Degen

I wanted to see how much damage overstaking is doing so I finally sat down and figured out how to write a Dune query.

Since this is my first query, I welcome someone checking my figures/calculations, but it looks pretty valid to me.

If you don't want to click through, here's the results as I write:

Lost Allowance Amount:            392,174
Total Overstake Amount: 	   33,989,745
Total Locked Amount:        390,023,685

                        Below Allow. Cap   Above Allow. Cap
% of Stakes     81                           19
# of Stakers    6,736                      47
Staked Amt.    315,298,133           74,725,552

So about 9% of allowances are lost that could have been distributed to smaller stakers because of overstaking. 

Some people may think that's no big deal, but it is to me. Small stakers need all the help they can get and their allowances will continue to go down as more people lock up their DEGEN. They are stuck for 3 months like this...

I wanted to see how much damage overstaking is doing so I finally sat down and figured out how to write a Dune query.

Since this is my first query, I welcome someone checking my figures/calculations, but it looks pretty valid to me.

If you don't want to click through, here's the results as I write:

Lost Allowance Amount:            392,174
Total Overstake Amount: 	   33,989,745
Total Locked Amount:        390,023,685

                        Below Allow. Cap   Above Allow. Cap
% of Stakes     81                           19
# of Stakers    6,736                      47
Staked Amt.    315,298,133           74,725,552

So about 9% of allowances are lost that could have been distributed to smaller stakers because of overstaking. 

Some people may think that's no big deal, but it is to me. Small stakers need all the help they can get and their allowances will continue to go down as more people lock up their DEGEN. They are stuck for 3 months like this... 

https://dune.com/queries/3912382

GenX girl who learned the hard way 🔹 lifelong artist 🔹 software engineer 🔹 curator of conversations 🔹 made /blend-o-rama 🔹 thinks you're cool

After thinking about these results for a while, it also occurred to me that the extreme overstakers (those staking multi millions) also pushed the amount to stake for the cap allowance higher than it needed to be (about 830k now).

If everyone had capped their own staking to like 500k then things would look a lot different, I bet. 

I will think about how to simulate that.

I made another query that lets you simulate what things might be under different total daily allowance, allowance cap and staking cap scenarios.

Try it out and see if you can get better outcomes than I did.

Just adding a staking cap of 800k got rid of almost all overstaking and helped push the minimum stake for maximum allowance (MSfMA) down too. It's too late to do that now, of course, but capping staking at 1m would have been a good idea for everyone. Not enough thought went into this beforehand.

Adjusting the allowance cap down makes the MSfMA go up, and that's not great, even though it helps reduce overstaking.

Adjusting the amount of daily allowance doesn't have an affect on overstaking, but can lower the MSfMA which really doesn't mater now that most people who were going to lock have already done it.

Capped staking would have been the real fix for this so that's sad. Not sure how to adjust the allowance algo without some really fancy math now.

https://dune.com/queries/3912919

I did write another query where you can plug in the numbers to play with things yourself if anyone finds this thread.

I did write another query where you can plug in the numbers to play with things yourself if anyone finds this thread.

https://warpcast.com/bluecockatoo/0x5fdf5770

Invisible Gardener. Regen practices. Degen research. Building StatelessDAO open source co-ops. Pixeloodles & Degenomemetics:  https://zora.co/@invisiblegardener

Yeah it's "working" for the devs who want everyone to lock everything so sales can't happen and the price doesn't fall and the whales who got in early and don't have to extend their locks by topping off to keep their allowance at maximum and can exit before everyone else at the end. 🫠

The plan was to incentivize locking so it's "working". 

What's NOT working is that the original 5 million daily figure is shrinking in practice.

Here's my suggestion: adjust the allo reserved for the Openrank boost. 
Right now it's 500k, can be more than doubled if it includes the current lost percentage.

20 $degen