Pinger incentive updates
TLDR: Update gasPriceOracle (dsValue) from 1000gwei to 200gwei.
The system rewards module is explained here in detail.
Rewards are auto adjusted, but in the absence of a reliable gas price twap feed, we use a fixed gas price, currently set at 1000gwei.
The treasury currently contains 189k RAI, but has been contracting in recent months.
The gas price since early this year has lowered considerably from when the system was first setup, remaining lower than 200gwei for the most part, with the exception of a couple of short lived peaks: Ethereum Average Gas Price Chart | Etherscan
This proposal entails setting the oracle at 200gwei, resulting in an 80% reduction spent in incentives.
risks: Contracts pay the call cost + 30% (debt popper rewards) and an increasing reward that goes from cost to 2x the cost (all other contracts).
After EIP 1559, gas price peaks last shorter, and price goes back to normal quickly. Brief peaks over the gas price set in the oracle do not affect the system negatively.
The rewards for popping debt on the accounting engine are profitable up to a gas price of 260gwei, and do not present risk to the system if delayed.
The increasing rewards are profitable for callers up to 400gwei gas price. This includes several critical calls (
relayRate on the rate setter relayer,
updateResult on the ETH OSM for example). This only becomes a problem to the system if the gas price is sustained above 400gwei for long periods. For some of the calls, there are external incentives that will make participants call them even if unprofitable (calling updateResult on the OSM to liquidate a SAFE, for example).
- Set gas price oracle to 200gwei
- Set gas price oracle to a different value (comment below)
- Do not change gas price oracle value