Looking forward to it!
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I would be happy to help test the update.
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Excited to help anyway I can.
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After talking with devs, the plan is following it seems:
- new oracle pool will be 3-4x faster, with 0.5% price change cap, so a whale needs to dump and hold for 2+ hours in order to take profit (with 2% stablecoin bank fee). Testing already started. A real pool will be launched in few days. Participants will be announced around the launch. Some guys will come from the old pool, but we also need for new participants. Participating in the oracle pool will bring some profit even (like few ERG / month but still).
- First, testing stablecoin will be launched, then its update will be tested with update tokens holders, then real contract will be launched.
- UI will support redemption from the old contract for long time.
I like @Nautilus idea of development fund very much, and would like to contribute a bit.
I think a lot of things around community will be reshaped now. The launch of SigmaUSD with $6M put into the bank in 36 hours was pretty shocking. During the few days after the launch I’ve witnessed a lot: shorting whale (with modified software), mempool wars, anon-real announcing donations for UI devs, attacks on proxy contracts etc.
Ergo is not small anymore, especially after the Hardening Upgrade. There are hundreds or even thousands small miners around ( Ergo (ERG) Autolykos | Mining Pools ), new devs are joining and will join with successful launch of apps, exchange listings coming regularly now, some big guys are going in (it seems), and so on.
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That recovers my initial shock. Great to see you being talkative; now i consider to stay. Thanks!
And I did talk about sigmausd.io , as UI is fully open-sourced, you can always self-host UI.
The contract is fully autonomous so will live like forever.
Please note that SigmaUSD incident is quite different from DAO hack etc:
- Contract works as prescribed, and has no problems per se
- Oracle pool worked as prescribed also
- The problem lies in interaction between the pool and the stablecoin contract, and also parameters of the contract.
Thus with new oracle pool, updated fee, and more flexibility we’re going ahead.
Still, please invest responsibly, consider different strategies (LONG/SHORT), combine trading SigmaUSD bank with trading on CEXes etc.
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I am quite interested in running an oracle (and/or eventually pool) but before I get started building, I know that Robert recently said in the Discord oracle-pools channel that anyone can follow the repo instructions to build an oracle, but acceptance into the current pool is not guaranteed and is only open to trusted parties (not surprisingly). I am fairly new to the community overall so I wasn’t sure what it would take to become a trusted party and able to participate. Also, as a second question, if I do end up with the opportunity to assist with the governance on any level, will that present a conflict of interest if I was also running an oracle?
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Current oracle operators:
greenhat - ergo-lib (aka sigma-rust) developer
scalahub - core R&D fellow
andyceo - small miner, worked as sysadmin for testnet and other servers in 2017-19
spirestaking - Cardano stake pool operators
psychomb - Cardano stake pool operators (https://stakhanovite.io/)
Moein Zargarzadeh - reference miners developer
@Kst20 - guy made video tutorials on running the node and the ErgoMixer on Windows
ollsanek - notable Russian community member
Marek Mahut from Five Binaries
We have like 3-5 tokens more.
For stablecoin bank update, current quorum is about @cymatic , @Armeanio , @ergo101 , @anon2020s .
Please let me know what do you think about that.
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Maybe we can get incontact with the whale who caused all this. He has informations on how we could have prevented his actions. What we could have done to make his actions worthless, or at least inattractive.
He seems to be a specialist in finding flaws, and he didnt act illegally, although i lost a couple grant ergs because of him…we would just need to code Ergomail, to send messages to ergo addresses…
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It would be awesome to talk with the whale, but I am not sure that he will appear.
Current status:
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we’re testing oracle pools with shorter data delivery (15-20 mins on average) (@scalahub is leading those efforts)
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we’re reviewing bank update contracts. They were done and tested back in November, but anyway.
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Currently we have 13 folks for an upcoming oracle pool. 1 or 2 more slots available. You need to run a node and also node software (compile it from Rust sources first).
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For bank update, we need for 1-2 more folks running the nodes and more or less known in the community.
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Contracts are now put into an EIP draft: EIP-0015: SigmaUSD Contracts by kushti · Pull Request #28 · ergoplatform/eips · GitHub
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Would a message via NFT Name/Description, that then deposited into his wallet would be the best way to try to establish contact?
Thanks for the status update.
Would love to assist with either an oracle node or node to help bank. I am also curious if we would try with a raspberry pi 8gb for any of these projects or if I should use my more serious hardware (64gb ECC 8 core etc / 2 fiber / backup power for redundancy / mellanox datacenter network cards).
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+1 vote adanorthpool for the bank contract.
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- 1 for Adanorthpool
He is an active member of the community, brings skills/experience to the table. He would be an asset for the bank update.
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8gb raspy should be enough. There is a guy in the community running a node with specific settings on Raspy 3 with 1GB RAM, and only 512 MB given to the node.
Updates:
- We’ve come to a simplified update contract (1 transaction instead of 2, simpler security).
- Tests for a pool with quicker data delivery done
- We’re testing oracle pool and then stablecoin bank (with @DarkSideOfBrrrrr ) with the simplified update contract
Then oracle pool launch and stablecoin bank launch, after testing an update for the testing bank contract.
Updates:
- testing contract deployed by @DarkSideOfBrrrrr
- new oracle pool update contract is successfully tested
So we’re going to test an update for a stablecoin bank and then establishing a real oracle pool and the stablecoin bank,
In the new bank contract, it looks like the min/max reserve ratio is going to stay the same at 400/800%. I know there was some discussion about making those values higher so I just wanted to confirm that they will be staying at 400/800.
Also, it looks like the cooling off height is still at 455,000, will that be extended or stay at 455,000?
For the testing contract it is 455,000. For a real one, not sure but maybe 455,000 would be good also (if the launch will be on Mon or Tue).
400/800 still yes, what are other options?
1 Like