DFIP 2112-A Bringing DUSD closer to $1 by allowing DFI for loan repayment & collateral

[FxX9920]

Emergency DFIP bringing dUSD to $1

Overview Requestor: @BalthasarBecker Proposal fee: 01db41727f2092148d328b946a3ca0c4eb8faf82d393488ab65466eb81c26976

After a successful launch of the Fort Canning, hard fork incentives for dToken liquidity providers went live on the 6th of December. Every true DeFiChain hodler started earning sweet rewards via minting or buying dTokens providing them as liquidity for the DEXs. Unfortunately, with the demand of dTokens exceeding supply all dTokens trade at a premium ever since. Taking into account that we - the DeFiChain community - rely on accurate prices, especially regarding the dUSD price, I herewith propose the following solution to guarantee the dUSD USD peg. Furthermore, I advocate for a fast and efficient solution, ensuring we can fully focus on getting more people to participate in the amazing features DeFiChain offers.

The proposed idea is a composition out of multiple ideas that were thoroughly discussed, edited and further improved by several community members therefor representing a true community effort:

Every dUSD loan should be repayable with DFI (at oracle price + 1% penalty). dUSD can be used as collateral at a fixed rate of 0.99 USD for every loan, providing additional utility for dUSD

The proposal is straight forward and easy to implement, but not perfect; it will directly arbitrage the dUSD premium, but many concerns of the community, including myself have been raised whether this proposal will devalue dUSD causing its price to fall below $1. As this risk still persists - there is no free lunch and solving the dUSD premium will always come at a cost - I would like to bring forward a couple of reasons why, at least on the short run, chances are rather low that dUSD will end up trading at a discount causing a default on the USD peg. First, currently we face more demand than supply causing the dUSD premium, hence buying pressure will continuously hold up dUSD prices until liquidity mining incentives reach unattractive levels. Moreover, once buying pressure fades and dUSD starts trading at a discount, people with open dUSD loans will buy back dUSD at a discount to close their loan. Currently, we have 70,000,000 dUSD minted, hence a fairly high buffer to mediate curtain price drops. Last but not least, I highly want to stress the point that this is a short term solution arising from the need of solving the problem fast and efficiently, and I strongly advocate for several long term changes providing additional support for the dUSD price: Implementation of a DEX fee for every transaction of about 0,05% for both the taker and maker, resulting in a total of 0.1% burn fee, which reduces any dToken over time Including additional sources for collateral such as liquidity mining tokens such as BTC-DFI or others to further incentivize minting of dTokens Introducing decentralized futures (like the road map suggests) to stabilize prices.

Finally, let me say again, that this is not a perfect solution without any risks or any cost. But, as we have all agreed during two Twitter Spaces allowing anyone to voice their opinion and hearing out other proposals, we are all aware that we need a working solution with minimal risk that can be implemented in a fast and efficient way.

[julianhosp]

Love it!!

[lordmarkcrypto]

thanks, Balthasar, let's do it!

[LiorDubov]

Why do we even need to peg to 1 dollar, why not create a new economy with the reserve currency being DUSD

[ojbcrypto]

Thank you Balthasar for this pragmatic solution. It‘s very important for the mass adoption that at least 1 DUSD should be 1$ (+/- one cent). Stable has to be stable. As quick as possible. Let‘s go for it.

[10085998]

what the mere announcement of these proposals does. 1 DUSD = 1.14$

unfortunately the surcharge of the dStocks increases.

How and where can I vote for this proposal?

[muse212]

Thanks for your proposal. Great short term effect. 👍 And keeping to strive for a long term solution.

[dzaengerle]

I think this solution will just shift the problem to the other dToken: If DUSD value goes down and the value of the other dTokens stays at the same level, their prices will go up and the price difference to swap DFI to a dToken will be the same, like we saw over the past days where DUSD price went down a bit and dToken prices increased. It's only positive for the DFI-DUSD and I think therefore the risk of this solution exceeds its potential benefit.

[DrDrCat]

i don't quite understand why we need a short term proposal for the long term. 1 USD is 1 USD, you don't can do anymore with this With 1 DFI you can buy dUSD and get about 34%-101% APR in Crypto LM With 1 DUSD you can buy dStocks and get about 220-266%

Yes, DUSD is too expensive at this moment ( compared to the Fiat USD ), but with DUSD you have the better Profits like DFI. So everyone can pay the Premium of 14% to have the possibility to go into the dSTOCK LM with 200%. And if someone is afraid that they are now buying their dusd at too high a price, they assume that the price will stabilize again. If this is the case, we don't have to change anything in the end, or am I wrong somewhere? Just a matter of time.

