Great work team! I was a huge fan of the original $SYI and firmly believe that the updated $PAY will be an even better product. Products like $PAY really highlight the benefit of having strong external methodologists - the analysis needed for this product is sophisticated and requires a deep understanding of DeFi money markets.
We spoke extensively with the DFP team around the streaming fee of 35 bps. Percentages matter a lot in money markets and we want to build a product with compelling and low fees. Add this to the fact that several of the components already charge a management fee and this split makes sense.
In regards to the fee split itself. $PAY is an innovative product that will require significant resources from both teams to execute. Scaling this product to the $100s of millions will require a large lift across DFP / Set / Index Coop.
It is important that we get the fee split right across our products - but it is also important that we continue to launch groundbreaking products. Using the original Methodologist Fee Menu as a rough heuristic - the complexity of the methodology alongside the initial seed liquidity and significant work that is already done to recruit ecosystem partners points to a higher % of the fee split for the methodologist.
Finally, I think it is important to highlight to the community the full-extent of the engineering lift required to launch this product. Launching $PAY will require significant engineering resources to implement full functionality. Here are a few examples of the major engineering work that is required.
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Building mStable adapters
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Incorporating Rebasing tokens
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The underlying mechanisms for re-investing Yeild
Each of these is a discrete and significant lift that will demand a large % of our engineering resources. While everyone is eager to see this product get launched - we need to remain cognizant of the very real bandwidth limitations across multiple engineering teams.
Lets get $PAY launched