Hello Sundae DAO Community!
I would like to open a temperature check for the vote to endorse the Sundae v3 protocol contracts for launch, and migrate the protocol owned liquidity.
Context
We would like to officially propose that the DAO endorses the new “Sundae V3” contracts for a launch date coincident with the conclusion of this vote, as well as the migration of the Sundae/ADA protocol owned liquidity to a new 0.3% pool.
Given that this represents a protocol upgrade and a treasury expenditure, the length of this vote will be 15 days.
Background
Sundae Labs has spent the last 8 months working on, among other things, a new set of smart contracts, referred to as “Sundae v3”. These smart contracts include many new features that have been discussed in other governance proposals, in our whitepaper, and more.
These contracts have been audited by TxPipe, a highly respected company within the ecosystem, and have been open source for community review for some time. The final version of these contracts can be found on github here, specifically at commit hash da66d15afa9897e6bdb531f9415ddb6c66f19ce4.
They bring significant improvements to scalability, cheaper fees, as well as many other features and improvements described in the whitepaper linked above. One such feature is the ability to assign a “Fee Manager” to a pool. Such a fee manager is allowed to adjust the percentage fees taken by the pool, to allow the pool to react to changing market conditions and optimize returns for liquidity providers.
Additionally, the Sundae DAO treasury currently owns 5.913T LP tokens for the ADA/SUNDAE pool, worth roughly 836,107 ADA and 44,819,627 SUNDAE. This constitutes roughly 26% of the ADA/SUNDAE pool.
Decision
We propose that the Sundae DAO officially endorse the smart contracts as of commit hash da66d15afa9897e6bdb531f9415ddb6c66f19ce4, and migrate the protocol owned liquidity to a new Sundae v3 0.3% pool with Sundae Labs as the “fee manager”. While Sundae Labs plans not to adjust the fees except at the direction of the DAO, doing so would leave flexibility to adjust them later, or to replace the fee manager with a smart contract, dependent on a future DAO vote.
- Vote Yes to endorse the Sundae v3 smart contracts for a launch concurrent with the conclusion of this vote, and migrate the protocol owned liquidity as described.
- Vote No to not endorse these contracts and foster further community discussion…
Are you interested in voting in an on-chain governance vote to this effect?
- Interested