Update Curating (#754)

website/pages/en/network/curating.mdx

@@ -10,7 +10,7 @@ Before consumers can query a subgraph, it must be indexed. This is where curatio
 
 Indexers can trust the signal from a Curator because upon signaling, Curators mint a curation share for the subgraph, entitling Curators to a portion of future query fees that the subgraph drives.
 
-Curators make The Graph network efficient and [signaling](#how-to-signal) is the process that curators use to let Indexers know that a subgraph is good to index; where GRT is added to a bonding curve for a subgraph. Indexers can trust the signal from a curator because upon signaling, curators mint a curation share for the subgraph, entitling them to a portion of future query fees that the subgraph drives.
+Curators make The Graph network efficient and [signaling](#how-to-signal) is the process that curators use to let Indexers know that a subgraph is good to index. Indexers can trust the signal from a curator because upon signaling, curators mint a curation share for the subgraph, entitling them to a portion of future query fees that the subgraph drives.
 
 Curator signals are represented as ERC20 tokens called Graph Curation Shares (GCS). Those that want to earn more query fees should signal their GRT to subgraphs that they predict will generate a strong flow of fees to the network. Curators cannot be slashed for bad behavior, but there is a deposit tax on Curators to disincentivize poor decision-making that could harm the integrity of the network. Curators will also earn fewer query fees if they curate on a low-quality subgraph because there will be fewer queries to process or fewer Indexers to process them.
 
@@ -34,7 +34,7 @@ Signaling on a specific version is especially useful when one subgraph is used b
 
 Having your signal automatically migrate to the newest production build can be valuable to ensure you keep accruing query fees. Every time you curate, a 1% curation tax is incurred. You will also pay a 0.5% curation tax on every migration. Subgraph developers are discouraged from frequently publishing new versions - they have to pay a 0.5% curation tax on all auto-migrated curation shares.
 
-> **Note**: The first address to signal a particular subgraph is considered the first curator and will have to do much more gas-intensive work than the rest of the following curators because the first curator initializes the curation share tokens, initializes the bonding curve (even on Arbitrum), and also transfers tokens into the Graph proxy.
+> **Note**: The first address to signal a particular subgraph is considered the first curator and will have to do much more gas-intensive work than the rest of the following curators because the first curator initializes the curation share tokens, and also transfers tokens into The Graph proxy.
 
 ## Withdrawing your GRT
 
@@ -49,7 +49,7 @@ However, it is recommended that curators leave their signaled GRT in place not o
 ## Risks
 
 1. The query market is inherently young at The Graph and there is risk that your %APY may be lower than you expect due to nascent market dynamics.
-2. Curation Fee - when a curator signals GRT on a subgraph, they incur a 1% curation tax. This fee is burned and the rest is deposited into the reserve supply of the bonding curve.
+2. Curation Fee - when a curator signals GRT on a subgraph, they incur a 1% curation tax. This fee is burned.
 3. (Ethereum only) When curators burn their shares to withdraw GRT, the GRT valuation of the remaining shares will be reduced. Be aware that in some cases, curators may decide to burn their shares **all at once**. This situation may be common if a dApp developer stops versioning/improving and querying their subgraph or if a subgraph fails. As a result, remaining curators might only be able to withdraw a fraction of their initial GRT. For a network role with a lower risk profile, see [Delegators](/network/delegating).
 4. A subgraph can fail due to a bug. A failed subgraph does not accrue query fees. As a result, you’ll have to wait until the developer fixes the bug and deploys a new version.
    - If you are subscribed to the newest version of a subgraph, your shares will auto-migrate to that new version. This will incur a 0.5% curation tax.
@@ -78,50 +78,14 @@ It’s suggested that you don’t update your subgraphs too frequently. See the
 
 ### 5. Can I sell my curation shares?
 
-Curation shares cannot be "bought" or "sold" like other ERC20 tokens that you may be familiar with. They can only be minted (created) or burned (destroyed) along the bonding curve for a particular subgraph. The amount of GRT needed to mint a new signal, and the amount of GRT you receive when you burn your existing signal are determined by that bonding curve:
+Curation shares cannot be "bought" or "sold" like other ERC20 tokens that you may be familiar with. They can only be minted (created) or burned (destroyed).
 