A week ago DEX and oralclae price differed by about 25%, today it is only 14%. Does the market perhaps simply regulate this itself?

---

And what I would like to add. This proposal and this "problem" is indeed a little complex, so that not everyone understands it correctly. ( I probably don't either )

But in the end, what is crucial for DeFiChain and the community is to determine exactly who will benefit from this change. Is it really everyone? Is it only the DEX users? Is it Cake customers, or maybe not? Does it help the people with 100 masternodes, or those who can't afford one?

This should all be evaluated

[JayMadR]

Nice!

Every dUSD loan should be repayable with DFI (at oracle price + 1% penalty). dUSD can be used as collateral at a fixed rate of 0.99 USD for every loan, providing additional utility for dUSD

I assume the 1% penalty will get burned, right?

and I strongly advocate for several long term changes providing additional support for the dUSD price: Implementation of a DEX fee for every transaction of about 0,05% for both the taker and maker, resulting in a total of 0.1% burn fee, which reduces any dToken over time

I think this idea would lead to a huge problem (at least if you think longterm)! If dTokens get burned, there are simply too less dTokens available to pay back the open loans (+interests). In order to pay back the loans, the system would need more dTokens - where do they come from? Correct: they get minted when someone takes a loan. See the problem? To pay back the loans someone in the system must take out new loans. The whole system then works in a "death-loop", where there are always too less dTokens available to cover the loan values... Whats the intention to make this? Am I understanding anything wrong? Where are my thinking errors?

[DefiBaconKing]

what the mere announcement of these proposals does. 1 DUSD = 1.14$

unfortunately the surcharge of the dStocks increases.

How and where can I vote for this proposal?

you need a Masternode

[agentswitters]

As some people including me and don camillo from the telegram group discussed Balthasars well thought proposal in the telegram group and private chats some questions occured

1. First, everybody agrees as Balthasar analyzed we need a predictable stablecoin dusd that equals its counterparts to attract more people to the defichain ecosystem.

One concern in Balthasars proposal could not be wiped out.

2. Backed dusd->limited; Unbacked dusd->unlimited, risk of price drop and inflation.

A lot of people appreciate the dusd to be backed with a certain amount of collateral and a certain amount of dfi. So it might seem a good conclusion to make dusd and dfi interchangeable in paying back the loan in dfi. On the other hand these dfi wont back the dusd, as they do not become a part of a "big vault". Where do they go? Where do they stay? Will they go to an extra arbitragepool? Will they get burned? Will they circulate as rewards in the future? Will there begin to exist unbacked dusd? As long as dusd is backed by a certain amount of dfi as collateral there is no chance of an inflation as dfi is limited. When there starts to establish unbacked dusd this is infinite.

This might be an emergency solution, but there is the inbuild risk in creating an unbacked stablecoin an improve the problem to the worse. Balthasar and DZ also are aware of this as they discuss this risk of dusd dropping an searching for a solution to that.

3. Back to the idea of negative interest Don Camillo from the german telegram group and me want to elaborate the idea of negative interest brought up by U-Zyn before. We think, that the idea of adjustable interest rates already implemented in defichain could fix the attraction of buying dusd on the dex vs minting dusd. The higher the interest rates, the more expensive it is to mint dusd so it might be cheaper to buy on the dex. Negative interest rates would make it very attractive to mint dusd, as the loan melts away by its own.

The first problem of negative interest would also be the creating of unbacked and therefore infinite dusd, if the loan vanishes via negative interest. Obviously we don't like that idea. We would like to suggest an idea, that uses the already implementet steering loops of the interest rates of the vaults and tokens. We think there is potential to drive the price up and down.

4. Conclusio, proposal to discuss

We would like the idea that there might be an selfadjusting system that could rise and lower the attraction of buying or minting dusd via dfi like a pendulum oscillating dusd around 1$ creating a homoeostatic system. A homoeostatic system needs feedback loops and indicators.

