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GP 13: Launch BOB CDP

The proposal was confirmed and executed.

Proposal objective

The proposal consists of 3 parts:
  1. 1.
    Upgrade the BOB token implementation to the latest version.
  2. 2.
    Prepare BOB protocol for launch of CDP - launch flash and surplus minters.
  3. 3.
    Approve launch of BOB CDP - enable debt minter with initial issuance limits.

Proposal Details

BOB CDP is an independent BOB issuance module, developed by BOB R&D team. The CDP module lets users leverage BOB-paired Uniswap V3 LPs as collateral to mint BOB tokens. The protocol has been audited by Decurity - the source code and report can be found here - https://github.com/zkBob/bob-cdp-contracts
BOB DAO governance has full control over the CDP minters and their limits, as well as all CDP generated revenue, while the smaller BOB CDP governance team oversees the CDP configuration itself, its parameters and risk factors.
Three different non-upgradeable BOB minters must be enabled for optimal operation.
  1. 1.
    Flash minter - flash mints implementation according to EIP 3156 to be later used in liquidation process and other integrations
  2. 2.
    Debt minter - minter responsible for principal debt issuance subject to pre-configured limits.
  3. 3.
    Surplus minter - minter responsible for CDP revenue collection in a form of realized and unrealized interest

Proposal breakdown

Polygon

The transaction #30 in the Safe on Polygon contains 4 actions:
Action 1
The BobToken contract upgrade (0xB0B195aEFA3650A6908f15CdaC7D92F8a5791B0B). The new implementation is 0x336000399755e2EacFb2e2f9e8241b806ee33B8b. The upgrade is made using the upgradeTo method.
Action 2
Initial flash mint limit is set to 200,000 BOB.
Ownership of flash minter is set to the dedicated BOB CDP governance team 0x4dCB8C1e4721651130c17DDc28513be50238e32D, contract is not upgradeable.
Minting rights can be revoked by the BOB DAO governance process within future proposals, if needed.
Action 3
Enable BOB DebtMinter 0x9032e988F5d46e0a21629e9EFFbb000Cfbc28e2d. The current minting rights are set for CDP 0xFDBC53080AFb08d7a3A2420e902c8AeC05E4aE73.
Debt limit is set to 500,000 BOB
Ownership of debt minter is set to the BOB DAO governance at 0xd4a3D9Ca00fa1fD8833D560F9217458E61c446d8, contract is not upgradeable.
Minting rights and limit adjustments can be configured by BOB DAO governance process in future proposals.
Action 4
Enable BOB SurplusMinter 0x904B6EBd837d9ee6330CF357f902172e9DFEdFD5 for collection of realized and unrealized interest collected within the scope of CDP. This contract 0xFDBC53080AFb08d7a3A2420e902c8AeC05E4aE73 is set as the minter for the surplus minter.
Ownership of surplus minter is set to the Main BOB governance at 0xd4a3D9Ca00fa1fD8833D560F9217458E61c446d8https://polygonscan.com/address/0xd4a3d9ca00fa1fd8833d560f9217458e61c446d8, contract is not upgradeable.
Manual/automated interest collection can be facilitated by the BOB DAO governance process in future proposals.