Idea: fix the pirate baking of YOU Quipuswap v1 pool

Ideas
#1

Problem: Quipuswap v1 YOU pool (KT1PL1YciLdwMbydt21Ax85iZXXyGSrKT2BE) is being pirate baked and LP providers don’t get any baking rewards (which are significant for 100k pool).
Root cause: the biggest pool lp sharholder is KT1PyVhKJpYGmQS9hoe2NxVdXeAFCDPW4w9J contract. However, it can’t participate in Quipuswap baker selection process for a pool because it requires locking the LP shares into a baker vote.
Because most LP shares aren’t participating in baker’s vote, this enables rogue bakers delegation of the pool to themselves at low cost because of low voting threshold and they grab all the pool rewards

The possible fix can be migration to Quipuswap v2 pool where only vetted bakers who are paying rewards are allowed to bake pools

1 Like
#2

Would better change to YOU/uXTZ pair IMO.

#3

Yeah. Plenty of ways to deal with it. Why lose money if we don’t have to. Can also upgrade KT1PyVhKJpYGmQS9hoe2NxVdXeAFCDPW4w9J with ability to call Quipuswap pool vote entrypoint

#4

What do we know about this contract and its deployer? He seems to be the one with the most interest to act.

#6

It seems to be connected to AirGap team (Paper GMBH), who is also team behind youves I think, it’s a multisig contract and main XTZ/YOU liquidity provider on quipuswap for KT1PL1YciLdwMbydt21Ax85iZXXyGSrKT2BE pool contract. It’s deployer address mentions can be found in Beacon docs and some other Paper materials

You can see how much rewards for pool were lost here to pirate bakers (almost all rewards for last 100 cycles): QuipuSwap YOU on tzkt.io, and everyone who provides LP there also loses their share of rewards, not just LP contract we are talking about. The deployer may be not aware about it because it doesnt impact any functionality. Pirate bakers who vote for themselves just don’t pay any rewards to the pool.

This is a known Quipuswap v1 pools issue which was fixed in v2, but it requires lp migration to the new v2 pool contracts. Or locking most LP in v1 contract voting to up the threshold significantly for veto and self-vote. Or moving liquidity elsewhere (plenty, youves, etc)

This issue also impacts Quipuswap UUSD pool (KT1EtjRRCBC2exyCRXz8UfV7jz7svnkqi7di - QuipuSwap uUSD on tzkt.io) as it’s main provider is youves LP uUSD/XTZ Long-term Farm (KT1RLGwCgeq2ab92yznQnJinpqy9kG13dFh2) also doesn’t participate in voting and thus pool also lost all rewards for last 100 cycles. This could be additional yield for youves farmers which was gone instead to pirates (and keeps going to them). Some community members try to fight with pirates by vetoing them with their own resources, but pirates just spin new bakers.

I just don’t know how to reach to Papers/youves directly with this, so they can take some action, so I came here

#7

You can join this telegram group .