Bribe Reduction and Protocol Owned Voting Power

💡Idea Discussions
1

Summary

Bribes exist to give incentive to vote. I believe this could be better managed. Currently SPELL emission for bribes is 128,922,911 SPELL weekly.

Proposal

The Bribes:

What I propose is nothing new, however I’m casting a spell to revive the idea. Abracadabra should aggressively add veCRV to the treasury and vote for MIM 3pool itself. If it continues with the bribe system, the protocol doesn’t grow.

The fees:

The great OxMerlin and his candles are good, but we need to start to light them. Give them other uses in this dark world. He shares protocol fees weekly, roughly 1,5 million MIM for sSPELL holders.

To allow an aggressive approach to get CRV I suggest an event to occur once every trimester (4 times per year AKA one time every 3 month):

  • That week, all bribe allocation to purchase CRV

  • That week, all protocol fees to purchase CRV

This would allow the reduction of Bribe SPELL amount emissions over time until it is no longer needed.

Since the revenues are distributed weekly and manually to avoid front run, I believe it would be easy to implement this proposal.

Thanks for reading.

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