EIP-23: Pause Regulation
Background
This EIP marks the first in the series to prepare for the Continuous ESD migration.
We aim to take an iterative upgrade approach to this migration in order to lessen the likelihood of errors during the process.
Overview
The first step in the migration process will be to pause the current supply regulation mechanic and to remove all unnecessary lockups from the system so that users may begin to prepare their positions for migration.
Regulation
All supply regulation activities will be turned off including:
- Core supply-expansion/contraction logic
- Stability reward (EIP-22)
Aside from advance() and governance rewards, this will fix the supply of v1 ESD.
Additionally debt will be reset to 0 in order to turn off the purchasing of new coupons.
Lockups
To give flexibility to our users, we’ll also be releasing all unnecessary locks as part of this first EIP. This includes:
- Resetting DAO lockups to
1 epoch. (a single epoch is required for flash-loan protection of the governance system) - Unlocking coupon underlying to be redeemed immediately or at the owners convenience
Unfortunately, removing the locks on the LP pool would require a pool migration itself, so those locks will stay in place for the duration.
Note it will not be necessary to unbond ESD in order to migrate to ESDS, there will also be an option to migrate directly from v1 ESDS (bonded ESD) to v1.5 ESDS.