Perhaps I’m misunderstanding what you’re saying here, but if you’re implying that there needs to be value accrual when the yield reserve is being drawn I would really like for you to elaborate here (beyond the 1% liquidation fees).
I think it could be a good idea to add more function to ANC, but I don’t see why there is a desperate need for it. There is, however, a need for enhanced communication to ANC holders on the value of the token.
Other similar investments to ANC (e.g. equities) are able to be priced ‘through the cycle’. It’s difficult to find a company on the S&P500 that hasn’t ever had a loss-making quarter or a string of quarters and yet their market values did not plummet to zero. Investors are able to understand the concept of future expected cashflow returns.
Pricing through the cycle requires effort in investor relations. Not to pump up the value, but to set the proper expectations so investors can understand the roadmap to yield surplus and a model on how to assess long-term value of the token.
Even the most engaged of us really have no idea what’s going on in the internal discussions of Anchor. We know that certain features are coming at some point, but no idea how they are going to work in practice (for example bETH implementation unknowns… deployment timeline, ANC distribution, borrowing rate, LTV requirements, etc.). If the folks on the forum don’t understand how all of this will work, then how is the average ANC holder supposed to understand the value of the token?
If I understand what you’re saying correctly then you are implying that we should expect extended draws on the yield reserve regularly in the future (30 days+ periods). Is this the design intention? Or is this growing pain associated with an experimental system? Of course, this affects the decision on how large of a yield reserve is needed which in turn affects the value of the ‘excess yield’ value accrual mechanism. I think ANC holders can value future potential of this mechanism, but quite frankly, there’s way too many unanswered questions for them to do this without a significant risk-adjustment associated with protocol design uncertainty.