Upgrade: investment earnings, reduced gas fees and streamlined architecture
Our members voted to accept proposal #121 which is one of the largest upgrades we’ve made since launch. Here’s everything you need to know.
Investment earnings
This upgrade will enable us to start investing the mutual’s funds, much like a typical insurance company would. It does this by enabling the Capital Pool to make trades via Uniswap. Members will be able to jointly decide which assets to invest in and how much of the mutuals assets to allocate. There is a limit to the amount of new assets (denominated in ETH) that the mutual can hold and each asset has a min/max threshold denominated in the asset itself.
At launch DAI will be the only other asset apart from ETH that can be held and will be set to have a minimum threshold of 1m DAI and a maximum threshold of 2m DAI. If actual holdings are below the minimum, ETH can be traded for DAI, if more than 2m DAI is held DAI can be traded for ETH. Actual trades can only be completed by a trusted address.
If there are to be any amendments to these thresholds, or a new asset to be added then it will have to go through another member vote via governance.
Token price
The NXM token price runs on a bonding curve which means that large volume purchases or sales of NXM require multiple complex calculations. We’ve simplified those token price calculations to make larger purchases and redemptions more smooth and gas efficient. The calculations are now more precise for larger purchases and on the exponential part of the curve.
Our members will now be able to redeem NXM for ETH up to a max 5% of MCR which will allow larger redemptions in nearly all cases. We’ve also introduced a max buy limit per transaction of 5% of MCR and token buys will be prohibited above 400% MCR as a safety measure to prevent extreme scenarios. We have also added a slippage parameter that can be set by the user when swapping ETH/NXM on the bonding curve.
Simplifying architecture and tech debt
Our team have worked really hard to streamline our architecture to make it more efficient and to merge pool 1 and pool 2 to a new Pool 1.
(Note: we’ve informed monitoring sites of this change but it might mean that they show an incorrect TVL if they haven’t updated it yet — let us know if you notice any that haven’t updated yet)
The team have been working on code refactoring and paying back some tech debt. As part of the upgrade we will also include a one time rescue of accidental wNXM sent to TokenController and the upgrade will allow the rescue of funds from the Pool if they are not a designated asset the mutual holds eg, SAI. We’ve also removed dependencies on oraclize.
New contracts
The new contracts are deployed and verified at the following addresses: TemporaryNXMaster: 0xCAFEA6D5eC9Fe9E0930daE95726abA509c0f7D0a NXMaster: 0xcafeaEa91ec6A2dA356A05D00d46EAFda28B6Dd8 Quotation:0xcafeaC3Cf42Fe0dC8C24D4896C8a6de5255E9EA8 Claims:0xcafea63ad9028fa022bf07eed9adb4dccc6c9bbc
ClaimsReward: 0xcafea2Da9C1e9867f1680C0B97E1731a00c9b50a TokenFunctions:0xcafea3De0275b17c4f430D0750c34772F37f86B5
Pool: 0xcafea7934490EF8B9d2572EaeFeb9d48162ea5D8
Pool2: 0xcafeaDA4d15BBC7592113D5d5af631b5dcd53Dcb
MCR: 0xcafea2ad994D07Bb95008ED5810068546C128895
SwapAgent: 0xcafea6A946406b0B48a77348A4F70DFEeD0f4664 TwapOracle: 0xcafea1C9f94e077DF44D95c4A1ad5a5747a18b5C PriceFeedOracle: 0xcafeaE8bF47145BD573BFC436D1728Cff224cA13
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