EIP-24: Remove Bonding

Proposals
1

EIP-24: Remove Bonding

Background

This EIP marks the second of three in preparation for the ESDv2 upgrade.

We aim to take an iterative upgrade approach to this migration in order to lessen the likelihood of errors during the process.

Overview

The next step in the migration process will be to remove the bonding system from the DAO to reduce overall mechanism complexity heading into the migration-only state.

Bonding Removal

This change removes the ability to bond and unbond ESD going forward, temporarily locking ESDS balances. All ESD held in the DAO will then be burned on commit, since it would be no-longer redeemable.

Methods removed

  • deposit()
  • bond()
  • unbond()
  • unbondUnderlying()

Note withdraw() will remain indefinitely.

Effect on v1 ESDS (bonded ESD)

  • v1 ESDS will no longer be redeemable for v1 ESD, and will therefore be locked until EIP-25 passes, and migration to v2 ESDS is enabled.
  • v1 ESDS will migrate 1:1 to v2 ESDS.

Effect on v1 ESD

  • v1 ESD will continue to be freely transferrable indefinitely, and will become migrate-able to v2 ESDS once EIP-25 is passed.
  • v1 ESD will convert to v2 ESDS at the same rate as v1 ESDS as of EIP-23 when this rate was frozen. (This means there is no economic advantage to upgrading to v2 ESDS via ESD vs ESDS).
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