Administration proposal generation tool for EulerDAO phase 1

In the first phase of EulerDAO Governance, smart contracts will be implemented by Euler on behalf of the community. In this case, all administrative suggestions on the thread will indicate or target a function in the intelligent contract stub (instead of the smart contract Euler protocol).

If the proposal is successful, the proposed functionality will be implemented via the intelligent contract TimelockController. It will emit a string describing the proposal and the submitted transaction data, which will then be validated by Euler and executed against the Exec module via multisig EulerDAO (on OpenZeppelin Defender).

To create recommendation data, Euler implemented a tool that helps make automated suggestions. The proposed transaction data is simply an encrypted version of the transaction on the thread for the Dispatch batch function of the Exec module. The rest of the article will describe the process of creating proposal transaction data on Euler’s administrative proposal generation tool.

Generate recommendation data for Euler’s Exec module

Step 1: Navigate to the proposed transaction data generation tool at: https://proposal.euler.finance/

Step 2: Connect to MetaMask wallet. This tool currently supports mainnet and Euler’s Exec Ropsten testnet modules.

Step 3: At the top left of the window, Euler has designed a text field to describe the proposal, and below is EulerDAO has a menu that represents a list of tokens, e.g., USDC, DAI…

On the left side of the window, under the token list, EulerDAO has a set of menus and text fields that are automated with current token configurations (if tokens are enabled on EulerDAO).

To generate the proposed transaction data, the proponent needs to enter a description of the proposal and then select the token from the token list. Once selected, the remaining fields will be automatically populated in the current configuration of the token.

Step 4: The proponent can then make the modification and generate the hex data of the proposed transaction made through the Euler Exec module and use this hex data as input for the goal function in the smart contract stub when creating the proposal on Tally 

Step 5: To validate Euler’s selected updates, Euler can copy and paste the hex into the text field.

As shown in the figure above, the hex data is decoded to reveal the updates that Euler chose to apply to DAI and USDC. There is a button at the bottom right of the window to close the debugging method and return to the main page.

After the voting period, if successfully performed, decrypted hex data will be sent to OpenZeppelin Defender for Euler to act on behalf of the community.

Create recommendations on the chain for KNIVES on Tally

Step 1: Go to dashboard EulerDAO on Tally and connect MetaMask wallet.

Step 2: Click “Create new proposal” to create a new proposal. The system will then take the user to the proposal creation window below. Click “Continue” to proceed to the next step.

Step 3: Enter the suggested title and description and click “Continue.”

Step 4: In the next section, the user will be asked to specify the recommended administration actions, i.e., smart contract goals, goal functions, and parameters. 

To add the proposed transaction hex from section 1 and set the admin stub contract as the smart target contract, click “Add custom action” => and enter the smart contract stub address as the smart target contract. Then select the function “executeProposal” from the drop-down menu under “contract method” as the target function in the smart contract target.

Step 5: Once completed, click continue, review the proposal, and click submit a proposal to the thread.  

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAI

CoinCu News