This proposal updates the existing timelock contract on current Instadapp contracts and transfers funds from the DAO treasury in preparation for Fluid Rewards.
This updates the ownership to the new timelock on the following across Instadapp protocols: Instadapp Lite, Instadapp Pro and the DAO Treasury.
New Timelock Implementation:
Voting Delay: ~1 day
Voting Period: ~2 days
Execution Queue: ~1 day
These changes will upgrade governor contract to new implementation and transfer master ownership to the new timelock from old timelock on the following contracts:
- DSA 'InstaIndex 0x2971AdFa57b20E5a416aE5a708A8655A9c74f723
- Lite iETHv2 Vault 0xA0D3707c569ff8C87FA923d3823eC5D81c98Be78
- DAO Treasury 0x28849d2b63fa8d361e5fc15cb8abb13019884d09
The new timelock will will be then set ass the admin for the Governor Contract, as well as the old timelock contact. With the new configuration the following transaction will be submitted to complete the upgrade:
1. Accept master ownership of DSA’s InstaIndex
2. Accept admin ownership on old timelock contract
3. Accept admin ownership on new timelock contract
4. Set voting delay as 7_200 blocks i.e 1 day
5. Set voting period as 14_400 blocks i.e 2 days
6. Initiate transfer admin ownership of new timelock
contract from old timelock contract to governor contract
7. Accept admin ownership on new timelock contract from
8. Set voting delay to 86400 seconds i.e 1 day on new timelock.
These transactions will occur with no delay as they are the initial configuration transaction. Once completed the timelock settings will apply.
This proposal will also move the following funds to the Instadapp team’s multisig to prepare and setup for Fluid Rewards. For full details on Fluid Reward allocations see this proposal:
Instadapp Team Avocado Multsig:
1. Transfer 247.9k USDC, 59k DAI and 28.7k USDT to Instadapp Team Multisig
2. Transfer 550 ETH (230 ETH & 320 stETH) to Instadapp Team Multisig
3. Remove old timelock address as auth
4. Add new timelock address as auth
The team has made improvements on the timelock contract. The updated the queue and execution times will enable better reaction and response times for Fluid but for all overall Instadapp protocols and services.
This proposal updates the voting parameters and transfers ownership and auth rights of the governor contract to the new timelock contract. Additional this submits transfers from the DAO to the team multisig to prepare Fluid Rewards.