The ECO token implements rebase functionality as part of its monetary policy, which creates challenges with DeFi interoperability. Some DeFi protocols, such as Uniswap v2, can integrate with rebasing tokens, as long as they are notified when rebases occur.
To integrate with these DeFi protocols, we propose the addition of a “Notifier” contract into the Eco Protocol, with the ability to send an arbitrary number of notifications downstream. These notifications occur atomically (within the same transaction) alongside the rebase, ensuring that the downstream applications continue to function correctly, despite a change in the underlying balance of tokens held by the application.
The notifier implements a
notifyGenerationIncrease() function that iterates through the transactions in the
Transaction structure, calling them in a method that is protected from reverting if the transaction reverts. Transactions can be added or removed simply by calling the
removeTransaction functions from the root policy contract. The first transaction to be added as part of the upgrade proposal is a transaction to sync the Uniswap v2 pool after monetary rebases, so that the pool will continue to function.
Upgrade Proposal Link
Github Pull Request (with relevant tests)
- What other DeFi protocols should we integrate in future upgrade proposals?
- This proposal also will fix an issue with the lockup improperly delegating deposited funds. This upgrade will fix the bug, before monetary policy turns on in the system.
Also, I support it and I think this is a good idea. There are many DeFi protocols but I’m most familiar with Synthetix, AAVE, Compound, Kyber Network, Sushiswap, Maker, Balancer, Curve, and Ren Protocol.
You could pick the protocols by filtering them by volume and amount of adopted chains. The more volume and usage on various chains, the better the odds of integration success.
I fully support the proposal. As for future integrations - Saulo named almost all the popular DeFi protocols I know . I would probably add 1inch.
Great. So how do I stake?
- Login at https://governance.eco.org
- Open the top menu link “My Account”
- Open the staking options with the button “Manage Staking”
- Choose your amount and submit the transaction
You will send ECOx to the contract and receive sECOx in your Ethereum address, it means “Stacked ECOx” and will allow you to vote on governance proposals.
Saulo, super helpful. Thank you!
Great proposal, thank you for bringing it!
According to data analytics platform Nansen, most DeFi protocols have experienced double-digit percentage growth in users and transactions in the past seven days, a sign of vitality following the collapse of FTX.
For example, dYdX, a decentralized crypto exchange on the Cosmos blockchain ecosystem, has seen users increase by 99% and transactions climb by 136%.
Great proposal! Totally support it!
great proposal) and thank Saulo for the instruction!
Saulo as always mega brain. Good creep. The smiley doesn’t work for me.
I would also consider multichain.
And also Aptos (liquidswap) - across the bridge L 0 > Of course, the use of bridges entails additional security issues.
Nothing to discuss here, there are no cons to this proposal, notifier implementation is extremely important. Full support from community is guaranteed.
DeFi protocols should be discussed in a separate thread, integration topic is complex and important.