velodrome gauge costs, IncentiveROI, LP growth.
    @PGov Juan talked about taking his delegate IPT and LPing and committed to recycling the VELO into IPT:USDC Velodrome LP.
  6. Some discussion by Juan about possibly resurrecting IPT rewards and my own comments regarding waiting just a bit until IP gets its house in order before thinking about IPT rewards beyond committing about 20K IPT/week to Velodrome bribe incentives.

I plan to provide another post in the IPT:USDC LP Velodrome Flywheel Update - IPTMan thread here after epoch flip. Overall doing pretty well recycling the velodrome LP rewards into IPT or USDC for next epoch bribe cycle and earning some matching $OP to go with it.

Here is what i see as current tasks.

  1. Continue to work as highest priority getting Velodrome v3 CL LP as collateral.
  2. Move IPT governance to Optimism.
  3. Make IP multireserve USDC.e and USDC (native)
  4. Start to add new collateral types that have low risk but no comparable uses. aUSDC (native), aETH, aOP ofc once we get CL100-WETH/USDC we should be able to add others like CL1-USDC/USDC.e, eUSDC, eUSDC.e (Extra USDC), soUSDC, soUSDC.e (Sonne USDC)
  5. Reconsider starting IPT rewards:
    a) 20K IPT/week for IPT:USDC v2 gauge bribe/incentives
    b) Some chunk for collateral depositors/USDi borrowers (based on interest they paid)
    c) Distribute IPT rewards for delegates etc (going forward) on Optimism vs. mainnet.
  6. Seeking $OP rewards for incentives for people to use interestprotocol on Optimism (being worked on by @PaperImperium )
  7. Push for some PR noise once we get the interestprotocol house in order collateral wise.

There are other things to think about but the above are the key ones.

I have been personally really busy but expect a governance proposal to move IPT governance to Optimism chain within the next week. I think we should try to get governance switched over to Optimism before pushing other proposals through (if we can) given expense of L1 IPT governance. Fortunately gas prices on L1(Eth) have been dropping. I saw 5 gwei tx’s last weekend.!!

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Proposal 53 to delist DYDX - voted YES

Given chainlink oracle availability is going away makes sense. Surprised we didn’t have some advanced notice on this. Wondering if a periodic review of oracle status on other assets is needed as well.

I have not checked but what would be the process to get these assets out of the protocol? Maker quite often just raised rates and removed fees on liquidations which seemed pretty uncaring to users.

**Proposal 54 - March And April Delegate Program Administration Expenses ** - Supported.

**Proposal 55 - Proposal to upgrade the USDI contract on Optimism to support 2 reserve tokens ** - Needed and supported.