| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-121 | Solution for refunding SafeBox fee to cancelled positions | Draft | Padzank (@padzank) | Solution for refunding SafeBox fee to cancelled positions | https://discord.gg/rPpPcMXSeU | 2023-01-26 |
Solution for refunding SafeBox fee to cancelled positions so people claiming back their buy-ins can return 100% of their BuyIn instead of Buy-In - SafeBox which is the case with current architecture.
To date, when a position is cancelled on Overtime, users are able to claim back their Buy-In but with SafeBox fee subtracted, which is currently taking up 3% of the BuyIn amount. This TIP proposes to develop a new contract that holds sUSD funds that are used exclusively in adding currentSafeBoxFee % on top of user refund transactions.
On-chain architecture of Overtime Markets is such that whenever a certain market is cancelled, users are able to reclaim their Buy-In. Since the SafeBox fee is subtracted in the transaction of purchasing the position, reclaims of cancelled markets are reduced by the amount of SafeBox fee meaning that users lose funds on cancellations. This was not an issue when cancellations were rare and negligible, but with expansion of Overtime's offering and new position types that entail frequent cancellations, negative impact on UX needs to be mitigated and allow people to reclaim the full Buy-In amount.
This proposal entails the Thales Protocol DAO to deploy a new smart contract that will act as a sUSD pool with the specific job of adding +100/(100-SafeBoxFee)% on top of all claims of cancelled positions.
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