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
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Baklava Phase 1-
CGP to add USDC/USD reports to SortedOracles
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CGP for MU01 with cUSD/CELO, cEUR/CELO, cBRL/CELO, and cUSD/axlUSDC as initial pools.
Deployment addresses can be found in the documentation.
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Alfajores Phase 1 (coming this week):
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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.
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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
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Brokeradded to routers
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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
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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
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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
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Mainnet, Phase 3 (~beginning of April):
- CGP to increase
Brokertrading limits to operational values and faze out legacyExchange.
- CGP to increase
Follow-up posts and status updates will be posted in this thread, so keep an eye out!
Love,
The MentoLabs Team
Resources
- You can test the testnet deployments using the SDK
- More information on the architecture in the docs
- Join our Discord!