-- As a Curator on Ethereum, you need to know that when you burn your curation shares to withdraw GRT, you can end up with more or less GRT than you initially deposited.
-- As a Curator on Arbitrum, you are guaranteed to get back the GRT you initially deposited (minus the tax).
+As a Curator on Arbitrum, you are guaranteed to get back the GRT you initially deposited (minus the tax).
 
 ### 6. Am I eligible for a curation grant?
 
 Curation grants are determined individually on a case-by-case basis. If you need assistance with curation, please send a request to [email protected].
 
-## Curating on Ethereum vs Arbitrum
-
-The behavior of the curation mechanism differs depending on the protocol chain deployment, notably, how the price of a subgraph share is calculated.
-
-The Graph Network's original deployment on Ethereum uses bonding curves to determine what the price of shares is: **the price of each subgraph share increases with each token invested** and **the price of each share decreases with each token sold.** This means that curating puts your principal at risk, since it's not guaranteed you can sell your shares and get back your original investment.
-
-On Arbitrum, curating subgraphs becomes significantly simpler. The bonding curves are "flattened", their effect is nullified meaning no Curator will be able to realize gains at the expense of others. This allows Curators to signal or unsignal on subgraphs at any given time, at a consistent cost, and with very limited risk.
-
-If you are interested in curating on Ethereum and want to understand the details of bonding curves and their effects see [Bonding Curve 101](#bonding-curve-101). Please do your diligence to make sure you curate on subgraphs you trust. Creating a subgraph is permissionless, so people can create subgraphs and call them any name they'd like. For more guidance on curation risks, check out [The Graph Academy's Curation Guide.](https://thegraph.academy/curators/)
-
-## Bonding Curve 101
-
-> **Note**: this section only applies to curation on Ethereum since bonding curves are flat and have no effect on Arbitrum.
-
-Each subgraph has a bonding curve on which curation shares are minted when a user adds signal **into** the curve. Each subgraph’s bonding curve is unique. The bonding curves are architected so that the price to mint a curation share on a subgraph increases linearly, over the number of shares minted.
-
-![Price per shares](/img/price-per-share.png)
-
-As a result, price increases linearly, meaning that it will get more expensive to purchase a share over time. Here’s an example of what we mean, see the bonding curve below:
-
-![Bonding curve](/img/bonding-curve.png)
-
-Consider we have two curators that mint shares for a subgraph:
-
-- Curator A is the first to signal on the subgraph. By adding 120,000 GRT into the curve, they are able to mint 2000 shares.
-- Curator B’s signal is on the subgraph later at some point. To receive the same amount of shares as Curator A, they would have to add 360,000 GRT into the curve.
-- Since both curators hold half the total of curation shares, they would receive an equal amount of curator royalties.
-- Now, if any of the curators were to burn their 2000 curation shares, they would receive 360,000 GRT.
-- The remaining curator would now receive all the curator royalties for that subgraph. If they were to burn their shares to withdraw GRT, they would receive 120,000 GRT.
-- **TLDR:** The GRT valuation of curation shares is determined by the bonding curve and can be volatile. There is potential to incur big losses. Signaling early means you put in less GRT for each share. By extension, this means you earn more curator royalties per GRT than later curators for the same subgraph.
-
-In general, a bonding curve is a mathematical curve that defines the relationship between token supply and asset price. In the specific case of subgraph curation, **the price of each subgraph share increases with each token invested** and **the price of each share decreases with each token sold.**
-
-In the case of The Graph, [Bancor’s implementation of a bonding curve formula](https://drive.google.com/file/d/0B3HPNP-GDn7aRkVaV3dkVl9NS2M/view?resourcekey=0-mbIgrdd0B9H8dPNRaeB_TA) is leveraged.
-
 Still confused? Check out our Curation video guide below:
 
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