Proposal for more transparent SPELL buybacks for distribution to sSPELL stakers

Hey everyone!

First of all, this won’t be a thread complaining about how Merlin does distributions, I believe they are doing the best they can for us now. Please stop bitching about developers.

My proposal is simple: Instead of doing deals outside of the blockchain, which gives haters more reason to point out how centralized abracadabra is, we should use a gnosis auction. This would give everybody (including Alameda) the same power to participate.

In the future, this could develop into a more automated way to distribute fees, instead of relying solely on the team. E.g., MIM fees are automatically collected to a smart contract, and any transaction that interacts with this contract has a % chance to trigger a gnosis auction to take place (maybe needing another transaction to actually created the auction, for tx fee reasons), which automatically deposits the acquired SPELL into the sSPELL smart contract. This really is just an example, not trying to figure out a solid solution now.


Perfect point to draw attention.

How can we follow how and when buybacks are processed? I couldn’t find enough information about buyback schedule and process. Execution price of buybacks and slippage that it may create should be in concern. Can anyone enlighten me about this topic?

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