What I'm trying to figure out in my mind is whether or not the migration crisis on hand right presents an opportunity to push this in now with the narrative of further stabilizing the protocol and the value of OHM. It's clear to me that our current APY is not sustained by the rate at which the protocol is bonding. If we don't adjust the APY, the 'bleeding' will go on even longer.
At what cost? Selfishly, I'd love to get more runway at our current APY. So this will cost me some OHM now.
But I'm in this for the long-term, and a more reasonable APY has a net-positive effect on the protocol and OHM.
Also, this reduction was inevitable. We knew it was scheduled to happen at some point. We were told at 10 million OHM.
So what effect does doing it earlier have on the reputation/trust of the protocol? Sure, we'll always have people displeased (especially those with a short-term mindset), but will there be a large enough impact to the protocol because of doing this rate decrease early? For example, how was the decay rate of the APY supposed to be managed between the upper and lower bounds of the period? Was there an expectation set that it would decay linearly with supply over time? I don't think there was, but if not, this is also an important lesson in setting expectations. Saying the reward rate has yet to be adjusted since the initial value at 1 million OHM sounds like the team either forgot, was afraid to do so, or plain lazy. You're going to have people complaining that the decay was mismanaged and that now we're being penalized with a reduction before the 10 million mark. We have to be aware and navigate that PR storm.