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Simple Summary

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CouncilDilution.sol (introduced in SIP-104 which is used to store the hashes of SCCPs/SIPs created on snapshot is currently deployed on L1, it has become too expensive and slow for proposal creators to carry out their role in governance.

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Moving this process to OVM and updating the apps to support OVM governance will alleviate the issue of governance artifact cost and speed.

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Abstract

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The CouncilDilution.sol contract will be deployed on optimism and integrated within the Staking dApp. This integration will shift all governance features to be compatible with L2/OVM.

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For proposal creators, they will create a snapshot proposal in the same way but this hash is then stored in the OVM instance of the contract.

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For the end users, they will be prompted to connect to the OVM chain id in order to view and interact with governance.

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Motivation

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Due to the recent gas prices, proposal creators have been experienced significant cost when executing the transaction that saves proposal hashes to the L1 instance of CouncilDilution.sol.

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This cost has caused proposal creators to either

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  1. pay a large amount of ETH for fast confirmation
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  2. setting a low gas price and letting the tx sit in pending
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Both scenarios have caused additional deterrents in the Spartan Council voting process leading to longer wait times for proposals to be voted on.

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Specification

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Overview

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This SIP will deploy the CouncilDilution.sol contract on OVM which will significantly reduce the cost and time for SIP/SCCP proposals to be created and stored to be voted on.

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Rationale

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This SIP proposes OVM as the layer 2 solution as it is most aligned with the rest of the Synthetix Roadmap as the system is transitioning to OVM.

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Synthetix is also whitelisted for OVM deployment making this possible.

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Technical Specification

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If this SIP is approved, the current L1 contract here will be deprecated and deployed to OVM using the Synthetix deployer (whitelisted)

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Configurable Values (Via SCCP)

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N/A

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Copyright

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Copyright and related rights waived via CC0.

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