ESD Protocol Changelog

Below is a list of updates to the Empty Set Dollar protocol since its inception. These changes follow the on-chain governance procedures and are unrelated to TIPs or the ESD treasury. Dates and times in UTC.

0. Protocol Launch

The implementation of the protocol followed the Whitepaper that was released on the same day.

1. LP Incentivisation & Pool2

Epoch 86, 2020-09-22

Changes

  • Adds ESDS Transfer events when bonding and unbonding.
  • Updates LP incentivization pool cut from 5% to 20%.
  • New LP incentivization pool with:
    • Minor unbonding issue fix
    • Additional emergencyPause() and emergencyWithdraw() methods

Tracking

2. Epoch Speedup

Epoch 105, 2020-10-08

Changes

  • Shorten epoch period from 24 hours to 8 hours, starting at epoch 106.
  • Adds emergencyCommit method to governance.

Tracking

3. Raise Debt Cap to 35%

2020-10-10

Changes

  • Raises debt cap from 30% to 35%.
  • Resets debt ratio to 30% if debt ratio is higher at time of commit.

Tracking

4/5. Fix Quorum Computation

Epoch 115, 2020-10-12

Changes

  • Resolves bug that allows proposal and commitment with less ESDS than expected.

Tracking

6. Relax Balance Check

Epoch 127, 2020-10-16

Changes

  • Relaxes the balance checks in the DAO and Pool contracts which were either redundant or could in some cases fire even with correct state.

Tracking

7. Supply Change Limit to 3%

Epoch 164, 2020-10-28

Changes

  • Reduces Supply Change Limit from 10% to 3%.

Tracking

8. EIP-1: Improvements to ESD Coupon Redemption

Epoch 183, 2020-11-03

Changes

  • Wipe debt on first expansion
  • Require 2 epoch wait before coupons becomes redeemable

Tracking

9. EIP-3: Removing sequencing from expansion rewards

Epoch 213, 2020-11-13

Changes

  • Increase the expansion rate to 6% while there are coupons that have not been credited for redemption.
  • Updates the expansion phase such that when there are coupons to be redeemed, a minimum of 20% of the expansion will be used as rewards for the LP pool.
  • Epoch locks for DAO and LP will be increased from 1 epoch to 15 and 5 epochs, respectively.

Tracking

10. EIP-8: Reduce Governance Thresholds

Epoch 249, 2020-11-25

Changes

  • Lowers the governance proposal threshold from 1% to 0.5%.
  • Lowers the governance quorum threshold from 33% to 20%.

Tracking

11. Quality of life improvements

Changes

  • Removes Pool 1 migration reward payout.
  • Refactors proposal threshold into Constants.sol.
  • Fully decouples debt repayment from the increaseSupply method.
  • Adds getters for lockedUntil and fluidUntil user data.
  • Standardizes events for incentivization rewards.

Tracking

12. EIP-10: Protocol Funding (Treasury)

Epoch 288, 2020-12-08

Changes

  • Rewards 500,000 ESD to treasury on commit.
  • Adds a 2.5% expansion reward for treasury
    • 77.5/2.5/20 DAO/Treasury/LP during regular expansion
    • 77.5/2.5/20 Coupon/Treasury/LP during coupon expansion

Tracking

13. EIP-9: Update Coupon Curve

Epoch 213, 2020-12-23

Changes

  • Steepens the coupon premium curve from: 1/(3(1-R)^2)-1/3 to 1/((1-R)^2)-1.
  • Lowers debt cap from 35% to 15%, corresponding to 45.6% and 38.4% premiums respectively.
  • One time 60% reduction in protocol debt upon commit to avoid and premium jumps.

Tracking

14. Increase Debt Cap to 20%

Epoch 357, 2020-12-31

Changes

  • Implements Debt Cap part of EIP-9
  • Raises debt cap from 15% to 20%, corresponding to 38.4% and 56.2% premiums respectively

Tracking

15. EIP-16: Split Coupon Underlying

Epoch 399, 2021-01-14

Changes

  • Reduce the risk of coupons by splitting their principle with their premium reward, treating them differently upon expiration.

Tracking

16. EIP-18: Pro-Rated Premium

Epoch 417, 2021-01-20

Changes

  • On redeem the premium portion of the user’s coupon will be pro-rated by the time their ESD was locked.

Tracking

17. EIP-22: Stability Reward

Epoch 432, 2021-01-25

Changes

  • Adds on always-on floating reward rate to the DAO to incentivize bonding during contraction periods.

Tracking