We are submitting this technical proposal for a fee increase in the Money on Chain and RIF on Chain protocols. Our proposal aims to improve the sustainability and development of these protocols, while ensuring their long-term viability and effectiveness.
Fundamentals
As per the document provided by Max Carjuzaa, Co-Founder of Money on Chain, the proposed fee increase will be essential to support the growth and sustainability of these protocols. With the increasing demand for decentralized finance (DeFi) applications and the growth of the crypto market, it is important to ensure that these protocols can keep up with the market demands.
Implementation
To implement the fee increase, we propose the following steps:
- We will deploy new commission splitters with appropriate percentages and outputs pointing to Reverse Auction and the splitter where the current commission splitters point.
- We will prepare a changer that will change the commission percentages and (X)Pro, as well as change the addresses of interest and fee outputs to point to the new commission splitters deployed in step 1.
- The fee for minting or redeeming tokens paid with RBTC or RIF will increase from 0.1 to 0.2.
- The fee for minting or redeeming tokens paid with MoC tokens will increase from 0.05 to 0.15.
- The yearly fee paid by BPRO and RIFP holders will be increased to 1%.
- We will deploy the changer from step 2, which will be subject to a vote.
The modifications will be applied to the components outlined in red. The MOC splitters will be modified and new instances of commission splitters will be created. These changes are straightforward and simple, making them the most convenient modification alternative for the protocol.
These steps will ensure that the fee increase is implemented in a transparent and efficient manner, while minimizing any disruption to the protocols’ functionality. Furthermore, the proposed fee increase will be in line with market standards and ensure the long-term sustainability of the protocols.
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This is an addendum to the technical proposal where the details of the changers contracts are.
Please go to the deploy documentation in github repository for more detail.
Addresses of the new Commission Splitters components
Proxies
| Environment | Contract | Address |
|---|---|---|
| Money on Chain | CommissionSplitterV2 | 0x81893C94E41b9D1dAAE96f8894ebBB4946d8bC72 |
| Money on Chain | CommissionSplitterV3 | 0x541a9c9E4985Fa2DD0Ada54d3ad0115333Ccd393 |
| RIF on Chain | CommissionSplitterV2 | 0xF7FdF7F777c43CD31C4c37Ee851F08A51ABd2DB5 |
| RIF on Chain | CommissionSplitterV3 | 0x22E7E9a24D230bEBd569e9f376Ee08f5c448880e |
Implementations
| Environment | Contract | Address |
|---|---|---|
| Money on Chain | CommissionSplitterV2 | 0x86aCDeEAd366775Bc0e80AccAAF036a5de6e3E19 |
| Money on Chain | CommissionSplitterV3 | 0x5b4d54517132966B0e06AAd64e613ED00A89E761 |
| RIF on Chain | CommissionSplitterV2 | 0x55027234a08C81C4338855aFE22677ebB61A5826 |
| RIF on Chain | CommissionSplitterV3 | 0x6B33e06c87945c925492C95287A81F9741dC4fBa |
Change Contract execution
The change contract in mainnet responsible for making changes to both protocols with a single transaction is 0xb696960377559B64F58748F22B2816195A2835cC.
For the changes to be applied, the change contract must have been submitted to the voting process.
The upgrade delegator in mainnet is 0x5cE577f6Ec969CE9a282838D350206C52A6F338C.
Call to MOC holders: