FIP-31: Fei DAO Timelock Upgrade

Proposal: FIP-31
Status: Submitted to DAO

Summary:

FEI DAO Timelock Upgrade

Upgrades the FEI DAO Timelock and grants the guardian the power to veto proposals.
Adds in functionality to roll back to the old timelock via DAO vote or guardian action with a deadline of November 1st, 2021.

Motivation:

Given the scope of Fei V2, an upgraded security model seems advisable to protect the DAO
and its assets. Giving the guardian the ability to veto proposals is a good way to protect
against unintended consequences, whether by malicious actors or good-faith accidents.

An optional rollback to the old timelock is added if needed, with a deadline of November 1st, 2021. This rollback can be activated by either the guardian or the DAO itself.

This proposal also moves the Kashi LP tokens to the OA Timelock.

Proposal:

  1. Update Timelock to FeiDAOTimelock
  2. Grant Governor to FeiDAOTimelock
  3. Grant PCVController to FeiDAOTimelock
  4. Revoke PCVController from old Timelock
  5. Grant Minter to FeiDAOTimelock
  6. Revoke Minter from old Timelock
  7. Transfer 1M kashi DPI LP tokens to OA Timelock
  8. Transfer 2.5M kashi ETH LP tokens to OA Timelock
  9. Transfer 2.5M kashi TRIBE LP tokens to OA Timelock"
  10. Transfer 2.5M kashi xSUSHI LP tokens to OA Timelock

Code: GitHub - fei-protocol/fei-protocol-core at feat/FIP-30b

2 Likes

Can you please give some more context and elaborate on the rationale with points #7-10 in the proposal? This seems to be unrelated to the DAO timelock and is rather a transfer of assets.

The kashi assets are in the old timelock and need to be moved somewhere; either the new timelock or the OA timelock are the two obvious options.

The OA timelock was selected to give the OA team flexibility in how these assets are managed, though putting this out for community input before submitting this proposal admittedly would have been the better route.

I see - thanks for clarifying. Is the DPI taken from the original allocation currently in the PCV or has this been partitioned off already per FIP-13? I was a bit surprised that Fei also held xSUSHI - are these recent acquisitions or OTC trades or are they from LP fees/rewards from Fei putting liquidity into Kashi?

@arcology to be clear, Kashi is a single-sided lending market protocol and these tokens represent FEI liquidity only.

So xSUSHI holders could come borrow this FEI (which they are doing now)

1 Like