Market Proposal [Testnet Incentive / Fairground Governance games]

Zoume_0x · August 6, 2022, 10:10am

Thanks everyone for the voting and constructive feedback.
I will tackle everyone by one.
Also i will update the initial post with the rationale behind why we are doing it together this way rather than otherwise. In fact, we are also testing here a new, dynamic and more effective way to build some kind of consensus about a proposal.

Also, everyone is part of the proposal formulation. And the ones who contribute with forking the template and initiate one out of the target market set. Or even challenge the chain with something very close or same. Will be added to the group of market originators. I have stated in the first post, it is an open set for every market originator contributor to hop in. That is the new market proposal governance paradigm we are trying in here.

Zoume_0x · August 6, 2022, 11:19am

Yes when you commit you need tokens on your vega network wallet

Zoume_0x · August 6, 2022, 11:21am

I am raising that question as well.
There is a little piece written about it on the documentation.
I ak asking about that on github/feedback as well as discord
You can follow the discussion here,

Zoume_0x · August 6, 2022, 11:28am

Great point. In fact i raised the same question while working on that part.
But i had to start testing option over the span pf possibilities.
I started with referring to the pair as tEUR and tUSDC for the oracle and it worked.
I had as alternative to pass EUR and USDC to the oracle and those values should be valid for test tokens as well. The rationale for the first option was, maybe vega does the association internally or maybe the testtokens as already known to the oracle.
And true, the oracle used is the one referred to in the code repo and indeed the oracle tab in the explorer is empty for me too.

Love the observations. Try to submit a proposal and challenge the chain. We are testing. Thanks!!!

Zoume_0x · August 6, 2022, 11:36am

I think it is a great idea and please go on and let us know and collaboratively test our governance paradigm

Zoume_0x · August 6, 2022, 11:40am

It is relative. There is an internal mechanism controlled with some network parameters that relates the open interest to committed liquidity and bases on that we enter and leave auctioning.
Moving from here to adding liquidity is at the moment awaiting voting deadline, and participation requirement. The later is been raised on discord and github.
You can follow it here,

Zoume_0x · August 6, 2022, 11:47am

That is possible, let us keep that as last treat.
We should realise in that case, we are only going to submit a proposal for new token on the chain. We are not going to forward to a formal proposal, because of the open problem of participation threshold.

Here is the code to reach that. You can already start studying it and trying to learn about it using (in windows. For other os, see link below),

vegawallet.exe command send help
The code for new token proposal:
vegawallet.exe command send --wallet your_walletname --pubkey

your_public_key --network fairground "{
 \"proposalSubmission\": {
  \"rationale\": {
   \"description\": \"Update governance.proposal.freeform.minVoterBalance\"
  },
  \"terms\": {
   \"updateNetworkParameter\": {
    \"changes\": {
     \"key\": \"governance.proposal.freeform.minVoterBalance\",
     \"value\": \"300\"
    }
   },
   \"closingTimestamp\": 1658846745,
   \"enactmentTimestamp\": 1658933145
  }
 }
}"

Link for other os,

Zoume_0x · August 6, 2022, 12:06pm

Nice one. Man we are getting creative in here.

OK let’s demystify this one.

Theoretically i can even use a container of brad loafs as collateral and asset for settlement. I mean, anything of value. yes we do not need a ad-hoc permission by counterparties, because actually if you create something that is accepted or not much by others you will have no market for it. In the sense by mechanism of the market there will be no liquidity, no one would like to engage into buying and selling.
Now the problem is, what is the value of that container over time and what is its value at the same time for the different parties. Well for that you need a market and it is solved. So lets get back to futures again. Assuming there is a market for the collateral futures contract you want to propose. Theoretically, YES!!! Technically and operationally, challenging. because of more systematic risk, you are adding more risk from underlying assets used to cover you margin positions. Meaning the margin call/claim is not only dependent on the asset you entend to have leveraged long/short positions into, but also the collateral it is been secured with, not only initially but dynamically and continuously.
Vega programmatically. It is not possible because the settlement asset is read into found_asset_id and the exhausted set of those assets do not contain any futures contract right now. We can have what you want, like example, if it is possible to propose a perpetual futures contract or some synthetic token that tracks its value.

