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        • GP 0: Increase SAFE membership
        • GP 1: Bob Swap beta testing infrastructure
        • GP 2: Upgrade Contracts to v1.0.0
        • GP 3: Enable Bob Swap for Public Use
        • GP 4: Increase Multisig & Upgrade BOB contract on all networks
        • GP 5: Enable Bob Swap on Ethereum Mainnet
        • GP 6: Upgrade zkBob to support direct deposits
        • GP 7: Increase Multi-chain Inventory and Update Bob Swap
        • GP 8: Extend pool limits for KYC'd users
        • GP 9: Deactivate Kyberswap inventory pairs [Emergency Measure]
        • GP 10: Reallocate previous Kyberswap inventory
        • GP 11: Add 24 hour timelock to BOB contract on Optimism
        • GP 12: Raise Polygon limits
        • GP 13: Launch BOB CDP
        • GP 14: Migrate BOB pool to USDC on Polygon
        • GP 15: KYB tiers on Optimism
        • GP 16: Remove excess inventory on Arbitrum and BNB Smart Chain
        • GP 17: Remove excess inventory on Optimism and Ethereum
        • GP 18: Remove excess inventory on Polygon
        • GP 19: Accrued Revenue Allocation
        • GP 20: Migrate BOB pool to USDC on Optimism
        • GP 21: BOB inventory reduction
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  • Introduction to Bob Swap (BobVault contract)
  • Proposal objective
  1. BOB DAO
  2. Governance
  3. Protocol Governance

GP 3: Enable Bob Swap for Public Use

PreviousGP 2: Upgrade Contracts to v1.0.0NextGP 4: Increase Multisig & Upgrade BOB contract on all networks

Last updated 1 year ago

Changes were approved following the security audit and .

  • GP #3

  • Timestamp: Jan-11-2023 06:30:54 PM +UTC

  • Tx:

The transaction included 6 actions categorized in the .

Introduction to Bob Swap (BobVault contract)

Bob Swap is a module for issuing BOB collateralised with other USD-pegged assets. Bob Swap has received substantial testing using USDC and USDT as collaterals along with their passive investments into AAVE. Bob Swap was initially funded for 1,000 BOB for testing purposes. This governance proposal reimburses the testing team with that amount. Each collateral in BobSwap includes the following dynamic parameters:

  1. price - amount of collateral with value equal to 1 BOB (18 decimals)

  2. inFee - proportional fee for buying BOB with given collateral (18 decimals, 1e18 = 100%)

  3. outFee - proportional fee for selling BOB for given collateral (18 decimals, 1e18 = 100%)

  4. yield - optional implementation contract for earning yield through lending markets (e.g. AAVE)

  5. buffer - amount of buffer for collateral tokens to be kept outside of yield-earning market. This reduces the frequency of deposit/withdraw operations and lowers expected value of the swap transaction gas fee.

  6. dust - amount of collateral tokens that cannot be withdrawn as a farmed revenue, designed to account for unexpected rounding errors within the yield protocol and accrued permanent losses (if any).

Proposal objective

After the completion of the security audit and upgrade of all contracts in the prior governance proposal , the Bob protocol management team approved an increase of the BOB issuance limits through Bob Swap to 1,000,000 BOB, along with the following collateral configuration:USDC:

  1. price - 1 (6 decimals)

  2. inFee - 0.01% β†’ 0.008% (18 decimals)

  3. outFee - 0.01% (18 decimals)

  4. yield - - yield earning implementation through AAVE v3 Polygon deployment

  5. buffer - 100 USDC β†’ 10,000 USDC (6 decimals)

  6. dust - 0.001 USDC β†’ 1 USDC (6 decimals)

πŸ§‘β€πŸ€β€πŸ§‘
contracts upgrade to v1.0.0
0xb29d804f5d2324a458dbbaff2c5da7d5e73c286bf42891f5816b030dfac119bc
proposal breakdown section
0x25E6505297b44f4817538fB2d91b88e1cF841B54
Upgrade of BOB Protocol contracts to the release 1.0.0
0x59cc168654Dbb7f6874115bf47Ac7312ceCdB6de