[DRC] Proposal for dYdX Protocol v3.0 Upgrade

dYdX Chain
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dYdX_Chain_Stats_v3 (10)
dYdX_Chain_Stats_v3 (10)1920×960 43.3 KB

TL;DR
This request of comment details the potential governance proposal for an upgrade of the dYdX Protocol to version 3.0, after successful stability verification on Public Testnet.

Abstract

We would like to bring to the dYdX Community’s attention the opportunity to make the next step in the dYdX Chain’s journey - dYdX Protocol v3.0.

This is a major version upgrade, which will require a governance vote.

v3.0 aims to introduce improvements such as ICA Account Support, enhancements in Liquidations Daemons, the ability to wind down markets, and the deprecation of non-linear margin requirements.

Specification

Final release notes are expected to be available once the binaries are released. The ETA we are aware of at the time of writing is Jan 17, 2024.

  • ICA Account Support: Addition of ICA Host Submodule.
  • Liquidations Daemon Improvements: Performance enhancements and organizational updates.
  • Winding Down Markets: Facilitation of market closure.
  • Deprecation of Non-linear Margin Requirements.

Next Steps

  1. Collect feedback on this DRC.

  2. Await for dYdX Protocol v3.0 to be released.
    ETA at the time of writing (subject to change) is Jan 17, 2024.

  3. An on-chain vote should be created for this upgrade after the version is released.
    a. The Ops subDAO will not initiate the on-chain vote - we recommend a community member with sufficient DYDX holdings to propose the upgrade.
    b. Suggested block height around Monday afternoon UTC Jan 22, 2024 (subject to change).

Resources:

Your participation is crucial in shaping the future of dYdX governance.

dYdX Operations SubDAO

3

Hi,

I have reviewed the code and found no issues based on my current level of knowledge and understanding.

The only feedback I would like to provide pertains to the rate-limit module, which lacks an initial value.

4

Kingnodes will be happy to submit the upgrade proposal on behalf of the community.

5

StableLab validator is ready for this upgrade.

6

Dear dYdX Community,

We have some updates regarding the dYdX Chain Protocol 3.0 upgrade.

We would like to inform you that dYdX Chain Protocol 3.0 binaries are expected to be released by the end of this week.

Draft Release Notes can now be found here: Releases · dydxprotocol/v4-chain · GitHub

On the dYdX Chain vote deposit window is up to 2 days, and the voting period is 4 days.
Following this and some previous feedback, we suggest initiating voting on Monday, Jan 22nd, with a target block height for the upgrade around Monday, Jan 29 afternoon UTC, allowing the community to have enough time to vote and prepare for the upgrade.

We express our sincere gratitude for your active participation and commitment.
dYdX Operations SubDAO

7

Hi, David,

The Protocol 3.0 Release Notes are now available, I believe they shed light on why the module lacks initial value - it’s still In Development, to be released with the next major version.

Cheers!
D

8

The proposal is live for accepting deposits. We have provided an initial deposit of 2000 DYDX.

9

We are prepared to process according to the on-chain vote which seems to be a guaranteed pass.

10

Enigma funded 2004 dYdX to put the proposal on-chain : Mintscan

We are now ready for the upgrade.

13

We’re excited to announce the successful upgrade of the dYdX Chain Protocol to version 3.0. achieved at Block Height 7147832.

This step was made possible by the initiative of @kingnodes and the community’s active voting and input.

We truly appreciate your participation.
dYdX Ops SubDAO