Tree 2.0 Updates
We are making upgrades to the TREE protocol. Below, we’ll be going over the different changes that are happening soon.
First, we will be moving the 176k DAI out of the TREE reserve contract. The DAI will be going to an intermediary contract as we make several smart contract upgrades. The plan is to soon migrate to a new reserve that will allow people to burn their TREEs for a larger percentage of the reserve. In our original model, some of the value that should have accrued to the reserve was instead eaten up by bots. This discouraged participation from human actors and diverted funds intended to go back to the protocol and charity.
After this, we will be changing the way that TREE updates its supply to better allow for manual participation and increased reward mechanics. Instead of the current method, where tokens are minted and sold to Uniswap, we will instead allow users to pledge DAI in order to receive a share of newly minted TREE. We will also allow users to pool their TREE together for larger burns, allowing coordination to be a viable strategy to earn more rewards from the reserve.
The first change, moving the DAI to an intermediary holding contract, will happen in the coming weeks. Please stay tuned for our timeline of updates.
Progress
✅ Deploy contracts to mainnet
- PausedReserve
- Will hold 176k DAI as temporary reserve until gov votes to withdraw to the new reserve
- Will not be transferable until flag is set by deployer to minimize risk.
- UniswapRouterManipulator
- Instead of selling minted TREE to the TREE/DAI uniswap pool, returns the calculated amount to send the entire reserve balance
- UniswapOracleManipulator
- Instead of returning current TREE/DAI price, returns a fixed price of $1.05 to trigger a rebalance
- Lowest possible value to trigger a rebalance
- UniswapPairManipulator
- Instead of returning the balance of TREE and DAI in the uniswap TREE/DAI pool, returns the same constant for TREE and DAI balances
- When TREE and DAI are the same value, rewards for the LP’s are equal to 0, preventing reward distribution
- OmniBridgeManipulator
- Instead of transferring DAI to the charity on the L2 bridge, transfer DAI to the PausedReserve
