Hey there Empty Set Dollar Community! If this is the first you’re hearing about Empty Set Dollar, I’d recommend going back to read our first issue. In it we cover the history of ESD.
Week in Review
This week is a little quiet as far as news is concerned, but that is because people are working, and good work takes time. If you haven’t watched Community Call 3, I’d highly recommend that you do, as it covers both V1.5 and the under peg selling tax changes in depth.
V1.5/V2
V1.5 is on its way, a medium article and a Gitbook similar to V2 will be published in the coming week. V2 has paused development as V1.5 takes shape, with the goal of re-examining V2 in relation to a completed V1.5. The deliverables on V2 can be viewed here, and they have been on time thus far. The original vision for V2 can be read here. You can hear details about V1.5 on the community call here or by reading ESD Weekly Newsletter #5.
Under Peg Selling Tax
The other major change in ESD is the under peg selling tax. We are currently looking for an AMM that will work and support the functionality necessary. If you want more information on how the under peg selling tax will work, click here. Essentially, there is a tax for selling ESD under peg. The farther from peg, the higher the tax. This requires a rather complex AMM, but there are lots of options that are being looked at.
TIP 11 - Passed
This changed a couple key features for the way TIP’s work. First, a new TIP quorum threshold of 30m ESD representative of roughly 6% of the supply is now needed. Second, there is an under peg funding bonus for projects that are to be funded monthly. We don’t want to disincentivize those working for the betterment of ESD because the price of ESD is so far below peg. We need those people to work, so that ESD can return to the peg of $1. Thus, this TIP ensures that the monthly TIP’s are adjusted to USD value of ESD. This ensures that ESD has the very best people working for the project, and ensures that they continue to be properly incentivized to spend their time on the project. Read more here.