Proposal: CoFiXControllerV2

Computable-Finance / CoFiX

Core Smart Contracts of CoFiX: A Computable Financial Transaction Model. The Future of On-Chain Market Making is Here.

GNU General Public License v3.0

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Adjust K from 0.25% to 0.5%

Due to the recent high market volatility, the CoFiX development team will consider adjusting the compensation factor K from the current 0.25% to 0.5%. And the announcement will be made after the K value has been adjusted. The adjustment doesn't affect the main functions such as trading, pool withdrawal and deposit, mining, and dividend. Once the high gas-consuming issue is solved, the CoFiX system will use the original dynamic K algorithm, which is planned to be completed shortly.

Q & A

What is the compensation factor K?

How does the adjustment of the K-value of the compensation factor affect the system?

The compensation factor K value adjustment does not affect the CoFiX system's primary functions such as trading, pool withdrawal and deposit, mining, and dividend. The compensation factor K is one of the parameters of the CoFiX price algorithm. The compensation factor K value adjustment will only affect all the prices in the CoFiX system.

Why is the adjustment of the compensation factor K not done through governance?

As the CoFiX governance system is refined, the adjustment of the system's core parameters will be made through the governance of the Decentralized Autonomous Organization (DAO). Before the CoFiX governance system goes live, the adjustment of core parameters such as K value will be recommended by the core research and development teams and updated through a multi-signatory authorization process.

[x] CoFiXControllerV2 deployed at 0x7e497Be7532CC4954D73c6dF93F016c53CC0C29a on mainnet.

$ truffle migrate -f 3 -to 3 --network mainnet

Compiling your contracts...
===========================
> Everything is up to date, there is nothing to compile.

Starting migrations...
======================
> Network name:    'mainnet'
> Network id:      1
> Block gas limit: 12500000 (0xbebc20)

3_deploy_CoFiXControllerV2_on_mainnet.js
========================================
truffle deploy CoFiXControllerV2 to mainnet network
NEST3VoteFactory: 0x6Cd5698E8854Fb6879d6B1C694223b389B465dea, NestPriceOracle: 0x94F36FAa6bB4f74009637292b09C355CcD3e80Eb, offerPrice: 0x94F36FAa6bB4f74009637292b09C355CcD3e80Eb

   Deploying 'CoFiXControllerV2'
   -----------------------------
   > transaction hash:    0x2661dc3b62c99e72e5e7a58259ad202475793a04224001c5ae840485b973df25
   > Blocks: 4            Seconds: 27
   > contract address:    0x7e497Be7532CC4954D73c6dF93F016c53CC0C29a
   > block number:        11301999
   > block timestamp:     1605968950
   > account:             0xf02F6A0F347CC664fFfd55591A765F403E610d8E
   > balance:             8.058934383687419314
   > gas used:            2103663 (0x20196f)
   > gas price:           66 gwei
   > value sent:          0 ETH
   > total cost:          0.138841758 ETH

   Pausing for 2 confirmations...
   ------------------------------
   > confirmation number: 1 (block: 11302002)
   > confirmation number: 3 (block: 11302004)
approving nest to controller 0x7e497Be7532CC4954D73c6dF93F016c53CC0C29a
activating controller 0x7e497Be7532CC4954D73c6dF93F016c53CC0C29a
setting theta for 0xdAC17F958D2ee523a2206206994597C13D831ec7
setting theta for 0x0316EB71485b0Ab14103307bf65a021042c6d380
Contract Deployed Summary
=========================
| CoFiXControllerV2 | 0x7e497Be7532CC4954D73c6dF93F016c53CC0C29a |
pair: 0xb2b7BeDd7d7fc19804C7Dd4a4E8174C4c73C210d, allowed: true, token: 0xdAC17F958D2ee523a2206206994597C13D831ec7, k: 500000, theta: 200000
pair: 0x7C2d7b53AcA4038f2Eb649164181114B9AEE93CB, allowed: true, token: 0x0316EB71485b0Ab14103307bf65a021042c6d380, k: 500000, theta: 200000
pair: 0x053566e3Ce929a85c85b2a3417514CD49687BAfb, allowed: true, token: 0x1a23a6BfBAdB59fa563008c0fB7cf96dfCF34Ea1, k: 500000, theta: 0
   > Saving artifacts
   -------------------------------------
   > Total cost:         0.138841758 ETH

Summary
=======
> Total deployments:   1
> Final cost:          0.138841758 ETH

[x] setGovernance of CoFiXControllerV2 to CoFiX Governance (Multi-Sig)

https://etherscan.io/tx/0xd30969124d945976925cb814b28394f243ce09587d6ad484193fcd085061b328

[x] Propose call setController function of CoFiXFactory to set CoFiXControllerV2(0x7e497Be7532CC4954D73c6dF93F016c53CC0C29a) as the new controller.

Check https://gnosis-safe.io/app/#/safes/0xF51d8FdF98286e1EA846c79f1526ECC95b93AbB8/transactions.

Send n/a to: 0x66C64ecC3A6014733325a8f2EBEE46B4CA3ED550 (CoFiXFactory)

Data (hex encoded):
0x92eefe9b0000000000000000000000007e497be7532cc4954d73c6df93f016c53cc0c29a

[x] Awaiting confirmations.
[x] Executed

Starting migrations... ====================== > Network name: 'ropsten' > Network id: 3 > Block gas limit: 8000029 (0x7a121d) 3_deploy_CoFiXControllerV2_on_mainnet.js ======================================== truffle deploy CoFiXControllerV2 to ropsten network Replacing 'CoFiXControllerV2' ----------------------------- > transaction hash: 0xf92a2b10b0344691e57596a0266fc6234612f2540703200db13b86f88e8d3314 > Blocks: 0 Seconds: 8 > contract address: 0x36f99d8500CB288c924B50cf4A081F4C3E6d48DD > block number: 9117173 > block timestamp: 1606018070 > account: 0x45EE4E055612e82688e1f2c62b3A0d0DF395a7eC > balance: 3.910499176925561484 > gas used: 2078996 (0x1fb914) > gas price: 20 gwei > value sent: 0 ETH > total cost: 0.04157992 ETH Pausing for 2 confirmations... ------------------------------ > confirmation number: 1 (block: 9117175) > confirmation number: 2 (block: 9117176) setting theta for 0x200506568C2980B4943B5EaA8713A5740eb2c98A setting theta for 0xA674f71ce49CE7F298aea2F23D918d114965eb40 setting controller of CoFiXFactory Contract Deployed Summary ========================= | CoFiXControllerV2 | 0x36f99d8500CB288c924B50cf4A081F4C3E6d48DD | pair: 0xffe14368FC46EB507e5221459a480646F22558b6, allowed: true, token: 0x200506568C2980B4943B5EaA8713A5740eb2c98A, k: 500000, theta: 200000 pair: 0xe0297aBDCCf60Ab85365694E53AF92A433c2852e, allowed: true, token: 0xA674f71ce49CE7F298aea2F23D918d114965eb40, k: 500000, theta: 200000 > Saving artifacts ------------------------------------- > Total cost: 0.04157992 ETH Summary ======= > Total deployments: 1 > Final cost: 0.04157992 ETH

Computable-Finance / CoFiX

Proposal: CoFiXControllerV2 #12

Adjust K from 0.25% to 0.5%

Q & A