gdex-witness plan to update feed price algorithm for bitCNY as below:
plan for next update on bitCNY:
Pdex:BTS price in DEX in smartcoin
Pf: current feed price
premium: current premium
GS_price: global settlement price
scale= 0.5;
get Pdex, Pf, premium, GS_price;
black_swan_protection_price = GS_price*MSSR*1.01
while True:
get Pdex, Pf, premium;
if 0.5%>premium>-1%: ##just adopt the current median if the absolute premium is low enough.
feed price = Pf;
else:
feed price = Pf*(1+premium*scale);
feed price = min(feed price, Pdex*MSSR)
feed price = max(feed price, Pdex, black_swan_protection_price)
time.sleep(120); ##update every 2 minutes.
keep the BSIP42 logic, added GS protection logic, ensure the feed price is higher than market price and lower than market price*MSSR
bitCNY now has a premium of 2%+, if removing BSIP42 logic, the positive feed back effect will make price even lower and bitCNY in a higher premium, that is a disaster that actually can be avoided.
hope big proxy can support this updated BSIP42 as a temporary solution for this special moment.