The indicator would be the price of the dusd beeing higher than 1 (+Loop) or lower than 1 (-Loop)

a)The Minus-Loop is clear: To much dusd->cheap->shortage needed->interest rates higher->less attractive to mind/more attractive to buy->buy pressure on the dex->price rises->loop again until price ist 1

Cost of interest is payed by the one who owns the vault/takes the loan. The interest goes to the system to the dusd pool lowering the buying fees to make it more attractive to buy.

b) as U-Zyn proposed a negative interest should initiate the feedback loop to lower the dusd price when it is plus 1. The Plus-Loop.

Problem of unbacked dusd by melting loan could be used as following: dusd too expensive -> more dusd needed ->interest rates lower/negative interest rates, maybe shortterm high negative interest rates->more attractive to mint/less attractive to buy->lowering buying pressure/selling pressure for arbitrage reasons.

Cost of interest is earned by the one who owns the vault/takes the loan. The interest comes from the system/the selling fees, lowering the price of the dusd.

We'd like you to share your comments and discuss about establishing a kind of these feedback loops so that the chain can keep the homoeostasts on its own. As we are no technicians we are not aware of the coding issues. And maybe we need further research on the system balancing itself and how to modulate fluctuations and prevent escalation. Maybe on the beginning the masternodes vote on these fees to collect data and a research project could be done supported by the community.

5. Outlook As we also liked the idea of Balthasar to be able to pay back loan with dfi, there might be investigation if this could be implemented as long as there is no balance or if there is no balance. Maybe in the background this transaction could run via the dex pool and be part of the balancing mechanism.

[uzyn]

Voting is opening from Friday, 17 December 2021 23:59:59 UTC.

Please refer to https://github.com/DeFiCh/dfips/issues/100 for other key dates.

[Mbeoida]

Did you guys see what the proposal already caused? dToken are/would be the next asset having 30%+ missmatch. It represents the real value: risk and opportunity. The current proposal seems to be too narrow (dUSD=USD might not be the "only aim" we should taeget at...), and does not consider a holistic view on the ecosystem. There needs to be a closed loop arbitrage possibility, ensuring all dtokens still to be backed by crypto.

It's not all about marketing...

[derstrecker]

As we already can see: To lower the dUSD will lead to an increase of value in the other dToken. There needs to be a valve and it doesn't seem to be the case with this proposal. An open-book unbacked USD-token maybe won't be accepted by exchanges.

It would also be beneficial if you can then buy dToken directly with dUsdc / t, i.e. also add these pools. Of course, with maybe 20% DFI as a third party to be able to enter the Pool for LM, a kind of "gold standard", the lubricating oil in the engine. Why should I, for example, go to a dTSLA-dUSD pool when I can currently have it 15% cheaper in a dTSLA-dUSDC pool? This depresses dUSD in favor of the other stablecoins, as demand falls. And DFI is still in demand because it is the gold standard. Of course, if both pools have roughly the same APR.

I think that finance professionals who can think in terms of complex equilibrium systems have to work here. I don't think this should be solved fast, rather than ideal.

[KevinSoell]

Awesome! I love the team work & enjoyed the open discussions 🙂

I agree that it's definitely not the ideal solution. But from a marketing perspective, this is more than overdue. In my opinion, if we lose too much momentum, the implications could be much worse than waiting any longer.

I mean, how do you want to promote something by saying: "Hey, this is so cool, but... be aware that you lose ~30% of your money instantly before you can earn any money. Enjoy!"

Let's rather do small & fast steps instead of playing "Mr. perfect" (which doesn't exist anyway).

[muirglacier]

I think if we trial it with DUSD first, and it all plays out well, we can open up paying other dToken loans with DFI in a blink of an eye - solving the dToken premium as well!

Ayyyyye Sir, let’s go boys!!!

[dDdefi]

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[defiaal]

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[Matt283]

Explaining to anyone new to the chain that they pay a premium for a stable coin isn't going to work. It's a pity it wasn't predicted. This needs correcting, we don't want to rush, but we don't have months. The proposals have been discussed in length and the whole community has had a chance to openly discuss their concerns. Governance can and should be improved in future - but my view on this change is we do adopt it (but let's document any risks and have a plan if there are unintended consequences). Then move forward and build on! One chain, one community!

