Nodar from Zapper actively answers questions in theRen Russian Сhat and is always ready to help. I’ll send it to him as soon as the OFT is close to implementation
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I think this is a great idea and I see the long term benefits on having OFT tokens. Anything that makes it easier to spin up a node and allow darnode owners to access fees on their own terms will have long tail effects.
It also changes the nature of how dapps and exchanges can interact with renVM if they choose to spin up their own nodes to earn fees from the float.
Imagine a coinbase offering REN holders daily interest by spinning up their own darknodes. It would be a novel interest bearing account and would lock up more REN which would support value appreciation.
Love the idea and that its already in the works. Can’t wait to see how the implementation comes out.
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It is worth pointing out that de-registration length is independent of registration length. We can have registration happen daily, but de-registration still take multiple weeks.
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I think this is very important!
I like the idea of tokenising rewards and thus unleashing the power of composability but I don’t want to break my head over how to maximise profit by selling the OFTs at the right time. Passive income is the goal. Part of that is peace of mind.
If I want to manage profits, I engage in trading.
4 Likes
Alright is it time to move this into an RIP? This is an obvious and needed improvement.
I do not think we are ready for this RFC to become a RIP, given that there is still an outstanding question about the impact of “racing to redeem”. I think there is probably a better implementation where we can avoid racing entirely.
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Instead of a percentage, would it be possible to have an OFT that is a 1:1 peg with what it can redeem at the time of OFT creation? Basically having the allocation calculated on the front side when OFT is distributed rather than the allocation calculated on the back side when OFT is burned.
I guess another question becomes - at this point, would the implementation of OFTs have any additional benefit over just immediately paying out the renBTC at the time of mint/burn? I suppose there could be some additional calculation workload?
1 Like
I considered this exact idea, and concluded the same. Having a 1:1 OFT is identical to just withdrawing the underlying renToken itself, so I will prepare an RFC to propose exactly that. Rejecting this RFC due to these technical constraints and there most likely being a better solution out there. Thanks everyone!
5 Likes