PSP Re-Delegation Feature

PS Research Archive
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1. Keywords

smart contract development, PSP token upgrade, PSP staking policy, parameter update .

2. Simple Summary

Allow for unpenalized re-delegation between market maker staking pools.

3. Context

Currently PSP Stakers that wish to re-delegate to a different market maker are forced to put through multiple transactions and wait a 2 day waiting period as well as forfeit their current epoch rewards if their waiting period isn’t prior to the epoch’s end. With the introduction of longer epochs in PSP-IPΔ1 this waiting time would be increased to 7 days which is very inconvenient if you just want to re-stake aswell as detrimental to small holders who might not be able to afford that many transactions. This proposal seeks to add a one-click re-delegation to remove some of the friction for smaller holders in the form of fees and time, should the contracts allow it.

This proposal also optionally adds the ability for re-delegators to not loose out on the current epochs rewards when re-delegating. That is to say if I hold PSP and choose to redelegate right before the epoch ends I still accrue the rewards for my current market maker although my actual market maker does not change until the wait period is over(this is done automatically).

4. Goals

  1. Lower Gas consumption for Re-Stakers.
  2. Re-Stakers no longer have to wait to put through the second transaction.
  3. Re-Delegators still earn their rewards for the epoch even if their re-delegation occurs after this epochs end.

5. Means

There might be some friction with the smart contracts so this will first have to be deemed possible by the team. If possible it would require what I assume is some pretty minimal dev time.

6. Forward-thinking considerations

This opens up a new parameter for the DAO to manipulate. Perhaps we think that re-delegators are warranted a smaller wait time than unstakers. This way we could perhaps implement the 14 Day (Epoch Long) lock up for unstakers while keeping the 7 day wait period to delegators.

1 Like
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Heya @Tenzent and thanks for that proposal. I’ll let @disiaque.eth our scribe provide feedback on the form, just wanted to detail a few points on the technical side of things.

There were discussions along those lines already for a system similar to what you describe in the V2 of the staking module (I referred to it myself as “pool hoping”).
Its implementation in the current version is tricky, to say the least, considering there is no built-in function for it and each pool has different tokens and sPSP/PSP rates.

While I’m not a dev myself, this is where I’d disagree. For the reasons highlighted above, this would require a non-trivial amount of work. If there’s interest feel free to start up a research topic for suggestions and improvements on the staking.

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Hey @Tenzent ,

Thanks for your first proposal ! I personally find it interesting and very stimulating. It seems to me here that the technical contingencies will be determining for its realization, as you have already underlined… Let’s introduce a research topic on this theme and maybe try to get an direct answer from the “tech guys” during the next AMA: what do you think @tokenbrice ?

For the form of the proposal, I have made some suggestions below. Feel free to edit your message accordingly :blush:

1. Proposal Number & Name

PSP-IPΔ3: PSP Re-Delegation Feature

2. Keywords

Smart contract development, PSP token upgrade, PSP staking policy, Parameter update

3. Simple Summary

Allowing unpenalized re-delegation between market maker staking pools.

4. Context

Currently PSP Stakers that wish to re-delegate to a different market maker are forced to put through multiple transactions and wait a 2 day period. They also forfeit their current epoch rewards if their waiting period isn’t prior to the epoch’s end.

With the introduction of longer epochs in PSP-IPΔ1, this waiting time would be increased to 7 days which is very inconvenient if a staker want to re-stake, as well as detrimental to small holders who might not be able to afford the cost of thoses transactions.

5. Goals

This proposal seeks to add a one-click re-delegation to remove some of the friction for smaller holders.

It also optionally adds the ability for re-delegators to not loose out on the current epochs rewards when re-delegating. In other words, if a staker hold PSP and choose to redelegate right before the epoch ends, he still accrues rewards for his current market maker although those don’t change until the wait period is over (this is done automatically).

This proposal generates :

  • Lower Gas consumption for re-stakers
  • Re-stakers no longer have to wait to put through the second transaction
  • Re-delegators still earn their rewards for the epoch even if their re-delegation occurs after this epoch end.

6. Means

There might be some friction with the smart contracts so this will first have to be deemed possible by the team. If possible it would require some pretty minimal dev time.

7. Rationale

[In progress]

8. Forward-thinking considerations

This opens up a new parameter for the DAO to manipulate. Perhaps we think that re-delegators are warranted a smaller wait time than unstakers. This way we could perhaps implement the 14 Day (Epoch Long) lock up for unstakers while keeping the 7 day wait period to delegators.

9. Implementation Overview

[In progress]

2 Likes
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Woaw it’s like summoning the proposal genie, you come up a couple of hours later and here it is almost ready to vote on :heart_eyes: Thanks @disiaque.eth !

Indeed there would need to be specification of the implementation part of the proposal; that’s definitely a topic we can discuss at the next CC. Overall, rather than a proposal by itself, this change could probably be part of a broader update to the staking module as previously discussed.

Considering governance’s interest in this topic, I’ll see what I can do with Mounir and the rest of the team so that we provide you with additional context on the technical side of things for this question at the next CC.

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Perfect, I changed the title and moved it to PS Research so that we can dive into it further. looking forward to hear from the devs.

1 Like