Ok guys we have found a very clean solution to prevent any further negative negative consequence on the $GNS token from the PnL

13 May 2022, 02:20

Ok guys we have found a very clean solution to prevent any further negative negative consequence on the $GNS token from the PnL and closed trades. We're disabling the minting on the DAI vault for a few weeks and instead we're sending 50% of LP fees so that the APY is still very attractive and worth it for DAI stakers. Therefore I removed the minting role from the DAI vault, however it wasn't the perfect solution because it prevents opening trades. Any open trade can still be closed don't worry, and opening new trades will resume again in 30 hours, just the time for the timelock to finish to give back the minting role to the DAI vault. Instead, I will put the blocks between refills to such a high amount that refills will never happen, and it will achieve the same goal. This effectively removes any further risk on the $GNS token, and doesn't create additional risk for DAI stakers as they receive 60%+ APY right now. This is the only solution from more than a dozen ones we've evaluated that was acceptable and that seriously eliminates any further panic risk in the very short-term, it will be the foundation for the next following weeks during which we will focus on removing positive PnL altcoins and turning the PnL curve back into profitable territory for the protocol. I really feel we've done an insanely great job at brainstorming this. We're keeping the best of all worlds, removing all risks, but still allowing volume on the trading platform and normal activity to continue! 💪💪