Tokenomics Update - September '23

Nexus Mutual Updates Tokenomics
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Update 15/09/2023

Wanted to share some quick updates on progress:

  • Part 1 Liquidity Discussion concluded with Snapshot votes that saw a high turnout of members signalling their preferences.

  • Didn’t receive many comments in the follow-on proposed parameters in Stage 2 so not doing a snapshot vote at this time.

  • Moving on to approach for setting remaining parameters of note (oracle buffer, initial spot prices) at the start of next week.

  • Engineering have completed the implementation of the swap mechanism and there’s a draft TWAP oracle implementation. Now focussing on optimising the code for gas & writing lots of tests. Latest version (in the middle of a refactor).

  • Chaos Labs work progressing really well. They’ve gained a full understanding of the system and put together a preliminary analysis of the mechanism. Bit more work to do to fully test out the TWAP manipulation scenarios and update them for latest implementation. Also now starting the heavy lifting on creating the simulation environment.

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Thank you for this update Rei.

It is satisfying to see everything progressing according to the planned timeline and that community involvement is so high.

You might now have a better sense of the launch date or period, would you be willing to share it with us?

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Still not ‘we will launch in X timeframe’, but happy to share dates for next big milestones.

The Chaos Labs work in respect of the components included in the initial launch is due to finish at the end of October. We now also have a solidity audit booked in for October 18th as well, due to last 1.5 weeks.

After that, we need to update/correct anything that emerges from those before going through the full on-chain governance process.

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Update 29/09/2023

  • Part 3 parameter discussion happening over the last two weeks, complete unless there are any further comments.

  • Chaos Labs have built a stable first iteration of the simulation environment, including system and open market characteristics. Next steps are fine-tuning it and iterating through a bunch of scenarios that have been put forward by Chaos and Nexus Mutual teams.

  • Engineering continuing with testing specs, code reviews and prepping for audit. Decided on a path forward for implementing a faster ratchet speed in the initial phase following launch.

  • Next week we’re meeting in person to split up testing between Engineering and R&D teams in more granular detail, and also plan for Stage 2.

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