Zoume_0x · August 6, 2022, 4:35pm

[submit proposal]
You want to submit your proposal run this:
python ./propose-markets/propose-vote-enact-market.py

Zoume_0x · August 6, 2022, 6:24pm

[VEGA/tUDSC New Market Proposal] [IS LIVE!!!]
voting for a 0.5 day
enactment 0.25 a day after that

“name”: “VEGA/tUSDC”,
“code”: “CRYPTO:VEGAtUSDC/DEC22”

settlement asset: tUSDC

“base:VEGA”,
“quote:tUSDC”

Formal Proposal Parameters:

#VEGA/tUSDC
proposal = {
    "proposalSubmission": {
        "reference": proposal_ref,
		"rationale": {
            "description": "New market VEGA/tUSDC. VEGA stable coin value reference, safe haven for further investment decisions"
        },
        "terms": {
            "closingTimestamp": closing_time,
            "enactmentTimestamp": enactment_time,
            "validationTimestamp": validation_time,
            "newMarket": {
                "changes": {
                    "decimalPlaces": 4,
                    "instrument": {
						"name": "VEGA/tUSDC",
                        "code": "CRYPTO:VEGAtUSDC/DEC22",
                        "future": {
                            "oracleSpecForSettlementPrice": {
                                "pubKeys": ["c77fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "price.VEGAtUSDC.value",
                                            "type": "TYPE_INTEGER",
                                        },
                                        "conditions": [
                                            {
                                                "operator": "OPERATOR_GREATER_THAN",
                                                "value": "0",
                                            },
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecForTradingTermination": {
                                "pubKeys": ["c77fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "trading.terminated.VEGAtUSDC",
                                            "type": "TYPE_BOOLEAN"
                                        },
                                        "conditions": [
                                            {
                                            "operator": "OPERATOR_EQUALS",
                                            "value": "true"
                                            }
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecBinding": {
                                "settlementPriceProperty": "price.VEGAtUSDC.value",
                                "tradingTerminationProperty": "trading.terminated.VEGAtUSDC"
                            },
                            "quoteName": "tUSDC",
                            "settlementAsset": found_asset_id,
                        },
                    },
                    "metadata": [
                        "base:VEGA",
                        "quote:tUSDC",
                    ],
                    "priceMonitoringParameters": {
                        "triggers": [
                            {
                            "horizon": 43200,
                            "probability": "0.9999999",
                            "auctionExtension": 600
                            },
                            {
                            "horizon": 300,
                            "probability": "0.9999",
                            "auctionExtension": 60
                            }
                        ]
                    },
                 "liquidityMonitoringParameters": {
                        "targetStakeParameters": {
                            "timeWindow": 3600,
                            "scalingFactor": 10,
                        },
                        "triggeringRatio": 0,
                        "auctionExtension": 0,
                    },
                    "logNormal": {
                        "riskAversionParameter": 0.01,
                        "tau": 1.90128526884173e-06,
                        "params": {"mu": 0, "r": 0.016, "sigma": 0.05},
                    },
                },
                "liquidityCommitment": {
                    "commitmentAmount": "10000000",
                    "fee": "0.01",
                    "sells": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 2,
                            "offset": "2",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 1,
                            "offset": "1",
                        },
                    ],
                    "buys": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 1,
                            "offset": "1",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 2,
                            "offset": "2",
                        },
                    ],
                    "reference": "",
                },
                }
        }
    },
    "pubKey": pubkey,
    "propagate": True
}

zamarino_78 · August 6, 2022, 6:52pm

I have visited your feedback and i think you are totally right about the participitation restriction. Because o i have just noticed someone voted on a new market with huge voting power. I thin that is Vega Team led. No normal tester has all that Vega

boeboe_ziani · August 6, 2022, 7:16pm

So can we start task 3 on accepted market??!!
I am looking at console.fairground.wtf
Joyed to see our markets already listed, but not trading yet. I think that is because of the participation limit.

zamarino_78 · August 6, 2022, 8:44pm

Things going fast, snatch me some

voting for a 1 day
enactment 0.25 a day after that

“name”: “VEGA/tBTC”,
“code”: “CRYPTO:VEGAtBTC/16NOV22”

settlement asset: tUSDC

“base:VEGA”,
“quote:tBTC”

