Proposal: Make rebase time rotating - more fair for all time-zones globally.
 | By: Titus July 19, 2020, 6:07 p.m. |
Hello AMPL community and team.
I am not sure if this is possible. But I have a proposal, to deal with the current fairness of the rebase time.
1. Problem:
Currently the rebase time is suboptimal for certain timezones, for example europeans, because the rebase occurs at 4am in the morning. This way its hard for euopeans to position their buy/sells nicely to profit from rebase swing trading.
2. Solution:
Make the rebase time rotating. For example instead of every 24h make it every 24.5 or every 23.5 hours. This way rebase time will be fair for every timezone.
3. Examples:
There is a project called vether which has a similar solution for a timed event.
4. Source:
https://vetherasset.org/whitepaper "Vether is auctioned off in Days of around 23.5 hours. ... The overlapping time periods ensure Day and Era changes happen across different time periods and seasons globally."
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Yeah it's an interesting suggestion, and one we've thought about as well.
The very first implementation didn't have a defined time-window at all. It only enforced that at least X hrs passed since the previous rebase, and we expected that this would rotate across times of day.
To ease integration with centralized systems like exchanges, we registered the rebase calls against defined time-windows. This also helped the user experience in some ways, because it added a measure of predictability. The first time-window we used actually started at 8PM UTC, to coincide with the close of markets (4pm Eastern).
The current time of 2-2:20am UTC was chosen simply for engineering reasons. Our oracles need to receive the 24hr Volume Weighted Average AMPL/USD price. Almost all data aggregators, which the oracle draws from, calculate this 24hr VWAP rollup value from midnight-to-midnight. After you leave 1 hr for data processing and submission to the blockchain, then 1 hour for the oracle security delay, that leaves you at 2am UTC.
Before we could move the rebase window, we'd need all these data aggregators to support aggregation over arbitrary time windows.
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