Premia Community Update 16/02/21
There are two things that are truly important to a protocol - the tech and the community.
Buy Backs
Earlier today Premia initiated two buybacks to distribute rewards to those staking on the platform. How this worked was the fees collected through platform interaction were used to purchase PREMIA from the marketplace’s bonding curve, which was then distributed proportionally to individuals staking Premia.
- 1st buyback: https://etherscan.io/tx/0x6bf2bcf6bcb4e6dd1863ea7016e8a93558c88ca28a67048738c284dd1b60665d
- 2nd buyback: https://etherscan.io/tx/0x384aa6a3fde56d8dd31cd05d2a9c2686924bf71ca53111f0a32e7796847e69f9
The reward distribution can be called by any user simply by calling the convert function on the PremiaMaker contract. In the future, Premia plans to integrate Keep3r to perform this task periodically, but for now, rewards are only distributed upon manually being called.
Proposals
Two proposals have been submitted since the launch of the Premia Marketplace.
Prop 1
The first proposal was to proposes to change the allocation of protocol fees to be distributed in an 80/20 ratio. 80% of all platform fees distributed to staking users, the remaining 20% to the Premian Development Fund to utilize these fees to provide option liquidity to the platform, pay cross-protocol fees (ex: Chainlink Oracle fees, KP3R Jobs, etc), invest in partnerships, marketing, traditional business expenses, hedge risk, etc.
The proposal passed with 99.4% of participants voting yes, and all platform fees that had been collected up until that point were distributed to staking users.
Prop 2
The Premian Community has expressed concern over the interaction mining initiative, as such a signal (Snapshot) was put up to gauge the overall sentiment of the community and ensure both the vocal and non-vocal members are considered. The snapshot's intent is to provide a method so that all participants have a fair say in what direction would be taken moving forward.
When the team created Interaction Mining, we knew that due to the multi-agent open nature of the system, there was a chance users could mine Premia through racking up fees. It is clear that the amount of use of the feature in this nature is larger than we had originally anticipated. Some members of the community have expressed concerns that those earning the most Premia rewards from the interaction mining feature are those who are racking up fees, not adding real liquidity to the marketplace. To address this concern, the team has proposed to stop uPremia mining rewards until a better liquidity mining solution has been found (that does not allow for uPremia to be mined without adding legitimate liquidity to the market).
Based on community feedback on interaction mining, the following plan was proposed:
- Disable all uPremia rewards, active immediately after the vote (if passed).
- Allow interaction mining to continue to run for 120 hours (5 days from Proposal Start Time), to allow anyone who has legitimately used the platform to break even on any protocol fees they have spent.
- Disable the uPremia staking pool on the PremiaMining contract after 120 hours, to disable emissions of Premia to uPremia stakers.
- Set up a new contract to receive the rewards from the PremiaMining contract, to be used for future programs to bring liquidity to the options on the platform.
This proposal is still live to vote on here, and the team is actively considering multiple available options to re-purpose the Premia rewards, in order to reward legitimate users of the platform if this proposal were to pass. In order to decide the best use of the protocol rewards if the proposal passes, the team would consult the community before making any changes to the Interaction Mining initiative.
