Summary
This RFC aims to guide the ETH+ community through the next steps to finalize the upgrade to the 3.4.0 smart contract release by Reserve Protocol, by completing the following prerequisites to finalize the upgrade.
- All reward token balances should be claimed beforehand
- All rebalancing and revenue auctions must run to completion
Once these steps are completed The final step to upgrade ETH+ to release 3.4.0 can proceed. This RFC will not follow a normal governance cycle, this RFC is designed to prompt the community to complete the required prerequisites, so the upgrade to release 3.4.0 can be finalized. Once these steps are completed, the second IP to finalize the upgrade will be launched.
Abstract
ETH+ is in the last step of upgrading to the new contract release 3.4.0. Before the upgrade can be completed, governors must work with the community to ensure these two prerequisites are completed before executing the final upgrade. Once the prerequisites are completed, the second IP will go live to finalize the ETH+ contract upgrade to release 3.4.0.
Problem Statement
Upgrading ETH+ to release 3.4.0 is a two-step process. Step 1 upgrades the core contracts and registers new collateral plugins. After Step 1 is executed, a new TimelockController and Governance will administer the RToken. Step 2 cleans up old plugins. Before executing Step 2, there are two important prerequisites:
- All reward token balances should be claimed beforehand.
- All rebalancing and revenue auctions must run to completion.
Once these steps are completed, the upgrade to release 3.4.0 from Reserve Protocol can be completed after the second IP is executed.
Rationale
The community has already passed the initial IP to begin the upgrade to release 3.4.0. To finalize the upgrade, this last cleanup step is needed to complete the upgrade. Once the prerequisites are completed, ETH+ will be fully upgraded to release 3.4.0.
Following the prerequisites,
- All reward token balances should be claimed beforehand
For ETH+ token holders, there are no additional reward tokens because collateral is wstETH, rETH, sfrxETH. There are no requirements for ETH+ holders to do for this step
- All rebalancing and revenue auctions must run to completion
All auctions for ETH+ must be completed, after being settled, ETH+ is ready to move forward with the second IP needed to finalize and upgrade ETH+ to release 3.4.0. Following this RFC, the cleanup step IP will be posted within the next 3 days to finalize the upgrade.
Risks
The latest smart contract upgrade 3.4.0 has been audited by Trust, however, there is always a chance of a bug as there is with all smart contracts. If a new auction appears or any have not run to completion then capital will be lost as the governor and timelock contract have been updated. If the final step is not completed, ETH+ will not complete the final step to finalize the upgrade to release 3.4.0.