creamY launch - high slippage - compensation proposal

Announcement:

We are collecting data from users who experienced large slippage on their deposits into creamY, which happened to some early depositors before the pool totals became balanced, to help with organising a possible community vote on compensation proposals, once the Cream DAO launches.

At this stage, we are just collecting data to assess what happened, the size of the problem, any compensation proposals will be discussed later once we know the extent of the problem.

If you experienced “excessive” slippage on your creamY deposit, please add your details to this form.

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Please add any suggestions to help with developing a proposal to submit to the DAO for voting!

Some thoughts I have, just my own opinions, to help start some discussion:

  • The relevant time frame & transactions are deposits into creamY, from launch until the slippage control settings were added to the UI

  • 0-2% slippage is probably acceptable, anything higher should be considered for possible compensation

  • Compensation should be paid in Cream, so treasury funds are supporting price, time-locked if necessary to prevent dumping, e.g. 1Y lock stake

The form received 9 responses so far, these 4 creamY deposits had slippage loss of +2% and/or +10k USD. IMO these deposits should be considered for compensation.

I will wait a few more days, then submit a voting proposal to the DAO.

Of the remaining 5 responses, three had relatively minor slippage, one was actually a gain, and the 5th one was a creamY withdrawal, which despite being a large loss, might have occurred after the slippage controls were added to the UI. I am open to comments, should we add withdrawals?

The 5th one was very minor slippage. 1yUSD != 1 USD

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I agree with the compensation. However, everyone who encountered slippage should be compensated. I’m against arbitrary parameters: 10k or 2%

I agree, everyone who encountered slippage before the UI was changed should be considered for compensation, as every case is different, it might be best to vote on each case separately, let the community decide.

The time before the UI was changed was about 24-48 hours afaik, so deposits & withdrawals in that time window, but let each case be voted on separately.

I don’t think it’s likely everyone will agree to a single set of slippage loss parameters, so as the number of people effected should be small, vote on each case might be easiest.

I suffer a lot of slippage, should I post my txid?

Add your tx to the google form, I intend to submit proposals in the next couple of days, let the community vote on each case separately, rather than try and cover every case with one vote.

Some of the fields in the form is not necessary. They can be calculated from other fields easily.

Great to see this idea! Hopefully we can make everyone feels fair.

I will submit a compensation vote proposal for each of these 11 creamY transactions tomorrow.

tx type Deposit Token Deposit Amount Deposit USD value cyUSD received USD loss slippage % Deposit Transaction
deposit yUSD 187,508.98 $217,510.42 166,002.21 $51,508.21 23.68 https://etherscan.io/tx/0x66b3022f5e4b720c991e89786719b6a140ff138a9909673d9ed685001e83cead
deposit USDC 206,352.88 $206,352.88 181,886.06 $24,466.82 11.86 https://etherscan.io/tx/0xdfa2a96bd3e1e7ba1f14d19dd19b24a9cde45dc2605d002eabb9d95b5597ffb6
deposit USDT 2,730,000 $2,730,000.00 2,579,602.88 $150,397.12 5.51 https://etherscan.io/tx/0xff18b3b806832356986dcb1d0e24ea94403cfe387d2a0b48d44f46db51d98abc
deposit USDC 433,105.51 $433,105.51 424,524.16 $8,581.35 1.98 https://etherscan.io/tx/0x3baf22fd51c0f7cd61366ef9b959f6b60e2159d25788f9512befd2f3b6552986
deposit USDT 282,399.87 $282,399.87 277,159.58 $5,240.29 1.86 https://etherscan.io/tx/0xe74ebaff2b5684dd6ba67597dbe4925a9fd8a98ca21cc5cd571e84505c9da2ba
deposit USDC 1,076,425.36 $1,076,425.36 1,056,822.97 $19,602.39 1.82 https://etherscan.io/tx/0x24235397f3152f64cf930479944d403c94a3c1cff75318f8d8c35766b4daeb5a
deposit USDC 1,634,480.52 $1,634,480.52 1,612,260.85 $22,219.67 1.36 https://etherscan.io/tx/0x6f118339daf10f5d79a5806803986d7f60741089062c9dbc9c95afbb12fb5626
deposit crUSDC 9,311,667.59 187164.5186 185882.82 $1,281.70 0.68 https://etherscan.io/tx/0xc74be23c753993e99bae02b96157901b31fa579f38348b316dc9c27bc03b0d5c
deposit yUSD 762,634.87 $884,656.45 871,639.17 $13,017.28 1.47 https://etherscan.io/tx/0xd3dd2a7f0ad2c1f488f549b2cbb9be630e88a272e1668386115dea0c906a59ea
deposit USDT 352,709.72 $352,709.72 351,174.69 $1,535.03 0.44 https://etherscan.io/tx/0x6bba1c5a7a8b695b08f8d72d41dcd874ae430b8dc8a1752a3119d346911ad468
withdraw yUSD 421,172.62 $417,851.11 363,348.79 $54,502.32 13.04 https://etherscan.io/tx/0xff47e342927c28496d3825b57fb4d3f8ee0d86b97991d0c9f70d1908c1ef93df
2 Likes

what’s the proposal for compensation mechanics? Where does it come from? Who pays it? How?

Do those with positive slippage pay the wallet that pays the negative slippage?

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In my opinion, compensation should be paid in Cream, purchased with treasury funds, and compensation could be time-locked if necessary to prevent dumping, e.g. 1Y lock stake. Other people might have different ideas.

The first task is determining which cases, if any, the community votes in favor of compensation, depending on how these votes go, another proposal could be voted on to decide the specifics.

1 Like

great - thank you for your clarification.

0x108A8B7200d044Bbbe95BEF6F671BAEc5473E05F votes against for every proposals with his 9.63k cream.

It looks like the voting power is base on the snapshot of cream holding. But there’s a problem: my cream tokens was staked in app.cream.finance and that make me not able to vote?

I am not sure how the Cream DAO works exactly, it does look like Cream that is staking isn’t included in the snapshot.

this work is underway; a PR has been submitted to Snapshot.

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That’s great, for DAO governance ALL forms of Cream must be eligible to Vote!