[RFC] Upgrade ETH+ to Release 3.4.0

ETHPLUS (ETH+)
1

Summary

This proposal recommends upgrading ETH+ to version 3.4.0 of the Reserve Protocol to keep its infrastructure up to date with the latest smart contract upgrades. This is a two-step process and will have two RFCs as well as two IPs. This first RFC and IP is the upgrade step to move ETH+ over to the 3.4.0 governance contracts. The second RFC and IP is a cleanup step and will be released after the execution of the first IP. Multiple steps need to be completed before the second IP can be executed. The second RFC will go over this in detail.

Required steps to be completed before second IP can be executed

  • All reward token balances should be claimed
  • All rebalancing auctions must run to completion
  • All revenue auctions must run at least until all surplus balances are below the minTradeVolume

Motivation

Following the recommendation from ABC Labs, this is a governance proposal to gather feedback from the community on whether there is an agreement to upgrade the ETH+ RToken smart contracts to the latest upgrade.

Specification

Draft instructions have been provided for upgrading ETH+ to release version 3.4.0 of the Reserve Protocol:
Detailed Instructions:

Steps for Upgrading ETH+:

Description Target Contract Method Data
Assign OWNER role to the spell Main Contract Address grantRole OWNER_ROLE to <0xB1Df3a104D73FF86F9AAaB60B491A5c44b090391>
Assign TIMELOCK_ADMIN_ROLE to the spell Timelock Contract Address grantRole TIMELOCK_ADMIN_ROLE to <0xB1Df3a104D73FF86F9AAaB60B491A5c44b090391>
Execute the upgrade spell Spell Contract Address castSpell RToken Address <0xE72B141DF173b999AE7c1aDcbF60Cc9833Ce56a8> governor_address <0x239cDcBE174B4728c870A24F77540dAB3dC5F981>

Conclusion/Next Steps

This RFC aims to begin a discussion on the pros and cons of upgrading the ETH+ contract to 3.4.0 release of Reserve Protocol, and when is the best time to integrate ETH+ as it is the largest RToken at a $57 Million market cap.

  1. Review Upgrade
    Governors should review the proposed upgrades carefully, ensuring they understand and agree on each step.
  2. Discuss Proposal
    Please express any concerns, queries, or suggestions related to this upgrade in the reply section. Do not hesitate to discuss on the discord for support or clarification as well.
  3. IP Upgrading ETH+ contracts
    With the completion of the IP, a new governance contract will be created with the 3.4.0 upgrade.
  4. Preparing for cleanup step for ETH+ contracts
    With the completion of the first step, a second RFC will released to guide the community on required steps needed to be completed in order for the second IP to be executed, completing the upgrade.
  • I am in favor upgrading the ETH+ contracts to the 3.4.0 release of the Reserve Protocol V1
  • I am not in favor upgrading the ETH+ contracts to the 3.4.0 release of the Reserve Protocol V1
0 voters
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2

ETH+ on 3.4.0 is good for ETH+. Thank you Sleepy for proposing.

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3

Makes sense to me. We want to keep things updated.

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