0xed937609…8469sent to0xbeccb6bb…9bf6·#20,673,681·view on Etherscan
addMinter(address)setMarket(address,address,address,bool)# Proposal to Update ALE and FlashMinter
Forum link: https://forum.inverse.finance/t/proposal-to-update-ale-and-flashminter/457
## Summary
This proposal seeks to update the current ALE and FlashMinter contracts.
A new ALE without minting rights which will use the new flash minter for leveraging and deleveraging operations. The new ALE also allows to optionally use or not the exchange proxy (currently 1Inch V6) depending on each Market supported by FiRM.
A new Flash minter with Zero fee and a custom max flash loan amount managed by governance.
This will allow the new ALE to support markets which don’t require the exchange proxy and reduce risk by removing the ALE minting rights while the flash minter will have a limited amount that can be flashloaned.
A flash loan limit set to 5M should easily cover all liquidations and arbitrage opportunities using DOLA considering the current size of Ethereum DOLA liquidity.
## Background
The current ALE has minting rights and a virtually unlimited amount that can be flashloaned while performing leveraging and deleveraging operations. To limit exposure to this factor and remove minting rights from the contract we planned to use the flash minter.
In addition to that, some new markets like the Curve Dola LPs, cannot be bought via 1Inch proxy but require a conversion by adding 1 side liquidity via Dola.
In order to achieve this we added the option to use or not the exchange proxy and this configuration is per market and controlled by the DAO.
The current Flash Minter has a very high flash loan limit and a small fee. For using it with the new ALE we would need to adjust the fee to zero but it would introduce a risk because of the high amount available to be flashloaned without any fee mitigating a potential issue.
The new Flash minter has a custom max flash loan limit adjustable by the DAO and zero fee.
## Contracts
New ALE:
https://etherscan.io/address/0x5233f4C2515ae21B540c438862Abb5603506dEBC
New FlashMinter:
https://etherscan.io/address/0x6C5Fdc0c53b122Ae0f15a863C349f3A481DE8f1F
## On-Chain Actions
1 - Remove minting rights from the Current ALE
2 - Remove minting rights from the Current FlashMinter
3 - Remove current ALE from borrow controller
4 - Allow new ALE on borrow controller
5 - Add minting rights to the new FlashMinter
6 - Set max flash loan limit to 5M
7- 18 - Set markets config from the current ALE into the new one
7 - INV
8 - WETH
9 - DAI
10 - CRV
11 - cvxCRV
12 - wstETH
13 - WBTC
14 - sFRAX
15 - st-yETH
16 - COMP
17 - sUSDe
18 - CVX