PIP - 36 : Multichain Staking and Gas Refund Consolidation

Governance Proposals
21

Hi all, glad to see the discussion happening here. Adding more data about the Gas Refund Program for the last 6 epochs.
As you can see, almost all significant refunds and claims are done on Ethereum. On top of this, it is important to consider the gas costs incurred to distribute close to dust refunds on Polygon, BSC and Fantom.

Data for the last 6 epochs

  • PSP refunded chain distribution: 98.6% of PSP refunded was refunded on Ethereum and Optimism
  • Average USD refunded per epoch per address: in Ethereum was $106, in BSC $3.55, in Polygon $0.80, and in Fantom $2.50
  • Median USD refunded: the median USD refunded per epoch was $5.5 in Ethereum, $0.23 in BSC, $0.028 in Polygon, and $0.05 in Fantom
  • Claim Ratio: 32.75% of the addresses who got a refund in Ethereum claimed the refund while 12.6% of the addresses who got a refund in BSC, Polygon, or Fantom claimed the refund

Data for the last epoch

  • Unique addresses participants: 616 unique addresses participated in the Gas Refund Program.

  • Addresses refunded ONLY in BSC, Polygon, or Fantom.
    -Out of the 616, 148 addresses (24%) got a refund ONLY in BSC, Polygon, or Fantom.
    -The average USD refunded per address to these 148 addresses was $3.02
    -Out of these 148, only 4 addresses were refunded more than $1 USD

  • Addresses refunded in BSC, Polygon, or Fantom but ALSO on Ethereum or Optimism
    -Out of the 616, 187 addresses (30%) got a refund in BSC, Polygon, or Fantom but also on Ethereum and Optimism
    -Of the total refunded to these 187 addresses, 98.5% was on Ethereum and Optimism, while 1.5% was on BSC, Polygon and Fantom.
    -The average USD refunded per address to these 187 addresses was $61.4 on Ethereum and Optimism and $0.94 on BSC, Polygon and Fantom.

As the data shows, almost all significant refunds are done on Ethereum (or Optimism) and this explains why the claim ratio is almost 3x than in the other chains as, in most cases, refunds in BSC, Polygon, and Fantom are not even worth claiming.

Despite many addresses being eligible, the actual claimable amount is not currently worth it for most users. User impact shouldnā€™t be significant as, per the last epochā€™s data, only four addresses got a refund bigger than $1 exclusively in BSC, Polygon, or Fantom.

2 Likes
22

Great proposal. Full support. Looking forward to enabling PSP liquidity on Optimism.

2 Likes
23

Very interesting feedback, thank you Aggrosso.

What I understand from what you say is that for the moment. Users have no reason to claim their PSP on the chains you mention.
If Iā€™m not mistaken, GRP can be accumulated advitam eternam. This also explains why claims are rarer on the other chains.

Can you guarantee that if PSP were given a utility on the BSC/Fantom/Polygon, users would be indifferent to GRP? I highly doubt it.

As I mentioned earlier, GRP is a given, and if itā€™s retained on ETH/OP chains, thereā€™s no good reason to remove it from other chains IMO. The number of addresses impacted remains significant and cannot be minimized under the guise of a $ amount.

By making this kind of shortcut, I doubt weā€™re going in the right direction.

Iā€™d like to hear from people who would be impacted by this kind of decision to be able to form a more conclusive opinion.

Thank you for your detailed feedback aggrosso, which makes it easier to understand the impact of such a decision.

1 Like
24

Hey everyone, thanks a lot for the fascinating data and discussion!

Iā€™ve been discussing with @enerow , @agrosso and other developers some ideas on how to move forward while keeping the system viable and intuitive, and I wanted to share a new solution weā€™ve come to:

  • Gas refunds are kept on those chains, but will be claimable from staking chains: This means we do not discontinue refund in any chains, while also keeping the GRP aligned with how sePSP staking rewards work.
  • Refunds to be distributed for all viable chains ParaSwap is in: As all refunds would be sent to sePSP enabled chains anyway, I believe that for simplicity sake we should start tracking gas refund from chains where itā€™s viable, even if PSP is not deployed there. This will make the experience as seamless as possible for stakers, while onboarding new userss onto the system!

Please let me know what you think of this new way forward, personally I think that it resolves all the ideas discussed in this thread!

3 Likes
25

Hey @0xYtocin ,

I definitely prefer these adaptations, and presented that way I will vote in favor of the proposal.
Thanks for the clarification and the discussions. I cannot wait to see this multichain staking framework coming to reality!
Great job on the proposal :pray:

Cheers

3 Likes
26

Letā€™s go. :smile:
Looks much better like that !

3 Likes
27

The final proposal has been amended,

I am starting the temp check to publish the proposal for a vote

5 Likes