[GIP-31/1] GEAR Strategy Cider’ed Liquidity

I don’t think set the fee still be 30% is appropriate for dealing with mev when the duration decreases to 7 days,seller needs to wait for 5 days before the discount drops below 10% , in this scenario,it is likely to see a significant increase in trading activity in the last two days of that duration,which may lead to bidding war again,2% daily decrease seems more smooth,just like initial idea, 30% with 14 days, lower the fee as decrease the duration.

Made a thread:

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Good morning, boys&girls.

I have shared code with developers and auditors, will also open it to you all in two days. I 'mcraping rusty parts and waiting for the auditor deadlines. Will keep you posted, moving fast ~~~

TLDR, my reasoning below (largely in agreement with GRIN)

  • 2+2 days seems to suffice every one, ok.
  • Here I see a lot of discussions. The numbers from ivangbi post are fine. Any one against-it? 0.015-0.30 looks to be supported by a few members, I don 't mind it very much. Ok?
  • Sell fee 25% as the fee start is enough, ok.
  • No more than 1 week for FairTrading, ok.
  • FairTrading fees go to LPs for 6 months duration.
  • Buy fee: no body seems to want care. Keep it at 0% = simpler logic?

I am observing consensus, glad. @ov3rkoalafied can report to me final numbers any time.


1) DAO capital

Suggest to purpose $ X K treasury regardless: either top up 0xcider (if < min) or in Balancer:

  1. I suggest for the DAO to supply up to 400 ETH of its own assets (20% of 0xcider min) in $eth in case the min range is not hit. In case the min is hit, the DAO does not need to do anything. Practically speaking, financial multisig should pre-sign the transaction to be ready during the last blocks, and withdraw the difference later. That is ok?

  2. In case 0xcider doesn 't need any capital (strictly = 0), DAO can make a GEAR/FRAXBP pool on Balancer (whatever asset the Balancer-Aura-Frax were offering the highest rewards for). This will strongen the relationship between DAO, and make liquidity deeper. More detailz:

2) Extra LM for LPs

ov3rkoalafied: I think the DAO could commit a small amount of GEAR for the first ~month.

Suggest doing it for 4 months (between 3 <> 6 in generalé) with open_end like the regular Liquidity Mining for passive suppliers. 1 month is too short, you will have to make a new program again soon after it. In the contrary, 4 months is enough for the market to stabilize and figure itself out. You can always vote and stop after ~2 months, easier rules.

1 month of extra LM from the DAO, at 10% APR (a bit low cuz there will also be APR from the cider’d fees) on let’s say $3m of liquidity would be 0.0167% of supply, or 1.6m gear tokens.
NEW: 4 months of extra LM from the DAO, at 10% APR (a bit low cuz there will also be APR from the cider’d fees) on let’s say $3m of liquidity would be 0.0668% of supply, or 6.68m $gears. Ok?

@ov3rkoalafied idea no2 needs a new proposal separately.


Perhaps this is an argument to change to 30%->0% with 3-4 days instead of 7-14 days for the fair trading period. @0xcider any reason for the fair trading period to be 2 weeks, or even 1 week? IMO 1 week is the longest it should be, but 4 days maybe OK? gets the “delay” down a bit more too. Curious what if any reasons are against it. Obviously if you make it too short then no one gets to participate, but I feel like anywhere 4-7 days might be OK.

So the remaining action items to finalize cider’d:

  1. finalize fee range [dao discussion]
  2. finalize fairtrading as 7 days, or potentially less [dao discussion]
  3. finalize 0% buy fee [dao discussion]
  4. write and launch proposal for additional light LMing program

Items 1-3 maybe should go to vote as a “finalizing” proposal should cider’d pass, before it launches (and none of those really affect code or audit right? or would any of those need to be figured out before dec 5th?)

EDIT: If we do a “finalizing” proposal, then I think that would be a good place to also propose payment for cider’d for his dev work.

4 day 's good. 7 day 's good. Less then 4 is too short. Instruct me what to hardcode.

Items 1-3 maybe should go to vote as a “finalizing” proposal

Yes, extra finalizing proposal with multiple choice?

In total, needed details & proposals for:

  1. 0xcider finalizing proposal [include all variables]. I will communicate on the audit prices and the name chosen before tomorrow. It’s likely ready sooner than I thought.
  2. LM proposal, this topic: [PRE-GIP] GEAR smol LM proposal - #3 by 0xcider
  3. DAO funds usage proposals: either top up 0xcider if the min is not reaching, or use $300,000 K in Baancer pool around middle of month January. Details are above.

Timing the market intensifies :innocent:


Who is taking care of it - Chainsecurity :star_struck: Start: Dec5. End: by the end of next week Dec11.

@ov3rkoalafied costs are to be within 16,000 USDC or less. Please include in final cider remarks.

I shall be sharing code with everyone by tomorrow evening, final commit. Anyone can look then.

While audit is ongoing, I will finish a simple interface for the 0xcider stages. You will not require an interface though, it will be either calling 1 function (for $gears holders) on Etherscan - or directly send $eths to the contract. Easiest interaction ever, boys&girls!


Monday Dec 12 is when multisig transactions can be prepared, while everyone is back to work. Should the audit find no major flaws, start of 0xcider can be scheduled as Dec13 Tuesday.

I will help instruct the multisig on what is needed, with the help of van0k if required.

This is manageable should there be no major flaws in code or multisig delays. Worst case scenario it would add a few days, but no more than a week. $gears shall all be liquid before end of Dec!


Early contributors are not able to claim their tokens before full transferability, because that would require vesting contracts to get “transferability” role. They are not getting it in my plan. No early member is able to take part in 0xcider, it 's only accessible to the community.


Almost final code-base. Make a freeze for auditors tomorrow.


Also in favour of 4 days being sufficient rather than 7 :handshake:

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4 days should be sufficient, more than enough time for people to do what they want.

The point of the fee is to turn MEV into long-form selling/buying. Liquidity can have a race to both buy and sell. If we only have a fee for selling GEAR, does that not create some artificial imbalanced buy pressure? We aren’t trying to be ichi here, don’t want to create a stairs up elevator down effect. I’m still leaning towards keeping the buy fee. The main reason I can see to remove it is if we are worried about demand. Ie, stairs up elevator down could be a problem in a bull market but in this more depressed and potentially more rational market it may not be a problem?

If these are all configurable values at the DAO’s discretion I don’t see why we wouldn’t want to have minimal buy fees right? If we can set it to zero even better imo, the lower the barrier to entry for potential $GEAR holders the better imo.

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Im gonna play the DAvocate here again.

I think 7 days pros outwiegh the benefit of reducing it by 3 days to 4 days total.

Some people, only visit crypto once a week, and this ensures they are included, and i don’t really see any clear benefit of the 3 day discount.


Yeah that does make some sense tbh.

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draft for comment: # [PRE GIP] Cider'd Final Parameters - Google Docs

Will see how the fair launch timing discussion progresses. I think 6 days would be nice, Dec 17-23rd. If there’s general agreement then could simplify the proposal.

Great job 0xcider, you may have saved our asses with this last minute big brain with barely any delay. Now peeps can’t be so mad…


@0xcider do you have a list of the proposed curve pool params?
One big diff between uni v3 and curve is fee for veCRV’ers. Curious what fee % is being used and what % will go to veCRV. In general my intent would be to imitate a uni v2 0.3% pool as closely as possible.

I ’ve taken params from yfi/eth as I feel the cases are pretty similar

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Interface is almost ready. All looking good for Dec13-th.

ovErkoalified also posted 2 related proposal to improve Cider’ed Liquidity model:

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