GIP-50: Temporarily remove the withdraw cancellation request fee

Authors : @RP2743

Summary : Goldfinch should allow users to cancel their FIDU withdrawal request with 0% fees for a longer period of 3 months (one quarter) to give users the opportunity to reconsider their withdrawal.

Motivation : GIP-44: was introduced to offer a temporary, short-term window of 28 days to cancel outstanding withdrawal requests for 0% fees, which was the simplest implementation to be done without any code changes. However, in times of macroeconomic uncertainty, storms in the crypto industry and unpredictable future community members are becoming tempted to make impulsive decisions whether to withdraw or not to withdraw their liquidity. This also does not contribute to estimating the withdrawal pressure. Community members keep expressing interest in removing withdrawal fees for a longer period of time to be able to operate with their capital freely. Finally, with the current state of ETH gas fees and GFI rewards distributions for the senior pool, it is unlikely that members will actively move their FIDU in & out of the withdrawal queue in order to game the rewards.

Benefits : Community members will become more confident in tomorrow and less likely to panic if they have access to their capital. This should also decrease frustration level and amount of complaints among community members.

Downside : Missed revenue opportunity for the Protocol Treasury from charging cancelation fees for a period of one quarter

Yes: means remove the withdraw cancellation request fee for a period of 3 months (one quarter)
No: means keep the withdraw cancellation request fee at 1%

1 Like

I fully support the proposal, which will give users more time to make financial decisions.

This proposal makes a lot of sense and is a natural extension of GIP-44 given the current market conditions

I agree that this initiative should be extended, so I will vote “Yes”

My vote is “YES” the proposal, which remove the withdraw cancellation request fee for a period of 3 months.

I vote “Yes” to this proposal as it helps ease investor’s dilemma in the current macro conditions

giving users more time to make decisions would be the right decision

GIP-44 already considered a 28-day period during which it was possible to cancel a withdrawal request without fee. Then I voted “YES” because it was the first proposal of this kind. Everyone could cancel their thoughtlessly made requests.
If it was necessary to introduce a period with zero fee again, then people continue to do the same ill-considered actions. And will continue to do so in the future :slightly_smiling_face:
If a large part of the active community thinks this is better for the development of the protocol, I will again vote “YES”.

Good initiative, I personally see no reason not to implement it.

// Yes.

My Vote is Yes removal of withdraw removal will won’t spread panic among community

Council has approved the proposal

Can we discuss extending this for the next quarter? This is healthy because it allows investors with large positions to explore OTC deals while remaining in the withdrawal queue. Given the lack of FIDU liquid market, it seems important to leave this option for investors, while the team works on a new feature to allow FIDU holders to signal their interest in buying or selling FIDU.