GP 18: Remove excess inventory on Polygon
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Last updated
Last updated
The proposal has been confirmed and executed:
Continue reduction of BOB inventory following the successful implementation of and for reduction on various chains. This proposal will decrease BOB inventory on Polygon.
Proposal on forum ->
Following the actions in this proposal, overall total supply of BOB will be ~5M. This proposal decreases the total supply by -10.5.m BOB, resulting in a reduction from 15.5m → 5m.
Deallocate 5,000,000 BOB (5,000,000 BOB → 0 BOB) from BobSwap
Deallocate 5,500,000 BOB (6,500,000 BOB → 1,000,000 BOB) from BOB/USDC 0.01% inventory position on Uniswap V3
Below transactions use delegatecall to the to efficiently faciliate complex inventory management process.
The first transaction in the Safe on Polygon contains the following sequence of actions:
Remove and burn all excess BOB from BobSwap
Withdraw ~84.6% (11/13) (~5,500,000 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.
Check token transfers in Tenderly simulation:
forge test --match-path ./script/scripts/VerifySafeTx_Gov42.t.sol --ffi -vvvv
Make sure jq CLI is installed
Transaction in the Safe on Polygon contains the following sequence of actions:
Check the code of
Check the following script with safe contract execution -