[otto1593]

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[DTenere]

"Wisely, and slow. They stumble that run fast.” William Shakespeare

Why introduce a not perfect solution where everyone have concerns. I don't like to be the one pointing out the dangers like a grandpa but I really feel the risks here are under estimated by far. Yes we are in momentum, maybe maybe not. Something unexpected happened with the Fort Canning update, what is preventing it this time?

Are we really in a time critical phase? I highly doubt that and here is why:

(Worse) Case scenarios:

1. Scenario Not perfect emergency update works. DUSD moves, dToken premium shifts what is the gain here? We act like we did something but it didn't fix the system. Would new users come in? I highly doubt that. The system still needs to be updated later again. Maybe remove some functions again which are additional risks.

DFI price goes to 5$ (best case)

2. Scenario Waiting two more weeks for a "perfect" solution where at least no doubts are there before introducing the idea. Intensive debating in the community and so on...

DFI price goes back to 2,50$ (short term worse case) Long term (two weeks more) I see the potential to 20$-50$ if everything works properly

3. Scenario Emergency update fail. Not all community members where asked. The mood will be so down. A lot of people will be disappointed.

DFI price goes to 1$

You see there is not much to win but much more to lose. Let us give more time. We are not small anymore there is a lot of money on the line for everyone of us...

[muirglacier]

@DTenere i do not see as much of a problem with dToken trading at a premium, after all they are not the real stock, but a USD stable coin should remain stable and pegged in my humble opinion.

[goldi147]

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[HelmutSch]

Stable has to be stable as quick as possible. Let‘s go for it.

[For-DFC-Voting]

Why introduce a not perfect solution where everyone have concerns. I don't like to be the one pointing out the dangers like a grandpa but I really feel the risks here are under estimated by far. Yes we are in momentum, maybe maybe not. Something unexpected happened with the Fort Canning update, what is preventing it this time?

As it's not my domain of expertise, I usually refrain from arguing about economics, but I agree there: if an emergency fix is made, it already sends the message that things were not planned correctly, but if it's the wrong fix, it's a double whammy (or more depending on how many are added later)... If every fix makes some people lose some money, it's definitely going to ruffle some feathers, and if there's more than one fix, well...

Is there any relief planned for people negatively affected by such proposal? If the ups and downs of the market screw with you that's one thing, but when the rules change on you, that's seems like a good way to lose people.

(Having written that I like the idea of adding long term incentives to minting first, ones that don't have any negative impact and take it from there. I would naively assume that the less rare DUSD is, the less expensive it should be. Frankly I don't understand why support for LM and MN tokens as collateral to the vault was not there day-1, these are primary DeFiChain assets and they both have at least 50% DFI in value, and of course both of these could also make the loans repayable without user intervention/forking anything [else], which is a nice way to market it. That also gives people another way to fight impermanent loss. Anyway.)

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[DTenere]

@muirglacier the DUSD is only there to trade dToken in DUSD. Otherwise there would not even the need of using DUSD one could just use DFI like in the other pool. So obviously it was intended that the dToken trade without too much of a premium. I don't have a problem with small and reasonable premiums don't get me wrong. I am just concerned if the premium after the fix will be around 30% or more. And then an other fix comes bringing that premium down. Why should anybody put his money on that risk? So my understanding was bringing dStocks for everybody. And when introducing it to the public the rules should be clear and fixed, like a solid system like a foundation. Those people may just want to buy dStocks that's it. There should not be the risk of changing the rule later which will aging cause more harm. And our customers running away to the next project where everything is working fine. So what I am trying to say is. Is the community sure it's OK dtokens trade with the premium of about 30% for ever? We cannot keep changing rules frequently. This will just be worse than waiting a little more time to find a better solution. Because I believe the solution are there just maybe not heared or discussed properly due to the rush. IMO

[dfip-voting]

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[dfip-voting]

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[defichain-mn-8P24-krmb]

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[RHe-Crypto]

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[Necray]

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[MasternodeOwner]

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[Pierozi]

I support this proposal and will give another vision of why we need dUSD at $1. Correct me if i’m wrong as I don’t want spread miss information.

Blockchain relies on a circular economy. Vault gives you the opportunity to mint dToken by collateralizing min 150% of the loan in DFI both dToken and DFI prices are provided by Oracle that bound to spot market price.

dToken present in LM has been mint by someone that took a risk to expose his Vault collateral to liquidation and lose the opportunity to get Staking or LM of that collateral.

the liquidity pool rewards you in DFI and at some point want to pay back your loan and swap DFI for DUSD. By doing so you are creating sell pressure as the ratio is unbalanced.

