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autonomoussoftware / metronome

Metronome autonomous system
MIT License
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Price is daily auctions does not descend lower than initial supply auction floor #25

Closed Dareknotderek closed 6 years ago

Dareknotderek commented 6 years ago

While testing the Metronome wallet, the lowest price, even during the daily auctions was 0.0000033 ETH per MET. Even as minutes passed, the price did not descend with time.

Expected behavior should be that regardless initial supply auction floor price, during the daily supply lots, the price starts at 2x the closing price of the previous day's auction and descends to 99% of previous price every 60 seconds.

filcap commented 6 years ago

@patidarmanoj10, lets take a look at the calcPriceAt function and update the logic that sets the floor price to only during ISA

patidarmanoj10 commented 6 years ago

@filcap @twleung we can remove floor price check for daily auction but my suggestion would be to keep floor price in daily auction to prevent the MET price set to zero. This is scenario when there is no buyer for 2-3 days and price will touch zero after reducing it from 1 wei. Once price set zero it will never increase again ( i.e 2x when starting new auction)even if there is sudden increase in demand. Please suggest.

patidarmanoj10 commented 6 years ago

@jgarzik Please confirm. We may need update in owner's manual and mention floor price for daily auction too.

patidarmanoj10 commented 6 years ago

My further analysis - we already adding 1 wei in start price of new auction which can prevent setting price to 0 . Example below line.
_startPrice = (lastPurchasePrice * 2) + 1;
So I think we can safely remove floor price for daily auction and keep it only for initial auction as mentioned in owner's manual. If we want floor price in daily auction then may need update in owner's manual.

patidarmanoj10 commented 6 years ago

@jgarzik . Gentle reminder. please confirm whether floor price for daily should be 0.0000033 ETH per MET or 1 wei per MET. We will need change in either owner's manual or source code as per confirmation.

patidarmanoj10 commented 6 years ago

Fixed. Daily auction will have floor price 1 wei and initialAuction floor price 0.0000033 ETH