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teleo-codex/inbox/archive/2024-03-28-futardio-proposal-migrate-autocrat-program-to-v02.md
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type title author url date domain format status tags event_type
source Futardio: Migrate Autocrat Program to v0.2? futard.io https://www.futard.io/proposal/HXohDRKtDcXNKnWysjyjK8S5SvBe76J5o4NdcF4jj963 2024-03-28 internet-finance data entity-data
futardio
metadao
futarchy
solana
governance
proposal

Proposal Details

Summary

🎯 Key Points

The proposal aims to upgrade the Autocrat Program to v0.2 by introducing reclaimable rent, conditional token merging, and improved token metadata, along with several configuration changes to enhance functionality and user experience.

📊 Impact Analysis

👥 Stakeholder Impact

Stakeholders will benefit from reduced proposal creation costs and improved token usability, which may lead to increased participation in governance.

📈 Upside Potential

The upgrade could enhance liquidity and user experience, potentially attracting more users and proposals to the MetaDAO ecosystem.

📉 Risk Factors

There is a risk of technical issues during the migration process or unforeseen consequences from the configuration changes that could disrupt current operations.

Content

Author(s)

HenryE, Proph3t

Overview

It's time to upgrade futarchy!

This upgrade includes three new features and a number of smaller config changes.

The features:

  • Reclaimable rent: you will now be able to get back the ~4 SOL used to create OpenBook proposal markets. This should lower the friction involved in creating proposals.
  • Conditional token merging: now, if you have 1 pTOKEN and 1 fTOKEN, you'll me able to merge them back into 1 TOKEN. This should help with liquidity when there are multiple proposals active at once.
  • Conditional token metadata: before, you would see conditional tokens in your wallet as random mint addresses. After this is merged, you should be able to see token names and logos, helping you identify what proposal they're a part of.

The config changes:

  • Lower pass threshold from 5% to 3%
  • Set default TWAP value to $100 instead of $1
  • Update TWAP in $5 increments instead of 1% increments, which enhances manipulation resistance while allowing the TWAP to be more accure
  • Change minimum META lot sizes from 1 META to 0.1 META

The instruction attached to this proposal will migrate MetaDAO's assets over to the new autocrat program.

There are three main futarchy programs and a migrator program for transfering tokens from one DAO treasury account to another:

  1. autocrat_v0
  2. openbook_twap
  3. conditional_vault
  4. migrator

Each program has been deployed to devnet and mainnet, their IDLs have been deployed, and they've been verified by the OtterSec API against the programs in the two repos; futarchy contains autocrat_v0, conditional_vault and migrator, and a separate repo contains openbook_twap. The Treasury account is the DAO's signer and has been set as the program upgrade authority on all programs.

Addtional details for verification

Detailed Changelog and PR links

Autocrat

  • Mostly minor config changes (Pull Request #69):
    • Set default pass threshold to 3%
    • Set max observation change per update lots to $5 and make it a configurable option
    • Set default expected value to $100
    • Ensure that the open markets expire a minimum of 10 days from the creation of the proposal to allow for rent retrieval from openbook markets
    • Reduce the openbook base lot size so that people can trade in lots of 0.1 META

Conditional Vault

  • Add metadata to the conditional vault tokens so they show up nicely in wallets during a proposal (Pull Request #52)
  • Add the ability to merge tokens (Pull Request #66)

Openbook-TWAP

Migrator

Raw Data

  • Proposal account: HXohDRKtDcXNKnWysjyjK8S5SvBe76J5o4NdcF4jj963
  • Proposal number: 15
  • DAO account: 7J5yieabpMoiN3LrdfJnRjQiXHgi7f47UuMnyMyR78yy
  • Proposer: FutaAyNb3x9HUn1EQNueZJhfy6KCNtAwztvBctoK6JnX
  • Autocrat version: 0.1
  • Completed: 2024-04-03
  • Ended: 2024-04-03