Proposal to Update Velo Fed L2 Messenger

Forum: https://forum.inverse.finance/t/proposal-to-upgrade-velo-fed-l2-messenger/216

Background

The Velo Fed was launched on October 18th 2022, allowing the DAO to supply liquidity directly to the DOLA-USDC pool on Velodrome (Optimism). This product has allowed for rapid growth of DOLA in the Optimism ecosystem, where DOLA is currently the #5 stablecoin by TVL.

Summary

As the Velo fed is deployed on a different blockchain (Optimistic Ethereum) to Inverse Finance DAO’s on-chain governance (Ethereum mainnet), a messenger contract is used for sending actions from governance to the Velo Fed. This ensures that INV governance retains control over the parameters of the Fed, as it does with all Fed’s based on Ethereum.

An issue related to access controls was recently identified within the current Velo Fed’s messenger implementation. This prevents the guardian (currently assigned to RWG) from being able to adjust certain maxLoss parameters. This proposal updates the Velo Fed’s messenger to a newly deployed implementation with this issue resolved.

On-Chain Actions

• Set the pending gov of Velo fed to the new messenger contract
• Claim gov on Velo fed