Protocol Parameters

Below is a list of all of the implemented parameters for the ESD protocol as of EIP-10's passing:

Basics

  • Epoch Length: 28,800 Seconds (8 Hours)
  • Advance() incentive: 100 ESD
  • DAO Lockup: 15 Epochs
  • LP Lockup: 5 Epochs

Supply Mechanics

Oracle

Supply/Debt Expansion

TWAP above 1 USDC where totalCoupons = totalRedeemable

  • Maximum Supply Expansion: 3%
  • Expansion Percentage: (twapPrice - 1) * 100 or 3% (whichever is lower)
  • Expansion Distribution:
    • DAO: 77.5%
    • Redeemable: 0%
    • Uniswap ESD/USDC LPs: 20%
    • Treasury: 2.5%

TWAP above 1 USDC where totalCoupons > totalRedeemable

  • Maximum Supply Expansion: 6%
  • Expansion Percentage: (twapPrice - 1) * 100 or 6% (whichever is lower)
  • Expansion Distribution:
    • DAO: 0%
    • Redeemable: 77.5%
    • Uniswap ESD/USDC LPs: 20%
    • Treasury: 2.5%

TWAP below 1 USDC

  • Maximum Supply Expansion: 0%
  • Maximum Debt Expansion: 3%
  • Expansion Percentage: (1 - twapPrice) * 100 or 3% (whichever is lower)
  • Expansion Distribution:
    • DAO: 0%
    • Redeemable: 0%
    • Uniswap ESD/USDC LPs: 0%
    • Treasury: 0%

Coupons

  • Max debt ratio: 20%
  • Max coupon premium: 56%
  • Premium curve: source

Governance

Protocol Governance

  • Platform: ESD DAO
  • On-Chain: Yes
  • Voting Length: 9 Epochs
  • Proposal expiry: 3 Epochs (If not committed after successful vote)
  • Proposal Threshold: 0.5% of ESD bonded in the DAO
  • Voting Quorum: 20%
  • Super Majority: 66%
  • Emergency Delay: 6 Epochs

Treasury Governance

  • Platform: Snapshot Page
  • On-Chain: No
  • Voting Period: ~3 Days (Not enforced)
  • Proposal Threshold: 100,000 ESD bonded in the DAO or LP
  • Voting Quorum: None

Contracts

ESD Token

ESD DAO

Treasury

Uniswap ESD/USDC Pair

ESD/USDC Rewards