@everyone , apologies for the delayed response, and thanks for keeping patience.
09 Apr 2023, 18:30
@everyone , apologies for the delayed response, and thanks for keeping patience.
We have been looking into all our price feeds and how the trades were executed which caused the BLP pool of both USDC and ARB to fall suddenly by 2% to 4% respectively. Based on the community discussion we have decided to take the following things.
1. Change minimum trade time frame to 15 mins (Implemented in contracts will take some time to reflect on frontend) - This seems to be not an issue but we decided to do it because everyone is concerned about it.
2. Minimum trade size is changed to 25 (USDC/ARB) and max OI of the pool across all pairs is kept at 1000 (USDC/ARB)
3. Auto cut-off Trading if BLP (Both USDC or ARB) losses more than 5000 to traders from the current balance
Regarding data and 1 min trading - 100% of the data is open and available to be analyzed most of it accessible through the dashboard and stats page. We will also release data for real-time tracking of all trades and the Dune analytics dashboard (subject to availability of Dev's time) - We are open if anyone wants to work on them independently.
BLP compensation - we will be airdropping USDC and ARB to BLP holders who have faced losses due to the trading activity that seems to be price manipulation. Would advise any LP who doesn't want to take the risk to withdraw funds. We have always compensated for the loss caused due to any technical errors and would continue to do so.
Way forward - Our longer goal is always to shift to 3rd party price oracles like Pyth and chainlink low latency solutions. But during the time we launched they were not fully developed and to get to market we decided to run our Oracles which seemingly worked most times but faced issues during low volume/holiday days.
We have also accelerated our V3 development and have also worked out an interim solution to transition from the current phase to V3 without halting trading or putting LPs at unreasonable risk. Details of the plan will be announced soon.
About short-term trading Would like to re-iterate that 1 min of trading doesn't seem to be a problem but if that's what everyone wants we have decided to stop it for now.
We have high conviction that the next wave of adoption for blockchain will come through simplified and gamified products and we will continue building towards that vision.