Big shoutout to @doncesarts for leading this and working on the smart contracts.
This RFC seeks feedback for a proposed upgrade to our Savings Contract on Ethereum Mainnet and Polygon. The upgrade would adjust the contract such that it would follow the ERC-4626 standard, while still preserving the current functions to allow for backwards compatibility.
ERC-4626 is a new standard for yield-bearing Vaults. As discussed in the previous community calls, mStable is leaning further into the Save concept and seeks to embrace this new standard.
Therefore, we would like to make the first step by upgrading our current yield-bearing contracts (Save Contract or imUSD and imBTC) to be compatible with this standard. The contract already is quite similar to the standard but requires a few changes to be 100% compliant.
Following that, the new implementation of the Save Contract needs to be deployed and the Proxy needs to be pointed to the new Implementation.
Users are not required to perform any actions. Other protocols that integrated the contracts and our front-end do not need to be updated. But new integrations can use the standard interface to interact with the upgraded smart contract.
This follows our recent shift of focus towards the Save Concept and the embracement of the ERC-4626 standard. This step makes sense in this light as we would want to push this standard forward and be a key player with this new standard.
Additionally, following this standard could open up the door to new integrations with new protocols that adopt this standard early. One of which is Turbo Tribe, which allows any DeFi token to become productive by sharing in the yield generated from a costless FEI line of credit..
It is to be expected that more protocols will find uses cases for contracts following this standard.
- Embrace new standards and position ourselves being a key player in the ERC-4626 arena
- Opens up the door to more integration possibilities
- Contract remains backwards compatible
- User does not need to migrate
- An upgrade to the smart contracts has some associated risks, but we are testing the contracts thoroughly to ensure a safe-upgrade
It is suggested that the community comment on this RFC in the coming days, and bearing no significant opposition or change in ideation, we would move ahead with this RFC in the coming week and create a formal draft proposal on Github to be used for the review.
Meta Governors are encouraged to provide as much feedback as possible until then, so we can create the best possible outcome for mStable and its users.