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In the first phase of EulerDAO Governance, smart contracts will be executed by Euler on behalf of the community. In this case, all on-chain governance proposals will point to or target a function in the smart contract stub (instead of the Euler protocol smart contract).
Examples of the types of decisions that token holders can vote on include proposed amendments:
- Rank of a property
- Collateral and borrowing factors
- Oracle parameter price
- Reactive interest rate model parameters
- Reserve elements
If the proposal is successful, the proposed functionality will then be executed through the smart contract TimelockController. It will generate the proposed description string and the proposed transaction data, which will then be validated by Euler and executed against the Exec module via multisig Euler (on OpenZeppelin Defender).
To generate recommendation data, Euler implemented a tool that helps generate suggestions automatically. The proposed transaction data is simply an encrypted version of the on-chain transaction for the Exec module’s Bulk Dispatch function. The rest of the article will describe the process of generating proposal transaction data on Euler’s governance recommendation generator.
Generate proposal data for Euler’s Exec module
Step 1: Navigate to the proposed transaction data generator at: https://proposal.euler.finance/
Step 2: Connect to MetaMask wallet. The tool currently supports mainnet and Euler’s Ropsten Exec testnet modules.
Step 3: At the top left of the window, Euler has a design of a text field to describe the proposal, and below that, Euler has a menu that represents a list of tokens, e.g. USDC, DAI…
On the left side of the window, under the token list, Euler has a set of menus and text fields that are automated with the current token configurations (if tokens are enabled on Euler).
To generate the proposed transaction data, the proposer needs to enter the proposal description and then select the token from the token list. Once selected, the remaining fields will be automatically populated with the token’s current configuration.
The image below shows the proposed description and fields on the left with the current market configuration for USDC on Euler.
Step 4: The proposer can then make modifications and generate the proposed transaction hex data made through the Euler Exec module and use this hex data as input to the objective function in the smart contract stub when generating the proposal. output on Tally (this is described in Section 2 below).
Note: This process can be repeated for multiple tokens and configurations (or multiple configurations for the same token). These will be added and encrypted to form the transaction data for the Bulk Dispatch function in the Euler Exec module.
Step 5: To validate the updates that Euler has selected, Euler can copy and paste the hex into the text field.
As shown in the image above, the hex data is decoded to show the updates that Euler chose to apply to DAI and USDC. There is a button at the bottom right of the window to close the debug method and return to the main page.
After the voting period, if done successfully, the decoded hex data will be sent to OpenZeppelin Defender for Euler to execute on behalf of the community.
Create an on-chain recommendation for DAO on Tally
Step 1: Access the EulerDAO dashboard on Tally and connect MetaMask wallet.
Step 2: Click ““Create new proposal” to Create a new proposal. Then, the system will take the user to the suggestion creation window below. Click “Continue” to move to the next step.
Step 3: Enter a suggested title and description and click “Continue”.
Step 4: In the next section, the user will be asked to specify the proposed governance actions, i.e. target smart contract, target functionality and parameters.
To add the proposed transaction hex from item 1 and set the admin stub contract as the target smart contract, click “Add custom actions” => enter the smart contract stub address as the target smart contract. Then select the function “executeProposal” from the drop-down menu under ““contract method” (contract method) as the objective function in the target smart contract.
Step 5: Once done, click continue, review the proposal, and click submit it to the thread.
Euler is a capital-efficient censorship-free lending protocol that enables users to profit from their crypto assets or hedge against market volatility without the need for other third-party intervention. . Euler brings a number of never-before-seen innovations to DeFi, including a censorship-free lending marketplace, flexible interest rates, protected collateral, MEV resistance liquidation, multiple collateral pool Stable mortgages, sub-accounts, risk-adjusted loans…
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