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AlexandriaDAO / core

https://xo3nl-yaaaa-aaaap-abl4q-cai.icp0.io/
MIT License
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Fix LBRY minting rate to USD using XRC #40

Closed evanmcfarland closed 2 months ago

evanmcfarland commented 3 months ago

Currently we have LBRY minting at a 1:1000 rate in ICP.

The problem with this is we now use LBRY burning as a mechanism to mint ALEX rewards. Previously I thought we'd just do variable pricing and call it a day, but now I'm realizing the problem of bot attacks when people just make thousands of fake transactions to get more ALEX mints.

The solution to this is setting the fee at 0.05 LBRY per transaction, which makes it not worth it to try and game the system.

If the value of LBRY is pegged to ICP, that fee will become wayy too high if ICP increases in price, so we have to peg it to dollars.

The new approach should be a simple change. The new exchange rate is 1 LBRY mint = 1 cent in ICP, and we use the Exchange Rate Canister to rebalance that value in ICP each week.

I know what you're thinking, what happens when the value of the dollar goes to Zero! And it's no problem. We'll just mint all the ALEX by then and then use bitcoin or something as the payment token instead of LBRY ;)

evanmcfarland commented 2 months ago

Done. Thank you @AdilIrfanAs