Simple Summary

Distribute to sBTC short incentives 16K SNX from inflationary supply.

Abstract

Now that traditional shorting mechanism is available with sBTC shorts on kwenta.io/shorts, I propose to distribute 16K SNX weekly inflationary supply to the ShortingRewardssBTC contract.

  • sDAO funded sBTC Short incentives emmision ends on Wednesday, 14 April 2021 16:01:35.

A single transaction by the protocolDAO to the RewardsDistribution contract to add rewardDistributions to destination address 0xCed4055b47cfD0421f3727a35F69CE659c8bAF7a and amount 16000000000000000000000 (16k SNX) to the distributions list.

  • Set RewardsDuration to 604800 seconds (7 days) on sBTC ShortingRewards contract.

  • Setting RewardDistribution on the sBTC short incentives contract to the distributions contract 0x29C295B046a73Cde593f21f63091B072d407e3F2.

Motivation

iBTC Synths have upper and lower bounds and freeze when the price hits them. This requires the pDAO to manually reset the inverse synth. The protocol should not have manual maintenance or intervention and the new multi-collateral shorts achieve this with a shorting mechanism that is self maintaining also a rewards incentive mechanism that self enrolls and never needs to be reset, purged and redeployed. It is a much better mechanism for the protocol.

Since iBTC is incentivised with SNX to help balance the debt pool there is currently an inflation funded incentive via a iBTC StakingRewards contract.

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