RFC: Sunset V3
This proposal is a sequel to PTIP-56: V3 Transitions in which we reduced the number of winners on V3 pools and changed the RNG to Blockhash to reduce costs. We now are seeking to remove operational costs and reserve takes to fully sunset the V3 prize pools
Current operations
Currently the protocol team operates a relayer task that automatically awards the V3 pools. This has cost as well as minimal maintenance and oversight. Meanwhile the pools take a portion of yield as reserve.
State of the pools
| Pool | TVL | Recent Prize | Reserve | Tx Cost |
|---|---|---|---|---|
| USDC | $997k | $270 | $150 | $34 |
| DAI | $527k | $143 | $70 | $37 |
| UNI | $386k | $15 | $15 | $34 |
| COMP | $537k | $0 | $22 | $25 |
| GUSD | $4,548 | $3 | $0 | $25 |
*recent prize includes $COMP
Reasonings
-
V4 has been out for nearly a year and a half
-
No new deposits of significance have been made to V3 pools
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V3 is not growing or being used and we don’t want to encourage it
-
Awarding the V3 pools has unknown future costs because of gas
-
Retiring from the task of overseeing the pools
-
Anyone can award the pools going forward and as more time passes prizes can grow over periods longer than one week, making the cost a smaller percentage of the prize
Specifications
- Set reserve to zero for USDC, DAI, UNI, COMP, GUSD pools
Reserve registry 0xd1797D46C3E825fce5215a0259D3426a5c49455C
setReserveRateMantissa to 0
| Pool | Address (Current Reserve) |
|---|---|
| USDC | 0xde9ec95d7708b8319ccca4b8bc92c0a3b70bf416 (50%) |
| DAI | 0xEBfb47A7ad0FD6e57323C8A42B2E5A6a4F68fc1a (50%) |
| UNI | 0x0650d780292142835F6ac58dd8E2a336e87b4393 (50%) |
| COMP | 0xBC82221e131c082336cf698F0cA3EBd18aFd4ce7 (100%) |
*no change GUSD already zero 0x65C8827229FbD63f9de9FDfd400C9D264066A336
-
Protocol team stops rewarding relayer and recovers funded ETH. ETH can be saved for other protocol operational costs.
-
Claim the pending reserves
Do you support sunsetting the V3 pools as proposed
- YES - Support
- NO - Against
- OTHER - Lets talk
0 voters
