An implementation proposal for the ANT-ANJ merger (no-lock)

Agreed. I think using vANT as the staking token is a good solution (similar to"stkAAVE" in Aave)

1 Like

Thereā€™s not really a need to use a separate vesting token since the protocol natively allows to lock unstaking (actually deactivating, but therefore unstaking) with arbitrary logic.

As the A1 team was already planning to, the locking converter contract could mint ANT and then stake it and activate it into the protocol with a lock that lasts one year.

Implemented draft contracts for both allowing ANT to have multiple contracts minting (which will allow for the future locked converter and AN DAO minting) and the smart contract to convert ANJ to ANT without a lock.

As you can see, the contracts are minimal, although I would advise getting an audit giving how critical this code is.

2 Likes

Will it make sense to change addMinter function so that the owner authorizes minting of a specific amount, similar to approve mechanics in ERC20 contracts? In such a way, we can limit possible emission to 5660401 ANT and reduce the security risks.

1 Like

I donā€™t think that really solves anything. If the minter is broken and someone abuses it, there will be a problem regardless as those who still havenā€™t converted wouldnā€™t be able to convert. Minters should be absolutely secure anyway, and the contract itself could impose such limit if necessary (in this case, thatā€™s implicitly the total supply of ANJ)

I do agree, but I still think it makes sense, as it can be controlled on a super simple minter contract, compared to the more complex business logic of application contracts (current and future). In that sense, itā€™s more of good practice than a strict requirement. So we can limit the proposed ANT-ANJ converter with 1929682 ANT emission and future converter with locking to 5660401 ANT emission or similar. At least I donā€™t see any harm in such a limitation.

1 Like

Quick update on this. We have now engaged Coinspect to audit the following smart contracts:

We expect to have the security audit completed this week and will revert back here if there are any material changes required to the contracts. Development of the frontend UI is also in progress and that should be ready next week.

We are getting closer :slight_smile:

4 Likes

First time on this forum. Have always been impressed with Aragon and think this project is coming along nicely. I know youā€™re focusing on the immediate 0.015 conversion in the above solidity contracts, so pardon me if this is putting the cart before the horse. Out of curiosity, will there be any time limits/restrictions on converting ANJ ā†’ ANTv2 (with or without locking)? For example, can a token holder convert ANJ after the October 5, 2021 lock-up date expires and then immediately unlock ANTv2 at the 0.044 rate?.. or will there be a deadline to convert for the higher rate?.. Any thoughts on the subject would be appreciated!

Thanks for the nice words! This will depend on the contract implementation, but my guess is that there will be a period for locking up ANJ in order to get the 0.044 rate, so that ANJ holders cannot just lock it the day before the lock up expiration and get the best rate.

Hey all!

We got today the report sent from the audit for the contracts Jorge created. There is as expected nothing we have to change at the contracts.
The work on the upgrade UI is also going in the right direction. This means the whole flow with all components will be finished today and we can do the last tests together with the contracts we just got approved from our auditor.

I will keep all of you posted and would say we can release the ANJ merge functionalities next week or at least the week after on Monday.

audit report:

5 Likes

Any updates on this?

1 Like

Anything further on the 12 Months lockup ANJ/ANT conversion?

Hey @hodl :wave:

Weā€™ve published on our blog last February the next steps of the merging. In short, as the 12-month lockup period has started on October 5th, 2020, it will end on October 5th, 2021.

1 Like

Hi! Is there any specific timeline when the smart contract for the 12-month lockup will be available? Are there any other updates on this topic?

Thank you!

1 Like

Hi @Ambro, thanks for writing in.

The contracts have been reviewed and are ready, our team is only waiting for this multi-sig transaction to be signed by the respective parties, authorizing the new ANT minter.

Youā€™ll soon be able to convert and stake your new ANT and become a guardian in Aragon Court. The lockup period ends on October 5th 2021 -then, you will be able to un-stake your new ANT after the indicated deadline.

You can find more about the ANJ conversion in our Help Desk page. Hope this has answered your doubts!

So in order to get 0,044 ANT for 1 ANJ i have to stake before October the 4th 11:59 PM (CET). Will I get 0,044 ANT for 1 ANJ if I would stake my ANJ on October the 3th 11:59 PM (CET)? Are the incentives to stake your ANJ/ANT at the start of Aragon Court?

Thanks @isabella - am I correct to see in the ANT upgrade portal that the 12 month lock up option is still not available? Any details on why this is taking so long?
Thank you for your help!