Mento Upgrade #1 deployment timeline

Hi celofam,

MentoLabs is excited to share details about the Mento Core Contract Upgrade #1 - Multi Collateral Mint (MU01). This will be the first major update to the Mento protocol since its inception. The contents of this update have been discussed previously in this post. In this post, we want to outline the release process for MU01 and provide links to all the useful resources.

This upgrade is a breaking change for direct users of the Mento protocol. The Exchange contract – our take on a vAMM pool – will be deprecated once MU01 is fully rolled out to Celo Mainnet. The major features that come with this upgrade are:

  • Support for multiple collateral types. While the reserve consists of multiple assets, the only one that could be traded directly against was Celo. This update opens up multi-collateral support in the protocol, making it easier to configure new asset pairs. We propose cUSD/axlUSDC as the first such pair.
  • On-chain circuit breaker. Oracle risk is no joke, as we’ve all seen in multiple protocols over the last couple of years. Our unique on-chain circuit breaker acts as the last line of defense against oracle manipulation and has the ability to halt trading if anything goes top-side-down.

With MU01, the Mento protocol will have a single entry point for executing swaps, the Broker contract. This allows for more flexibility and modularity, making it easier to deploy new pools and exchanges in the future without changing the interface.

The migration from Exchange to Broker will happen over the course of roughly 9-10 weeks. The timeline can shift, depending on the governance flow and testing results. The release process is broken down into stages. Each stage will require one or two governance proposals that will be detailed in separate posts. Still, we wanted to give a complete overview of how we’re approaching this migration, provide partners the chance to reach out if they need help, and receive feedback from the community on the proposed release plan, which follows:

Deployment timeline

  1. :white_check_mark: Baklava Phase 1

    • :white_check_mark: CGP to add USDC/USD reports to SortedOracles
    • :white_check_mark: CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools.
      Deployment addresses can be found in the documentation.
  2. Alfajores Phase 1 (coming this week):

    • :white_check_mark: CGP to add USDC/USD reports to SortedOracles
    • CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools.
      Deployment addresses will be added to the documentation once deployed.
  3. Mainnet Phase 1 (~beginning of March):

    • CGP to add USDC/USD reports to SortedOracles (CGP draft, forum post coming soon)
    • CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools, conservative trading limits, and a partial reserve. (forum post coming soon, to be discussed in the governance call)
    • New Mento UI released
    • Broker added to routers
  4. Baklava Phase 2 (~beginning of March):

    • CGP to add USDC/EUR and USDC/BRL to SortedOracles
    • CGP to add cEUR/axlUSDC and cREAL/axlUSDC pools
  5. Alfajores Phase 2 (~beginning of March):

    • CGP to add USDC/EUR and USDC/BRL to SortedOracles
    • CGP to add cEUR/axlUSDC and cREAL/axlUSDC pools
  6. Mainnet Phase 2 (~middle of March):

    • CGP to add USDC/EUR and USDC/BRL to SortedOracles
    • CGP to increase trading limits and add cEUR/axlUSDC and cREAL/axlUSDC pools
  7. Mainnet, Phase 3 (~beginning of April):

    • CGP to increase Broker trading limits to operational values and faze out legacy Exchange.

Follow-up posts and status updates will be posted in this thread, so keep an eye out!
Love,
The MentoLabs Team

Resources

12 Likes

we currently using the Exchange Contract for the Faucet on Alfajores. I see it will be phased out on mainnet. (Presumably on Alfajores too. )

When will Broker contract be ready on Alfajores? And when must be upgrade by?

thanks

1 Like

Great question! Yes, we’re also targeting running Phase 3 on Alfajores at the beginning of April, at which point we would phase out the Exchange. The Broker contract will be deployed to Alfajores today or tomorrow (with Phase 1 trading limits), I’ll come back with an update when that happens.

Update on the progress so far:

  • :white_check_mark: Alfajores Phase 1:

    • :white_check_mark: CGP to add USDC/USD reports to SortedOracles
    • :white_check_mark: CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools.
      Deployment addresses have been added to the documentation
  • Mainnet Phase 1:

    • :white_check_mark: CGP to add USDC/USD reports to SortedOracles (CGP)
    • CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools, conservative trading limits, and a partial reserve. (technical forum post was discussed in the governance call)
    • New Mento UI released
    • Broker added to routers
3 Likes

Thanks for heads up @bowd. We’ll aim to switch to the broker contract in the faucet by Wed, Mar 22 (soft internal deadline with 2 week buffer).

Who on the Mento side would be able to help if we run into any issues?
Thanks!

Github issue (for future reference)

Awesome! You can jump on the “developers” channel in our discord and ask questions there if you run into any issues somebody in the team will surely respond!

1 Like

This is done in: switch from exchange to broker contract for swaps by aaronmgdr · Pull Request #42 · celo-org/faucet · GitHub
Thanks @aaronmgdr !

Excited for this!!! Woot! :tada:

Would routers like 0x, Swappa, and Minima need to make any chances?

Great news. Congrats to the Mento Team!

Yes! And our team’s already on it:

Swappa: feat(mento-v2): Integrate mento-v2 by ninocomputer · Pull Request #42 · terminal-fi/swappa · GitHub
Minima: Mento V2 integration by philbow61 · Pull Request #10 · Node-Fi/Minima-Contracts · GitHub

And we’ve started the process with 0x which isn’t open source.

2 Likes

Update On Mainnet Phase 1:

  • :white_check_mark: CGP to add USDC/USD reports to SortedOracles (CGP)
  • :white_check_mark: CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools, conservative trading limits, and a partial reserve. (technical forum post was discussed in the governance call)
  • New Mento UI released
  • Broker added to routers

MU01 is live and the Broker can now be used for swaps. The UI will also be live soon, and we’ve worked closely with the different teams in the community to get Mento V2 included in routers.

However, during initial mainnet testing, we identified a bug that affects the cUSD/axlUSDC pool.
We’ve already transferred all axlUSDC out of the PartialReserve contract used during this live testing phase effectively pausing the pool, and we’re already working on a fix. Once it’s done we’ll have a hotfix audit session and issue a new release and CGP to upgrade the affected contract.
This will undoubtedly push Phase 2 out for at least a few weeks. We’ll come back with a more exact timeline when we have it.

5 Likes

Is there an updated ETA on the new Mento UI release? Thanks!

I’m not sure if you’re already aware, but it’s live now: https://app.mento.org/