Why does it take multiple days for CMC20 to rebalance?

Ideas & suggestions
1

I have been following the rebalancing process as I am potentially allocating large portions of my wealth into CMC20.

What holds back the index from rebalancing for multiple days after the vote is concluded? The website says the voting period is 22 hours and the execution delay 1 day. Where I am in the world, it is now the 4th of January, morning, but still. Is it any technical issue, or is it due to multi-sig holders having to come together and all vote on different stages of the rebalancing? The interface seems to indicate that votes are pushing code to be executed, so I am curious to what the multi-day bottleneck is.

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Great question! Appreciate you following so closely. :wink:

The 22-hour voting period + 1-day execution delay are just the first steps. Here’s the full flow:

  1. Voting concludes → 1-day execution delay begins
  2. Proposal execution → Someone needs to actually execute the passed proposal (this is permissionless; anyone can do it)
  3. Exclusive launch window → The designated auction launcher has first rights to kick off the rebalance trades
  4. Community launch window → If the auction launcher doesn’t act, anyone can start the auctions

These windows exist to protect the DTF from value loss during trading… giving trusted parties the opportunity to launch auctions at optimal times before opening it up permissionlessly.

For the January rebalance specifically: it landed over the New Year holiday weekend, so there was a delay between proposal execution and auction launches. Future rebalances should move faster under normal circumstances.

Happy to dig into any part of this further!

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Thanks for the clarification, quite interesting flow indeed.

Since you said you are happy to answer, here are my follow ups.

  1. 1-day execution delay begins. What was the reason for a 1 day delay after voting? If voted on, why not directly to execution?
  2. This is super cool, but ofc would be best if some governors are actively checking and internally got some reminder to do it asap. Do you know if the DRF for instance has such a system?
  3. how long is this window?
  4. so this could hypothetically take forever, IF nobody would act?

As fundamental researcher I have looked into Tezos’ claims of self-amending governance votes, which in the end still turned out to need devs to actually push code. I assume its the same here? I am not a smart contract dev, but I do wonder if it cannot be technically possible to code a multi-sig tx in such a way that the vote tx initiated each proposed trade in order?

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