0xe0ac4559…cd52sent to0xe087f94c…579b·#12,446,693·view on Etherscan
FIP-5 Update Bonding Curve Allocation
This proposal updates the bonding curve allocation to send ETH to the reserve stabilizer via the dripper instead of the Uniswap PCV deposit. It also upgrades the PCV deposit to add slippage protection to prevent new ETH deposits if the price of FEI is more than 1% from the oracle price.
These changes together protect against manipulation of the Uniswap FEI-ETH pair and abusing the protocol's ability to mint when depositing to the pair from the bonding curve.
The liquidity from the old PCV deposit will be transferred to the new one through the RatioPCVController which allows for withdrawals of a percentage, 100% in this case. This is important because the raw amount of ETH in the pair is variable as prices change. This proposal also unpauses the old deposit atomically within this vote to prevent any manipulation.
Any ETH sent to the bonding curve to buy FEI would now be allocated to the EthPCVDripper that points to the EthReserveStabilizer, which helps to reinforce the $0.95 price floor on FEI.
The code for this proposal is here: https://github.com/fei-protocol/fei-protocol-core/pull/98
Access Control changes:
* Grant Minter to the new EthUniswapPCVDeposit contract (0x5d6446880FCD004c851EA8920a628c70Ca101117)
* Grant PCVController to the new RatioPCVController contract (0xfC1aD6eb84351597cD3b9B65179633697d65B920)
* Revoke Minter from the old EthUniswapPCVDeposit (0x9b0C6299D08fe823f2C0598d97A1141507e4ad86)