[TFIP-1] Claim Proxy Ownership of Lending Pools

Proposals
1

Authors: Harold Hyatt

TFIP-1: Claim Proxy Ownership of Lending Pools

Abstract

This proposal intends for the TrueFi DAO to claim ownership of tfLP liquidity pools in the TrueFi protocol. The goal of this proposal is to extend the decentralization of the protocol.

By claiming proxy ownership, the DAO will fully control upgrades for these smart contracts. Therefore, the only way to modify the code or logic for these contracts would be through a governance vote on-chain.

Motivation

The TrueFi protocol includes 4 permissionless pools: tfTUSD, tfUSDC, tfUSDT, tfBUSD. The liquidity in these pools has been controlled by stkTRU votes, but the actual ownership of the smart contracts has been managed by a multisig. In order for these pools to be truly decentralized, control of upgrades to these contracts must be controlled by the TrueFi DAO. Claiming ownership of these contracts allows the DAO to fully own and operate its own liquidity pools.

Summary

TrueFi uses a smart contract proxy pattern - each contract consists of a proxy (public facing address) and an implementation (actual code). Code from the implementation is loaded into the proxy contract every time someone wants to interact with the smart contract. The proxy owner has the ability to change the implementation contract in order to add new functionality or logic.

In order to control the smart contract proxies, a function call needs to be made to each liquidity pool proxy address:

Contract Address
tfTUSD 0x97cE06c3e3D027715b2d6C22e67D5096000072E5
tfUSDT 0x6002b1dcB26E7B1AA797A17551C6F487923299d7
tfUSDC 0xA991356d261fbaF194463aF6DF8f0464F8f1c742
tfBUSD 0x1ed460d149d48fa7d91703bf4890f97220c09437

Before the claimProxyOwnership() function can be called, the previous owner multisig will call the transferProxyOwenrship() function.

Actions

  1. Call claimProxyOwnership() on 0x97cE06c3e3D027715b2d6C22e67D5096000072E5
  2. Call claimProxyOwnership() on 0x6002b1dcB26E7B1AA797A17551C6F487923299d7
  3. Call claimProxyOwnership() on 0xA991356d261fbaF194463aF6DF8f0464F8f1c742
  4. Call claimProxyOwnership() on 0x1ed460d149d48fa7d91703bf4890f97220c09437
  • Yes - Implement this proposal
  • No - This proposal needs to be reworked

0 voters

1 Like
2

A big step for putting the protocol truly in the hands of token holders!

1 Like
3

Snapshot signal is up:

https://snapshot.org/#/truefigov.eth/proposal/0x95dec27a4897550c5806f4facf9b32e863553a0f46fceee1ce6a184fa4e51016

If the community signals positive, this will move to an on-chain vote monday.

4

One small step for the team, one giant leap for the DAO.

5

Although the snapshot vote had very low participation (only 8M TRU voted) I think we should move this proposal to an on-chain vote soon.

2 Likes
6

Has governance been established such that we know exactly how voting will happen for any future changes, is there a quorum necessary? What is time frame for voting? Are there emergency provisions? I think I’ve seen Hal discuss/write up proposals but unsure if they’ve been presented and voted on? I thing governance should come first to ensure that once the pools are in the DAO they are managed with proper governance. Apologies if this has already been established and I missed it.

7