Ossification: Part 2
Part 1 of the Ossification process is complete and borrowing is now unpaused (and for the last time, barring some unforeseen event). Aside from updating the collateralization of Eth to be in line with other non-stablecoins on the platform, there are other changes.
This is the contract that provides a time-weighted average price of the KAE token. Users of the platform are advised to update it as often as possible to ensure correctness. As stated in Part 1:
- it can only be updated by any recently active borrower with an active stake of at least 2x the minimum stake amount
- it can only be updated once every 24 hours
Note that updates here change the reward due for repayment as well as the expected minimum stakes.
Buy-backs & Burning
The ability to buy-back and burn KAE using fees charged by the platform is now live. As a symbolic gesture, a small part of the fees was used to buy-back and burn some KAE. The remaining fees have been transferred over to burner contract and any future burn is entirely in the hands of users. As stated in Part 1:
- only those that are able to update the KAE oracle can call the burn function
- the KAE oracle must have been updated within the last 24 hrs to be able to use this
- to burn a token, the token balance of the burner contract must be greater than zero
- only one token, for an amount of value not exceeding ~$1,000, can be burned at a time
- should the above limit be exceeded, there must be at least 24 hrs before the next burn can happen
It is advisable to use the most aggressive gas price setting available in Metamask when executing this function.
Due in part to their simplicity, the canonical UI for both of these will be the contract pages on ftmscan. Interested users can also create an alternative UI if they prefer.
Updating the Oracle:
- go to the contract page
- click “Connect to Web3” and connect a valid wallet that meets the earlier-stated criteria
- click “Write” under “update” and confirm the transaction
- go to the contract page
- click “Connect to Web3” and connect a valid wallet that meets the earlier-state criteria
- enter the address of the token you want to burn in the “token” box under “burn”
- click “Write” underneath and confirm the transaction
Should you see an error and/or an absurdly high gas fee in Metamask, confirm you have met the conditions stated earlier.
Part 2 of this process is primarily observation and preparation. In the absence of any unexpected occurrences, (what should be) the last and final part of the Ossification process will be announced and undertaken. That will be all for now.