Union

Abstract

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

Motivation

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

Specification

• Set half decay point of the Base Comptroller to 100,000.
• Add BaseConnector 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 2,628,000 UNION tokens, which will last for one year at the current Ethereum block minting rate (12 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

On Mainnet

• Call Treasury.addSchedule(‘uint256’,uint256,address,uint256) with the following parameters:
  • drip start block: the block when the proposal is created
  • drip rate: 1 UNION per block
  • target address: BaseConnector
  • total amount: 2,628,000

On Base:

• Call OpOwner.execute() to call Comptroller.setHalfDecayPoint(“100000”) to set the half decay point to 100,000.