ISSUAA V2 is coming soon

ISSUAA V2 is coming soon

After going live at the end of September, ISSUAA is getting ready for a V2 version to get launched on Polygon mainnet. Let us explain in a bit more detail what it will bring us and why it is needed:

Background information
ISSUAA was launched as an immutable set of smart contracts. The reasoning behind this was that ISSUAA was intended to be built as a true DAO — without any special rights to any founding team or even multi sig signers. Anybody being able to read the code should be able to trust the protocol as the code was immutable.

So what changes does V2 bring us?
The main change of the V2 upgrade is the ability to upgrade the code base. Wait a minute — you might ask that it was just explained why the ISSUAA code was created as a set of immutable contracts? Are these arguments not valid anymore? Sure, but let us explain how the new system was designed in order to combine a pure DAO with upgradable code:

The new set of smart contracts is designed as a set of proxy contracts and implementation contracts. We use the openzeppelin system of Upgradable Plugins, which allows us to separate the state of a contract (for example your token balances etc), which is saved in the proxy contract and the actual functions, which are deployed as the implementation contract. This way, the implementation contract can be changed later on if needed.

Changing the implementation contract can only be performed by the owner of the proxy contract, which is initially the address that has deployed the smart contracts. If left this way, you would have a highly centralized smart contract, which has essentially a master key for the deployer. However, we will transfer the right to upgrade the smart contracts to a new smart contract, which is called Upgrader.sol. This contract is then the only instance that is allowed to change the implementation contract. This Upgrader contract is essentially a voting contract, which is very similar to the existing voting contracts (DAO.sol and VoteMachine.sol).

So what does this mean? It means that anybody can upload a new potential implementation for the existing smart contracts. Afterwards this potentially new implementation contract can be proposed to the DAO, which will then vote if the new implementation can be implemented. The voting period is 7 days, which not only gives the community enough time to test the new implementation candidate but also to pull out your capital in case you would not trust the new version. This way, ISSUAA remains a true DAO, while at the same time allowing for code changes.

Why is this necessary?
There are two main reasons why a set of upgradable contracts is necessary:
First of all, it allows ISSUAA to develop further without having to deploy a completely new set of smart contracts. This way, new functionality can be added or certain parameters can be changed without a completely new system. So in the future, there will be no V3 — but only V2.1, V2.2 etc.
Secondly, this could potentially also be used to fix bugs in case they occur. This thus also increases the security of the ISSUAA code.

How will the implementation of V2 work?
As previously stated, ISSUAA V1 does not have an upgrade functionality. The code is truly immutable, which means that even though it will after a while no longer be supported by the ISSUAA frontend, it will continue to exist. The existing liquidity provider funds will thus remain in the smart contracts until they are removed by the users and the system will continue to release the IPT governance tokens only in line with the distribution path which is set in the code.

V2 will thus be a completely independent set of smart contracts with a new V2 version of the IPT token. These new IPT tokens will be airdropped to the existing holders in amounts that reflect the holders V1 IPT position at the time of the launch of V2 (a corresponding snapshot of V1 will be taken). Staked tokens and vesting dates will also mirror the existing token structure from V1.

Liquidity, of course, cannot be simply airdropped. To migrate your existing liquidity, it will thus be necessary to remove the liquidity in V1 and add it back again in V2.

Why now and not from the start?
For the new system to be really decentralised, we needed to make sure that the IPT governance tokens are distributed widely enough. Initially, this was not the case as only the early contributor tokens were distributed. Now, however, tokens have been distributed enough in order to make sure that soon the early contributors no longer have the possibility to dominate every vote.

What is the timeline and steps thereafter?
V2 is currently live on Mumbai testnet. To test it, please change your network to the Mumbai testnet in Metamask and check it out. Your feedback will be highly appreciated. If no major bugs are found, we think we should be ready to launch in the coming few weeks. Once the ISSUAA V2 is live on Polygon mainnet and IPT holders received their corresponding V2 IPT positions via airdrop, which then can be traded on the ISSUAA marketplace and further IPT pools on Dexes, it is also intended to facilitate Coingecko and CMC listings of the IPT token shortly thereafter.

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Next generation DeFi protocol for derivatives of real world and crypto assets on blockchain. derivative

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ISSUAA

ISSUAA

Next generation DeFi protocol for derivatives of real world and crypto assets on blockchain. derivative

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