creamY launch - high slippage - compensation proposal


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
deposit USDC 206,352.88 $206,352.88 181,886.06 $24,466.82 11.86
deposit USDT 2,730,000 $2,730,000.00 2,579,602.88 $150,397.12 5.51
deposit USDC 433,105.51 $433,105.51 424,524.16 $8,581.35 1.98
deposit USDT 282,399.87 $282,399.87 277,159.58 $5,240.29 1.86
deposit USDC 1,076,425.36 $1,076,425.36 1,056,822.97 $19,602.39 1.82
deposit USDC 1,634,480.52 $1,634,480.52 1,612,260.85 $22,219.67 1.36
deposit crUSDC 9,311,667.59 187164.5186 185882.82 $1,281.70 0.68
deposit yUSD 762,634.87 $884,656.45 871,639.17 $13,017.28 1.47
deposit USDT 352,709.72 $352,709.72 351,174.69 $1,535.03 0.44
withdraw yUSD 421,172.62 $417,851.11 363,348.79 $54,502.32 13.04

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.

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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 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!