GP 13: Launch BOB CDP
Last updated
Last updated
The proposal was confirmed and executed.
Polygon Safe Transaction
Polygon tx:
The proposal consists of 3 parts:
Upgrade the BOB token implementation to the latest version.
Prepare BOB protocol for launch of CDP - launch flash and surplus minters.
Approve launch of BOB CDP - enable debt minter with initial issuance limits.
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 -
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.
Flash minter - flash mints implementation according to to be later used in liquidation process and other integrations
Debt minter - minter responsible for principal debt issuance subject to pre-configured limits.
Surplus minter - minter responsible for CDP revenue collection in a form of realized and unrealized interest
Action 1
Action 2
Initial flash mint limit is set to 200,000 BOB.
Minting rights can be revoked by the BOB DAO governance process within future proposals, if needed.
Action 3
Debt limit is set to 500,000 BOB
Minting rights and limit adjustments can be configured by BOB DAO governance process in future proposals.
Action 4
Manual/automated interest collection can be facilitated by the BOB DAO governance process in future proposals.
The transaction in the Safe on Polygon contains 4 actions:
The BobToken contract upgrade (). The new implementation is . The upgrade is made using the upgradeTo method.
Enable BOB FlashMinter .
Ownership of flash minter is set to the dedicated BOB CDP governance team , contract is not upgradeable.
Enable BOB DebtMinter . The current minting rights are set for CDP .
Ownership of debt minter is set to the BOB DAO governance at , contract is not upgradeable.
Enable BOB SurplusMinter for collection of realized and unrealized interest collected within the scope of CDP. This contract is set as the minter for the surplus minter.
Ownership of surplus minter is set to the Main BOB governance at https://polygonscan.com/address/0xd4a3d9ca00fa1fd8833d560f9217458e61c446d8, contract is not upgradeable.