Finally added Vega/tbtc market proposal

#VEGA/tBTC NEW MARKET PROPOSAL
proposal = {
    "proposalSubmission": {
        "reference": proposal_ref,
		"rationale": {
            "description": "New market VEGA/tBTC. Expected to attract high liqudity and tx volume on Vega"
        },
        "terms": {
            "closingTimestamp": closing_time,
            "enactmentTimestamp": enactment_time,
            "validationTimestamp": validation_time,
            "newMarket": {
                "changes": {
                    "decimalPlaces": 4,
                    "instrument": {
						"name": "VEGA/tBTC",
                        "code": "CRYPTO:VEGAtBTC/16NOV22",
                        "future": {
                            "oracleSpecForSettlementPrice": {
                                "pubKeys": ["c77fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "price.VEGAtBTC.value",
                                            "type": "TYPE_INTEGER",
                                        },
                                        "conditions": [
                                            {
                                                "operator": "OPERATOR_GREATER_THAN",
                                                "value": "0",
                                            },
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecForTradingTermination": {
                                "pubKeys": ["c77fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "trading.terminated.VEGAtBTC",
                                            "type": "TYPE_BOOLEAN"
                                        },
                                        "conditions": [
                                            {
                                            "operator": "OPERATOR_EQUALS",
                                            "value": "true"
                                            }
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecBinding": {
                                "settlementPriceProperty": "price.VEGAtBTC.value",
                                "tradingTerminationProperty": "trading.terminated.VEGAtBTC"
                            },
                            "quoteName": "tUSDC",
                            "settlementAsset": found_asset_id,
                        },
                    },
                    "metadata": [
                        "base:VEGA",
                        "quote:tBTC",
                    ],
                    "priceMonitoringParameters": {
                        "triggers": [
                            {
                            "horizon": 43200,
                            "probability": "0.9999999",
                            "auctionExtension": 600
                            },
                            {
                            "horizon": 300,
                            "probability": "0.9999",
                            "auctionExtension": 60
                            }
                        ]
                    },
                 "liquidityMonitoringParameters": {
                        "targetStakeParameters": {
                            "timeWindow": 3600,
                            "scalingFactor": 10,
                        },
                        "triggeringRatio": 0,
                        "auctionExtension": 0,
                    },
                    "logNormal": {
                        "riskAversionParameter": 0.01,
                        "tau": 1.90128526884173e-06,
                        "params": {"mu": 0, "r": 0.016, "sigma": 0.05},
                    },
                },
                "liquidityCommitment": {
                    "commitmentAmount": "1000000000",
                    "fee": "0.01",
                    "sells": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 2,
                            "offset": "2",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 1,
                            "offset": "1",
                        },
                    ],
                    "buys": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 1,
                            "offset": "1",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 2,
                            "offset": "2",
                        },
                    ],
                    "reference": "",
                },
                }
        }
    },
    "pubKey": pubkey,
    "propagate": True
}

Oma · August 7, 2022, 6:34am

Great Discussions, here.
Learning a lot.

Zoume_0x · August 7, 2022, 12:10pm

At the moment i am awaiting vega network restart.
Then we will move forward to tackling task 3. There is a market that is most likely vega originated. We are going to run code for liquidity provision on it.

PS. You do not need the liquidity trading pair for commitment. All what we need is the settlement asset, which is faucetable.

All details with the code template will be posted at the time the network goes live again

Zoume_0x · August 7, 2022, 6:13pm

Buckle up boys/girls, LP provision template is ready.
All i need from here is to check the marketID after network upgrade.
All what you need is the network to go live to be able to connect and run the code with lp provision

Zoume_0x · August 8, 2022, 8:57pm

Summary [What is done]:

We have seeded proposals.
We have discussed the proposals.
We have adjusted and forked proposals
We have tested and counter tested proposals

Summary [What is next]:

We are going to submit proposal to the Team.
Team approves and it signals moving on to get enactment at time
We submit and follow the flow of execution we had tested many time in here. Do not forget to vote!!! Task 1+2 is concluded
We communicate the LP Template
Everybody runs the script. Task 3 is concluded

[Final Formal Proposal for Enactment]

