GP 16: Remove excess inventory on Arbitrum and BNB Smart Chain
Last updated
Last updated
The proposal has been confirmed and executed:
In , BOB inventory was expanded across a number of chains. Since that deployment, usage analysis shows minimal traction and usage of BOB on the BNB Smart Chain and Arbitrum One network. To consolidate resources and shift focus from the inventory model to BOB CDP, we propose removing BOB inventory positions from Uniswap and BOBSwap on BNB Smart Chain and Arbitrum One.
This excess inventory removal will result in a smaller overall market cap for BOB, but will not impact stability or other factors related to the BOB stablecoin.
This proposal was originally . All amounts are approximate and will vary slightly during execution. The proposal will result in a decrease of total supply of ~14m BOB (49.5m → 35.5m).
Deallocate 5,000,000 BOB (→ 0 BOB) from BobSwap
Deallocate 1,500,000 BOB (→ 500,000 BOB) from BOB/USDC 0.01% inventory position on Uniswap V3
Deallocate 1,500,000 BOB (→ 500,000 BOB) from BOB/USDT 0.01% inventory position on Uniswap V3
Deallocate 5,000,000 BOB (→ 0 BOB) from BobSwap
Deallocate 1,000,000 BOB (→ 1,000,000 BOB) from BOB/USDC 0.01% inventory position on Uniswap V3.
Remove and burn all excess BOB from BobSwap
Withdraw 75% (~1,500,000 BOB/USDC) of BOB/USDC 0.01% Uniswap V3 inventory LP with its fees
Withdraw 75% (~1,500,000 BOB/USDC) of BOB/USDT 0.01% Uniswap V3 inventory LP with its fees
Burn BOB obtained from inventory position principal
Transfer USDC and USDT obtained from inventory position principal to BobSwap
Disable BobSwap USDT→BOB and USDC→BOB BobSwap directions by setting swap fees to 100%
Set zero fees for BOB→USDC and BOB→USDT BobSwap directions
Claim BobSwap fees accumulated in USDC and USDT
Remove and burn all excess BOB from BobSwap
The 2nd transaction is executed after all USDC and USDT collateral from BobSwap has beed redeemed, some time after the first transaction execution.
Remove and burn all excess BOB from BobSwap
Withdraw 50% (~1,000,000 BOB/USDC) of BOB/USDC 0.01% Uniswap V3 inventory LP with its fees
Burn BOB obtained from inventory position principal
Transfer USDC obtained from inventory position principal to BobSwap
Disable BobSwap USDT→BOB and USDC→BOB BobSwap directions by setting swap fees to 100%
Set zero fees for BOB→USDC and BOB→USDT BobSwap directions
Claim BobSwap fees accumulated in USDC and USDT
Remove and burn all excess BOB from BobSwap
Second transaction shall be executed only once all USDC and USDT collateral from BobSwap has beed redeemed, some time after the first transaction execution.
The following transactions use delegatecall
to to efficiently facilitate the complex inventory management process.
The first transaction in the Safe on BNB Chain contains the following sequence of actions:
The second transaction in the Safe on BNB Chain contains the following sequence of actions:
The following transaction uses delegatecall
to to efficiently facilitate the complex inventory management process.
The first transaction in the Safe on Arbitrum contains the following sequence of actions:
The second transaction in the Safe on Arbitrum contains the following sequence of actions: