Upcoming Betoken Smart Contracts Upgrade
Betoken will migrate to a new set of contracts after the next intermission phase (Tuesday, 31 December 2019).
Published in
3 min readDec 14, 2019
As the current developers of Betoken, we introduced a developer-initiated upgrade in October. We’re glad to announce that the governance process to handle Betoken smart contracts upgrade was completed.
Next version:
0x58b64a1feAC144eb077627C9C6b66cE2097396Af
Proof of upgrade’s completion:
Read contract nextVersion and hasFinalizedNextVersion = true.
No action required from users
The upgrade will take place after the next intermission phase, around Tuesday, 31 December 2019. As usual, users will be able to withdraw funds before switching to the new smart contract. The deposit operations will be disabled during that intermission phase.
You’ll find below what to expect from that upgrade.
New fund management features
- We will introduce a new mechanism for punishing huge manager’s losses more severely. A manager’s investments with losses below 10% will lose the normal amount of Kairo, whereas investments with more than 10% losses will lose a lot more Kairo as the losses increase. Investments with losses above 25% will lose all of the staked Kairo.
- DEX.ag will be introduced as an alternative to Kyber Network for making basic orders. DEX.ag provides better rates and more liquidity by splitting a trade across several different exchanges (including Kyber, Uniswap, Bancor, Radar Relay, and more).
- We will be able to purge any manager who has not managed assets in 2 cycles (60 days) from Betoken, a change from the current 6 cycles (180 days) threshold.
- The gas cost of making Kyber trades will be slightly improved.
- The gas cost of creating Compound margin orders will be greatly improved, thanks to the use of EIP-1167.
- We will upgrade to Fulcrum V2, which has lower slippage and better gas cost that V1. We will also restrict Fulcrum orders to only ETH and WBTC, since other assets have low liquidity.
Bug fixes & maintenance
- Transition from single-collateral DAI to multi-collateral DAI
- We will give the Betoken team the power to list new Compound tokens as available for trading as they become available.
- Added function for selling unsold Fulcrum orders after the end of each cycle.
- The decimal bug in selling Fulcrum orders has been fixed.
- Buying a manager account will be restricted to the manage phase to prevent an attack that allows generating free Kairo.
- The 0 commission bug has been fixed.
- The bug in selling Compound orders has been fixed. Unfortunately, this bug has caused one of the managers (0xd16aa39e2812fa1c9dae6ca4eee0a11dee262a9a) to lose more than 600 Kairo in the October cycle and caused an equivalent amount of DAI to be locked up in the order. We will reimburse the lost stake to that manager when we’ll switch to the upgraded smart contracts.
