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GP 16: Remove excess inventory on Arbitrum and BNB Smart Chain
The proposal has been confirmed and executed:
In GP7, 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.
Note: Any BOB in active circulation on either chain will continue to be backed 1:1 by USDC and can be removed/traded on Uniswap at any time.
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 presented in the forum for community feedback. 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).
- 1.Deallocate 5,000,000 BOB (→ 0 BOB) from BobSwap
- 2.Deallocate 1,500,000 BOB (→ 500,000 BOB) from BOB/USDC 0.01% inventory position on Uniswap V3
- 3.Deallocate 1,500,000 BOB (→ 500,000 BOB) from BOB/USDT 0.01% inventory position on Uniswap V3
- 1.Deallocate 5,000,000 BOB (→ 0 BOB) from BobSwap
- 2.Deallocate 1,000,000 BOB (→ 1,000,000 BOB) from BOB/USDC 0.01% inventory position on Uniswap V3.
The following transactions use
delegatecall
to 0x4b8c0B14AA7CB5a7cFF3546415bBDCAcd7C75a2E
to efficiently facilitate the complex inventory management process.- 1.Remove and burn all excess BOB from BobSwap
- 2.Withdraw 75% (~1,500,000 BOB/USDC) of BOB/USDC 0.01% Uniswap V3 inventory LP with its fees
- 3.Withdraw 75% (~1,500,000 BOB/USDC) of BOB/USDT 0.01% Uniswap V3 inventory LP with its fees
- 4.Burn BOB obtained from inventory position principal
- 5.Transfer USDC and USDT obtained from inventory position principal to BobSwap
- 6.Disable BobSwap USDT→BOB and USDC→BOB BobSwap directions by setting swap fees to 100%
- 7.Set zero fees for BOB→USDC and BOB→USDT BobSwap directions
- 8.Claim BobSwap fees accumulated in USDC and USDT
- 1.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.
The following transaction uses
delegatecall
to 0x565FB4cbfF5C97479f3c6E3A69Df2BAde40FbE96
to efficiently facilitate the complex inventory management process.- 1.Remove and burn all excess BOB from BobSwap
- 2.Withdraw 50% (~1,000,000 BOB/USDC) of BOB/USDC 0.01% Uniswap V3 inventory LP with its fees
- 3.Burn BOB obtained from inventory position principal
- 4.Transfer USDC obtained from inventory position principal to BobSwap
- 5.Disable BobSwap USDT→BOB and USDC→BOB BobSwap directions by setting swap fees to 100%
- 6.Set zero fees for BOB→USDC and BOB→USDT BobSwap directions
- 7.Claim BobSwap fees accumulated in USDC and USDT
- 1.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.