IIP-23 ETH2x-FLI Security Increase #2

IIP: 23
Title: ETH2x-FLI Cap Security Increase #2
Status: Proposed
Author: Punia @puniaviision
Created: March 29, 2021

Simple Summary

Raise the supply cap of the ETH2x-FLI from 100,000 units to 200,000 units and whitelist Noah Citron’s keeper bot for added technical redundancy.

Abstract

Adjust the following parameters on the ETH2x-FLI:

  1. Raise the supply cap to 200,000 units.
  2. Whitelist 0x0663456CF49b753c8694a17Cf8a53e75246CB2cA to be able to call the rebalance function.

Motivation

For the initial launch, the ETH2x-FLI has a guarded roll-out to ensure stability with a more risky leverage type product. The initial supply cap was at 50,000 units and then raised to 100,000. We’re coming close to hitting that supply cap, have found the system to be behaving as expected, are introducing more bots for redundancy, and are ready to increase it to 200,000.

Technical redundancy over the bots that manage the rebalance of the ETH2x-FLI is important in order for the product to keep working even though an individual bot may be down or behaving incorrectly.

Currently, only Set Labs and DFP are running bots. In order to increase redundancy, @ncitron has developed a bot to monitor the ETH2x-FLI and call the rebalance function when needed. Currently, only whitelisted addresses have the ability to call the rebalance function (in order to prevent MEV attacks as a part of the guarded launch) and so Noah’s bot needs to be added to it. Given it is a parameter change for the product, it needs to be approved through governance.

FOR

  • Increase the supply cap to 200k and whitelist 0x0663456CF49b753c8694a17Cf8a53e75246CB2cA.

AGAINST

  • Do not increase the supply cap to 200k and whitelist 0x0663456CF49b753c8694a17Cf8a53e75246CB2cA.
IIP-23
  • FOR
  • AGAINST

0 voters

Copyright

Copyright and related rights waived via CC0.

1 Like

Are the bots copies or have they been coded separately …and is that characteristic even important?

Important that they be coded separately! So that what causes 1 to fail doesn’t cause the other to fail and we have real redundancy.

2 Likes

Great work @ncitron! We are getting tons of investor demand and this will be tremendously helpful as we keep expanding this products market share and liquidity.

2 Likes