Saying that spread is not important because you get a high reward is missing the point of circular economy and the real value of your dToken provided by Oracle on the Vault.

Arbitraging by swapping DFI for USD and selling your DFI on the Spot market is not a solution as arbitrage a stable coin with a collateralization ratio is not profitable and would always result in a spread.

[MyVotes]

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[Oliver2119]

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[123bumblebee]

I mean, how do you want to promote something by saying: "Hey, this is so cool, but... be aware that you lose ~30% of your money instantly before you can earn any money. Enjoy!"

Why would you have to explain that, if the premium would just stay at a constant rate? Everyone could sell at the same premium as it was bought. I think it is rather that people loosig money because of this cfp. because a price shift is made. Just imagine someone bought dusd at 1,30$ and now the price gets shifted to 1$ and he wants to sell his dusd. --> loosing money. Just as the idea from Julian and others to make easy profit now by minting dusd than selling high for dfi, wait for the change to 1$ und buy back low. --> this profit has to come from somewhere. Its the money that others may have to loose in case to make this work.

I think thats something that should be kept in mind in this process and with further promotion.

[10085998]

Awesome! I love the team work & enjoyed the open discussions 🙂

I agree that it's definitely not the ideal solution. But from a marketing perspective, this is more than overdue. In my opinion, if we lose too much momentum, the implications could be much worse than waiting any longer.

I mean, how do you want to promote something by saying: "Hey, this is so cool, but... be aware that you lose ~30% of your money instantly before you can earn any money. Enjoy!"

Let's rather do small & fast steps instead of playing "Mr. perfect" (which doesn't exist anyway).

But what does this proposal achieve? In my opinion nothing. Ok the dUSD has then a value of 1$. But the dStock tokens have then an additional price of 30 % - 40 %. So in sum you have achieved nothing. The problem is bigger what is to solve. The dUSD and dStock tokens must represent the oracle price on average. About this problem everyone should think about and solve this problem in a accurate way, also if this takes some time. Then marketing can be aggressive and very successful and DFI will reach the moon.

Unfortunatly I have not the money to buy a masternode, I would vote for no.

[eipiEN84c]

I would like to vote for yes ... do I need to push a button somewehere?

[10085998]

I would like to vote for yes ... do I need to push a button somewehere?

You need a masternode and then follow this instruction: https://github.com/DeFiCh/dfips

[KevinSoell]

But what does this proposal achieve? In my opinion nothing. Ok the dUSD has then a value of 1$. But the dStock tokens have then an additional price of 30 % - 40 %. So in sum you have achieved nothing. The problem is bigger what is to solve. The dUSD and dStock tokens must represent the oracle price on average. About this problem everyone should think about and solve this problem in a accurate way, also if this takes some time. Then marketing can be aggressive and very successful and DFI will reach the moon.

In my opinion, it achieves 2 things:

1. We can make the dUSD - DFI pool stable at a price close to the oracle. So the entry-part into the system will already work.
2. We can see the effects on a "small scale" to gain further knowledge about how to address the stock price issue. So that we can fix this as well with more certainty than we had before.

[addictedtocookies]

I don't understand: It obviously was always expected to have this dUSD at 1$.

Why was nothing in place before the rollout of this "Fort Canning Update" to guarantee exactly that? If you just let the market decide the price - of course it will not be 1$.

Also, I don't understand the extreme pressure to get a (in my opinion) not well thought patch fix out as soon as possible. Why not make a solution which can stay forever?

What I also don't like: What about the Cake customers? As far as I know, they did not have the opportunity to "mint" dUSD - only to buy, so they can participate in the liquidity mining. When we do this patch fix now "as soon as possible" all Cake investors will lose a huge amount of money (30%?) in an instant.

I think the executive leaders of Cake need to inform the customers about this "patch fix" and that they will lose money when it goes live (which it probably will). I am sure a majority of cake customers are not even aware of this incoming fix.

Overall, not very happy about the situation.

[bfhcsnjw]

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[agentswitters]

I really am concerned to establish a short term benefit by long term costs.