#tEURO/tUSDC Proposal
proposal = {
    "proposalSubmission": {
        "reference": proposal_ref,
		"rationale": {
            "description": "New market tEURO/tUSDC. For FX hedging, value investing and funds transfer"
        },
        "terms": {
            "closingTimestamp": closing_time,
            "enactmentTimestamp": enactment_time,
            "validationTimestamp": validation_time,
            "newMarket": {
                "changes": {
                    "decimalPlaces": 4,
                    "instrument": {
						"name": "tEURO/tUSDC",
                        "code": "FX:tEUROtUSDC/SEP22",
                        "future": {
                            "oracleSpecForSettlementPrice": {
                                "pubKeys": ["c77fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "price.tEUROtUSDC.value",
                                            "type": "TYPE_INTEGER",
                                        },
                                        "conditions": [
                                            {
                                                "operator": "OPERATOR_GREATER_THAN",
                                                "value": "0",
                                            },
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecForTradingTermination": {
                                "pubKeys": ["c77fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "trading.terminated.tEUROtUSDC",
                                            "type": "TYPE_BOOLEAN"
                                        },
                                        "conditions": [
                                            {
                                            "operator": "OPERATOR_EQUALS",
                                            "value": "true"
                                            }
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecBinding": {
                                "settlementPriceProperty": "price.tEUROtUSDC.value",
                                "tradingTerminationProperty": "trading.terminated.tEUROtUSDC"
                            },
                            "quoteName": "tUSDC",
                            "settlementAsset": found_asset_id,
                        },
                    },
                    "metadata": [
                        "base:tEURO",
                        "quote:tUSDC",
                    ],
                    "priceMonitoringParameters": {
                        "triggers": [
                            {
                            "horizon": 43200,
                            "probability": "0.9999999",
                            "auctionExtension": 600
                            },
                            {
                            "horizon": 300,
                            "probability": "0.9999",
                            "auctionExtension": 60
                            }
                        ]
                    },
                 "liquidityMonitoringParameters": {
                        "targetStakeParameters": {
                            "timeWindow": 3600,
                            "scalingFactor": 10,
                        },
                        "triggeringRatio": 0,
                        "auctionExtension": 0,
                    },
                    "logNormal": {
                        "riskAversionParameter": 0.01,
                        "tau": 1.90128526884173e-06,
                        "params": {"mu": 0, "r": 0.016, "sigma": 0.05},
                    },
                },
                "liquidityCommitment": {
                    "commitmentAmount": "100000000",
                    "fee": "0.01",
                    "sells": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 2,
                            "offset": "2",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 1,
                            "offset": "1",
                        },
                    ],
                    "buys": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 1,
                            "offset": "1",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 2,
                            "offset": "2",
                        },
                    ],
                    "reference": "",
                },
                }
        }
    },
    "pubKey": pubkey,
    "propagate": True
}

luisin · August 9, 2022, 9:22am

Contribution : Copied idea to shiba inu proposal. DO SOME CAMPAIGN.

(Objective: To increase deposits of SHIBA inu and promote trading of SHIBA /TUSDC

• Deposit a minimum of $20 worth of SHIBA to the Vega protocol to qualify.
• Trade a minimum of $120 worth of the SHIBA/tUSDC to qualify.
• Winners will share a $5k TUSDC prize pool.)

Mayors exchange do it.

Zoume_0x · August 9, 2022, 11:08am

VOTE NOW HERE

[Update#04]

Community tested, tested against and discussed the different aspects directly and indirectly related to the proposal

final Formal proposal for tEURO/tUSDC is submitted to the Vega Team and it got green light to move on

New Market tEURO/tUSDC proposal is sent and been accepted by the Vega network.

Important to know

The proposal is open for 8 hours. The enactment is an hour after closing vote period
You have to vote NOW for incentive Task 1+2. Another words, just redo what we have been testing again on the final formal proposal for completing Task 1+2
Regardless passing/or not of the participation threshold. We are going to share the template and guide for completing the LP Task 3 of the incentive. That will be around 19pm/20pm UTC after the closure of enactment time of our own proposal

Zoume_0x · August 9, 2022, 4:04pm

[Update#05]

Our market proposal has passed the participation threshold.
Many thanks for the great support from the Vega Team.
Please everyone feel invited to get in discord and thank them. My shoutout to
daunjuan - (dan/dawn)#0591 / Nelson [CM]#9391 / Richnd#1047

Now, we await enactment and we will forward today to the final stage LP Template and guide communication. Keep watching next post(s)