Smart Treasury - Update 2
TL:DR Snapshot vote for code review Snapshot Link
Over the past week I’ve been finishing up the development of the tests for the smart contract for the smart treasury, and drafting the proposal which will be required for the on-chain vote. There is a limit of 10 actions which a single proposal can make, so therefore the deployment of the smart treasury will need to span over two proposals, which I will give an overview of below.
Proposal 1 - Bootstrap the smart treasury
This proposal will pull funds from the Fee Treasury and the Ecosystem Fund to the bootstrap contract. This consumes a total of 8 actions if all fee tokens were to be withdraw. After the funds are withdrawn, the multisig will initialise the pool with these funds.
Proposal 2 - Update Fee Address
This proposal will update the idle strategy tokens [Here] to the feeCollector. This will enable the buy back mechanism with fees generated from the protocol being redirected into the smart pool. This proposal will consume 9 actions, and the final action will be to pay the development costs, so the total will be 10 actions.
However before we decide to take this proposal on chain, it is recommended that a code review be organised. There are two steps which governance can take for initialising a code review.
- Professional code review/audit
- Peer review
There are pro’s and con’s to each; the audit being the more expensive, but more exhausting option. And the peer review being the cheaper but less thorough approach. However, it is important to point out that the majority of the interfaces which I connect to (balancer, uniswap, openzeppelin) have been thoroughly audited, and therefore pose a lesser risk. That is to say, IMO a peer review is a right choice.
Any funding that would be required for this task can be paid out in proposal 1.
I would need support from the community on this decision, so please voice your opinion in this snapshot vote: Snapshot Link
If there are any prospective reviewers from the community who would like to volunteer it would be great if you could flag your interest on this post (bump @Fernando )
Once the code review has passed I will formalise the smart treasury as an IIP so we can proceed to the next steps .