Over the last few months the Empty Set community has been working hard to get the new version of the ESD protocol up and running. This week we are finally ready to begin the process of upgrading. However before we do, let’s go over V2 and the order of events for the week.
Empty Set V2
The Empty Set Squad shared their proposed design for the next version of the protocol on Medium. This post outlines the new two token model and protocol owned collateral based token. This design simplifies the tokenomics and the way the protocol operates.
The team also created a Gitbook for the more technically minded to dive in: here
Migration Process
The first step in the migration process is to pause the supply regulation in the current DAO, preparing the ESD token to transition to a solely seigniorage share.
During preparation for the migration we will leave the governance system intact as we propose a series of EIPs. Once the migration is set up and ready to be kicked off, V1 governance will be turned off, making v1 immutable, ensuring a safe transition as voting power moves from v1 to v2.
There are three proposals that need to pass in order for the migration to commence:
- EIP 23: Pause Regulation (Already committed)
- EIP 24: Remove Bonding
- EIP 25: Shutdown & transfer ownership to Treasury
Once these have occurred migration will be initiated by the Treasury and V2 will be live.
At this point V2 will be under the guardianship of the Empty Set Treasury. A proposal will be created to test the whole governance process then the treasury will abdicate their guardianship and the protocol will be fully decentralized and controlled by the ESS holders.
Here is a rough timeline of events:
Once V2 is live the protocol will be able to migrate ESD tokens as well as mint/redeem DSU, handle onchain governance and other functions. We look forward to it!
Keep Up-to Date
You can keep up with our community on the following platforms.
Twitter: https://twitter.com/emptysetdollar
Discord: https://discord.com/invite/vPws9Vp
Telegram: https://t.me/emptysetdollar
