Starting a new forum thread to capture community inputs and understand feasibility from a technical perspective to help migrate PT tickets from v3 to v4 with minimal gas costs to existing user cohorts (small fish, medium fish and whales). Note: Full credit to @underthesea (and others) for ideating on this topic and doing additional analysis on address counts/deposit totals to plan this out in detail.
- Users send v3 PT tickets to an onchain ETH address (controlled by a multi-sig)
- Batch all tickets and transfer them to v4 PT tickets
- Send them back to same address (but on polygon network)
This is very similar to @Oops did recently with collab-land bridging, but at a bigger scale
- Check if this can be programmatically done by PT Inc team.
- If not, it can be a community led initiative, with a multi-sig and oversight in place
For small fish (0 - 500): This is not worth the effort. They will continue to win prizes in v3, and as a good-will gesture, we can delegate v4 tickets to some of these addresses (as outlined by Leighton in today’s call)
Medium fish (500 - 10k): This is group that will fully benefit from this approach. These are users who cannot leave their funds on v3 (for perpetuity), and will lose ~10% of funds in gas costs, if we don’t extend the right help.
Whale (10k+): These are likely experienced defi users, who are used to paying high gas costs. It also becomes risky for individuals and multi-sig address to receive high amount of funds (say a million dollars). So this group is either NOT included in this effort, or added as a Phase 2 if things go well with this approach.
Risk disclaimers/ other considerations
- We will start with DAI and USDC PT tickets for migration efforts. And later expand to other protocols (COMP, Sushi etc)
- We will make it clear that this is a community led effort (and voluntary), without any guarantees. Users can use this functionality per their individual risk appetite
- Pool Together will pay for gas costs for batching and sending them back on polygon network out of treasury funds
- Timeline - Sometime in Q4-2021. This effort is not gated on v4 launch
@Brendan - Is something like this possible from a programmatic perspective?
If we do this manually using a new multi-sig address, will community be supportive of this initiative?