$1.26 7.35%
AMPL · 17w

Error in Rebase Formula?

Edit: I'm changing this post to hopefully give clarity to other people new to the project who might be confused. I fundamentally misunderstood how the lag term was being applied in the supply change calculations. I thought it was a moving average that depended on previous days prices. Instead it is a single factor that weights the supply change as if it were a 10-day moving average, *but only takes into account the single day*. In other words, it is simply a scalar to reduce the swings in supply. In my opinion it would be really helpful to add a description of the calculation and the current lag to the dashboard. Even looking at the dashboard didn't really help to fix my confusion. Per the whitepaper: "Each day, the protocol recomputes the supply target based on the latest price difference, and executes as though the targeted change will occur uniformly over the next k days without any memory of the previous day’s supply change." Original post: Okay, I'm probably just confused. Hopefully you can set me straight. In the whitepaper New supply = (Oracle $ - target price)*Old supply/Target This formula describes what's been happening in the rebases, but it doesn't behave correctly across a range of prices. Here is an example calculation for the last rebase using numbers similar to the examples from the Redbook. Oracle price: ~$1.5 Target: $1.00 Old supply: 100M New supply: **150M** **50M** = (Oracle $ - target $)*Old supply/target $ And yet if we look at the last rebase: Oracle price: ~$2.32 Target: $1.09 Old supply: 617M New supply: **696M** **696M** = (Oracle $ - target $)*Old supply/target $ So what the hell is going on? Looks like the price had been over $2 for the last month or so meaning the 10-day lag shouldn't be changing it that much? Shouldn't the rebase be closer to 2 than 1.1? What am I missing?
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