search

grassrootseconomics / CIC-Docs

GNU General Public License v3.0
19 stars 6 forks source link

Double syth reserve and mint more tokens #50

Closed WillRuddick closed 4 years ago

WillRuddick commented 4 years ago

"WIthout changing price double our existing tokens." - seems this is not possible with the Bancor contracts anymore.

So I suggest we simply mint more synthetic reserve tokens and add them to the reserve on the bonding curve (and make sure to not show the resulting price to users).

If we add 2Million in reserve (for a total of ~4 Million in reserve) we will create 1,513,656.9 Sarafu and the price will go up to 1.6818*

*The 'exchange price' menu option needs to just show 1:1 with kenyan shillings - because we are simply buying them off right now. (eventually this price will need to be dynamic and linked to the spot price on the blockchain but for now just 1:1 is fine. **)

** note that when we move to xDAI the exchange price we show users will have quite a bit of dynamic calculation,.

WillRuddick commented 4 years ago

ideally Louis could test his depth bump function

WillRuddick commented 4 years ago

this should mean take ownership of token back from converter, mint, then give back ownership and double reserve .. test on dummy tokens 1st

WillRuddick commented 4 years ago

@nolash and @enjeyw see updated description at top (depth bump not an option) so lets just add on Bonding curve.