FIP-54: Permanently Deprecate Burner

Summary:
Permanently deprecate the Burner role and transfer hooks, removing the ability for the FEI to be burned arbitrarily (can only be burned by owner).

Motivation:
The Burner role allows the Fei DAO to burn FEI from any address. This is a lot of power, and was required for direct incentives. Since direct incentives are no longer a feature of Fei Protocol, it would be appropriate to remove this power from governance. It has been raised as a concern on the MakerDAO and Compound forums that this role exists.

In addition, the DAO can add arbitrary logic inside the transfer function, including fees and other checks. This is also too much power, and can increase gas costs and break fungibility for users. This should also be removed.

Proposal:
Replace the core reference in the FEI token to a “Restricted Permissions” which only allows for minting and pausing. This would permanently lock the contract’s ability to burn from any address. It preserves the ability for a user or contract to burn its own FEI.

The code is here and audited by ConsenSys Diligence: fei-protocol-core/RestrictedPermissions.sol at feat/v2/base · fei-protocol/fei-protocol-core · GitHub

  • Yes remove Burner
  • No, don’t

0 voters

2 Likes

@joey ,

Is it possible to give a brief rundown of what contracts/functions will be deprecated (and their replacement, if any) in the entire Fei Protocol core functionality as part of the V2 launch? Because compared to V1 there is a huge change in functionality (and rightfully so), but I would like ordinary users to be aware of things like these.

Yes all deprecations can be followed at minimum on-chain but that isn’t transparent for normal users.

TLDR:

  • Burner and FEI transfer Hooks
  • Bonding Curves → Redeemability
  • Reserve Stabilizer → Redeemability
  • A few random PCV deposits

Thats about it. The rest of v2 is additive

1 Like