https://forum.reserve.org/t/rfc-upgrade-bsdeth-to-release-3-4-0/718

Summary

This proposal recommends upgrading the bsdETH RToken to version 3.4.0 of the Reserve Protocol to integrate with QiDAO, enabling users to mint MAI with bsdETH following the approval of the proposal from their DAO.

Motivation

The recent QiDAO integration requires bsdETH to upgrade to the Reserve Protocol v3.4.0 upon audit completion. This governance action is necessary for QiDAO integration by upgrading the pricing function, allowing bsdETH to be used as MAI collateral.

Detailed Instructions

Reference: Reserve Protocol Release 3.4.0 Upgrade Spell: 3.4.0 Upgrade Spell Upgrade guidance: ABC Labs Instruction Summary Following the upgrade guidance from ABC Labs bsdETH will perform the following steps.

Step 1 - Upgrade

To execute step 1 of the upgrade spell, RToken governance should prepare a proposal containing two calls:

main.grantRole(0x4f574e4552000000000000000000000000000000000000000000000000000000, 0x1744c9933fEb8E76563fce63D5c95A4E7f967C2a) spell.castSpell1(0xCb327b99fF831bF8223cCEd12B1338FF3aA322Ff) As step 1 is executed the spell will revoke its access as well as rotate the TimelockController that admins each RToken deployment.

Step 2 - Cleanup

To execute step 2 of the upgrade spell, RToken governance should prepare a proposal containing two calls:

main.grantRole(0x4f574e4552000000000000000000000000000000000000000000000000000000, <0x1744c9933fEb8E76563fce63D5c95A4E7f967C2a>) spell.castSpell2(<0xCb327b99fF831bF8223cCEd12B1338FF3aA322Ff>) IMPORTANT

Step 2 will be launched on the new governance contract implemented by step 1. Before step 2 can begin, the following must be completed.

all reward token balances should be claimed all rebalancing auctions must run to completion all revenue auctions must run at least until all surplus balances are below the minTradeVolume Steps will be taken to help the community with this process.

Conclusion/Next Steps

If the IP Passes governance the following will be done: multiple announcements will be made on the bsdETH social media account and discord channel for users to claim token balances. All rebalancing actions will be run to completion. All revenue auctions will run until all surplus balances are below the minTradeVolume. Once completed Step 2 will proceed. An RFC will be created following the success of Step 1 passing on IP to help guide the community on this.