In a more philosophical approach i would like to keep an bird's eye on the things happening. I guess as we are in defi blockchain land we tend to share a philosophy leaning a bit more to Mises than to Marx.

As much as I appreciate to keep an eye on the momentum, i ask myself what arises the fear that supply and demand are not sufficient for balancing the system.

The role of the masternodes in a DECENTRALIZED FINANCE blockchain should be more like a cartel office/antitrust division/Kartellamt/Office of fair trading and NOT to act like a CENTRAL BANK. We should not allow unbacked currency, because if we create unbacked currency afterwards we will allways hazzle to try to control its flaws. We should instead install a working feedback loop system for rising and falling prices of backed dusd.

dStocks in my opinion are completely different. dStocks are freely traded and if dTSLA is more attractive than Tesla stocks because of rewards, it will of course be of a higher price so a premium seems logical to me. I am pretty sure taht because of the minting system the price of dTSLA will allways correlate with Tesla stocks. There is no need to fix them to the oracle. They will come closer to the oracle with the rewards going down.

And please everybody: DON'T CALL IT AN EMERGENCY. It isn't. In marketing terms this is horrible selfdestruction. It is just a balance fix. Dusd is quite stable, just a little higher than usd. It moves with usd not with dfi. Thats fine. There were some minor problems after Fort Canning that made people feel a little uncomfortable. To adjust balance is more like caring for your healthy diet. It is no heart attack.

[lukma0201]

signmessage 8NvE9Uzkq31iPQnTBFAAKmN5YkCaxbByZc cdfip-2112-a-yes H7zU0784HHmv59RyULIbDbrinzMvT+MLBQaYD5GV0qMZcKGACJq1Q8ziwX6hgBG4tpFIiquWZQjImjcGJxQh7S8

[DeFiChainLover]

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[Mbeoida]

Short mind game:

DUSD=USD + dToken price deviates 30% to 50% + from Oracle price, what would happen, who would mint dToken other than dUSD?

1) someone going for a long term arbitrage strategy (selling dToken on the dex hoping for more people doing the same thing or the community to fix the next problem..)

2) someone having a long term short strategy on the corresponding dToken. Who would go short on a long term basis on most of those assets? Certainly not many people..(short medium/term yes, but long term..?)

3) someone don’t caring about their vault, being short on the colleteral

4) someone getting rewards for LM. As the rewards going to decrease over time (block rewards decrease, more people buying on the dex), I assume there is a tipping point at which more and more minting LMiners stepping out of the pools and (trying to clos(eing) there loans/vaults. The dex-oracle deviation would increase steadily and there is even the RISK for some kind of SHORT SQUEEZE when people need dToken the close their loans and they are extremely expensive at the dex…

Therefore I consider the current proposal to have MEDIUM to HIGH RISK to DESTROY THE WHOLE ECOSYSTEM when implemented on a stand alone basis! Only fixing the dUSD=USD value is simply a bad idea, that is only short term oriented and serves only current users. It won’t attract people coming into the ecosystem simply for the idea of crypto backed assets. I really have no solution to fix it long term, but I‘d rather stick to the current system than to a proposal that worsens the situation long term.

[angelocastiglione]

signmessage 8dJLcKddBnwXzzXBLeZLYqzHehfeB8UWa2 dfip-2112-a-yes IDZfDwTquI4vNeVduxbCUSUyyx9y/EBeQUpuBm2cZ0Pnc5IpaYW3xZ0KYHWvzP7lDsW52Y0w4nTSCLnK2IsT6NM= signmessage 8JgPSdyFpLTG1wAnxFHpuHjEoSmPBhHccg dfip-2112-a-yes IKOP4eOzZQEW6jm4LDrt4w8GVbaRH/kPGZKjipCZxumTEMIc2bl0nu1lUdd7h3r2RKxePQN3ysYEyYvsgwSSO+0=

[123bumblebee]

I agree to the core idea that dusd should be at 1$. But in the same way other dtokens should reflect the oracle price. This DFIP is just shifting the problem over to the other dtoken. In my opinion, thats not the solution. And furthermore this should not be done in a emergency way and I also dont understand why this should be done with a fix that is only a short term solution and also not 100% waterproof and comes with some risks as even mentioned by the DFIP-creator himself. In my opinion this seems dangerous and we should rather wait for a real waterproof, well tested and long term solution.

[123bumblebee]

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[derstrecker]

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