Disclaimer from L2BEAT

This proposal is one of several similar maintenance proposals that have been put forward recently and require a constitutional vote. Back in September last year, we indicated that such updates should be handled differently, but no such initiative has been proposed so far. We have been asked to support this proposal, which we are doing through this vote. Separately, we will request a dedicated discussion to address these issues in future. However, such a discussion should not delay this proposal or any others of a similar nature in the meantime.

Abstract

https://superboring.xyz is about to expand to Arbitrum, thus the $BORING token shall become bridgeable to Arbitrum.

Motivation

$BORING is used to incentivize markets and can thus help drive adoption both to the Superboring protocol and the underlying chain.

Rationale

Arbitrum wants to help scale Ethereum. Allowing tokens to be bridged back and forth is key to this.

Specifications

$BORING on Ethereum is a simple, non-upgradable ERC20 contract, deployed to 0x0Bc4dF77353ae96f31bC82bC2536bb23B2009919.

$BORING on Arbitrum is a Super Token - essentially an ERC20 token with advanced capabilities like streaming and scalable distribution. It’s deployed by the same deployer account, to the same address: 0x0Bc4dF77353ae96f31bC82bC2536bb23B2009919 .

Steps to Implement

According to the Arbitrum bridge docs, bridging to an Arbitrum token with custom logic requires registration in the Arbitrum generic-custom gateway, which can be done either by the L1 token contract itself or by the Arbitrum DAO. Since the L1 token contract was deployed in the past without knowing this requirement, and is not upgradable, the latter option is needed.

Timeline

Superboring on Arbitrum is expected to go live in a couple of weeks. $BORING availability is not blocking, but would help make this deployment more attractive.

Overall Cost

We assume the process of token registration to be well known and thus incur no or negligible cost for the DAO.