Eggforce Weekly Writeup #11: Multi-Collateral Damage
This week, we venture beyond our neck of the woods.
In the midst of Japan, Ethereum fans of all stripes gathered for their most important conference: Devcon 5.
This annual event features overpriced tickets, endless selfies on Twitter, would-be Ethereum killers presenting the best way to kill Ethereum, and perhaps a technical talk or two. It’s a grand time.
Exciting announcements flow from every direction as each project is looking to ride the hype wave, and one such news is of particular interest to us egglovers.
MakerDAO launches Multi-Collateral DAI on November 18th
(DAI will not really be backed by Dogecoin.)
(As far as I know.)
On November 18th, MakerDAO will introduce the long-awaited Multi-Collateral DAI (MCD).
Currently, DAI is solely backed with ETH. This new change will allow other types of assets to back DAI, which should provide greater stability and greater volume to the entire system.
You can read more about it on their own blog post: https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5/
What’s the link with Eggforce?
As Eggforce uses the DAI stablecoin for every aspect of the game rather than ETH, any DAI change is relevant to us.
Starting November 18th, every user will have the option to upgrade their single-collateral DAI (the DAI you have right now) into multi-collateral DAI (shiny future DAI), through a smart contract provided by the MakerDAO team.
There will be a 6 months grace period during which SCD can be exchanged for MCD, so there’s no need to rush through the doors on the very first day. But, we will all have to change our DAI anyway.
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Eggforce also leverages the Compound.finance protocol, generating interest from DAI deposits and using this interest to fund each game round. This protocol will need to be upgraded for MCD.
The Compound team are pretty quick on the draw and already released a summary of the changes you can read here: https://medium.com/compound-finance/support-for-multi-collateral-dai-c8691d0ef794
But what does this *actually* mean ?
If you own DAI, you will have to change it at some point using the link MakerDAO will provide.
Now, we’re already in mid-October. The Eggforce public beta is… on the way, any day now, anytime soon. Which is to say it’s not even here yet, so it might take us some time to iron things out anyway.
In short, the timing might turn out to have both MCD and the new version of Compound.finance released before Eggforce; in which case you would have nothing to take care of, as an user (except play the game, and show every other player you’re the top dog of the nuclear wasteland).
If, however, MakerDAO/Compound are slower than planned or we’re faster than we thought (we leave the respective likeliness of each scenario as an exercise for the reader)…
…at some point, you might have to withdraw your DAI from the Treesury contract, and we will migrate to a new Treesury contract built to handle Multi-Collateral DAI as well as the upgraded Compound.Finance.
(It’s also possible there might be a way to go through this upgrade trustlessly, without any input on your part. Because specifics are still up in the air from these third-party protocols, it’s hard to tell just now.)
Bottomline: don’t panic, everything will be fine.
TIME TO PANIC
It’s mid-October, and Eggforce still isn’t ready.
…
That’s it for the bad news. You can resume not panicking.
(Slow) progress is being made on the frontend. Smart contract bugs are being squashed. Math and magic numbers have been reworked here and there.
If you want to check where we’re at, the current unfit-for-public-consumption testing page is still at: https://eggforce.github.io/test_004_e
Next week should bring at least one new contract redeployment, more website work towards usability, and perhaps, maybe, possibly, this will all culminate in the inkling of a shadow of a public alpha in the near future ?
Fingers crossed. Never despair, for when you’re as small as an egg, things can only look up from down here.
Until next week, Eggfans.
