Union

Abstract

In order to support Union on Arbitrum, UNION token will need to be distributed to participants. The L1 treasury will drip UNION token to the Arbitrum comptroller. An intermediary contract (ArbConnector) is added to connect L1 treasury to the Union Arbitrum comptroller.

Motivation

Protocol participants will need to be able to claim UNION on the Arbitrum One Network. Therefore, the Union protocol comptroller on the Arbitrum network needs to have UNION continuously dripped over.

Specification

Add ArbConnector contract to be a new dripping target of the Treasury, and set the dripping rate to be 1 UNION per block in a total amount of 2.4M UNION tokens, which will last for 1 year at the current Ethereum block minting rate (13.14 seconds per block)

Rationale

Adding a treasury on L2 was considered, but there was no identifiable upside for going this route. Adding a comptroller provided the same benefits with lower effort.

Backwards Compatibility

No issues with backwards compatibility for this proposal

Test Cases

Tests and simulations can be found here: Link to PR

Implementation

Call the function ‘addSchedule(uint256,uint256,address,uint256)’ of the Treasury contract (0x6DBDe0E7e563E34A53B1130D6B779ec8eD34B4B9) with the following parameters:

• drip start block: the block when the proposal is created
• drip rate: 1 UNION per block
• target address: arbConnector (0x307ED81138cA91637E432DbaBaC6E3A42699032a)
• total amount: 2.4M UNION
• PR link: https://github.com/unioncredit/union-v1-proposals/pull/9

Security Considerations

• ArbConnector contract should work correctly to bridge any wrapped UNION on its balance to the Arbitrum comptroller.
• Any wrapped UNION in ArbConnector cannot be sent to any addresses other than the Arbitrum bridge.
• Wrapped UNION in ArbConnector can be withdrawn by the owner in case of emergency (by calling ‘claimTokens(address recipient)’)