VIP-343 Authorize Fast-track and Critical timelocks to update the interest

Question

VIP-343 Authorize Fast-track and Critical timelocks to update the interest

rate on the VBNB market

Summary

If passed, this VIP will perform the following actions:

- Update the implementation of the VBNBAdmin contract
- Grant Normal, Fast-track and Critical timelocks to execute the function setInterestRateModel on the VBNBAdmin contract

Description

VBNBAdmin is the admin of the VBNB market. The VBNBAdmin contract was added in the VIP-189, to facilitate the Automatic Income Allocation feature in the VBNB market (that is not upgradable).

With the change included in this VIP, a new function to the VBNBAdmin contract is added: setInterestRateModel. This new function:

1. checks the required permission in the AccessControlManager contract
2. invokes the privilege function in the VBNB contract

By integrating the ACM, it will be possible to grant the different timelock contracts for the execution of the new function, and therefore it will be able to change the Interest Rate contract of the VBNB market with Normal, Fast-track and Critical VIP's (nowadays, only the Normal timelock can do this, because the ACM is not integrated, and it is required to be the admin of the VBNB market to perform this update).

Security and additional considerations

We applied the following security procedures for this upgrade:

- Configuration post VIP: in a simulation environment, validating the new implementation
- Deployment on testnet: the same upgrade and configuration have been performed on BNB testnet
- Audit: Certik has audited the updated code

Additional details in VIP description.

Vote 🗳 https://app.venus.io/#/governance/proposal/343?chainId=56

#blockchain #cryptocurrency #english #venus

0

23.07.2024

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غَيْث Ghaeth Never DM first 🐳 · Accepted Answer

غَيْث Ghaeth Never DM first 🐳

Participate in voting on the proposal 😉🤩

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5 месяцев назад

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VIP-343 Authorize Fast-track and Critical timelocks to update the interest

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