1. Overview:
This proposal outlines an expedited upgrade for all specified legacy Fluid Arks managing USDC, USDT, WETH, and EURC to the new FluidFTokenArk.sol contract standard. This migration is critical to enable the harvest() function, allowing the protocol to claim and distribute underlying rewards that are currently inaccessible.
2. Motivation:
The current, older versions of the Fluid Ark contracts lack the harvest() function necessary to claim accrued reward tokens from the underlying protocols where the assets are deployed. This represents a direct and ongoing loss of potential yield for all users in these arks.
The motivation for this expedited upgrade is:
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Unlock Additional Yield: Immediately capture accrued and future rewards that are currently inaccessible.
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Protocol Consistency: Align all legacy arks with the new, more capable
FluidFTokenArk.solstandard, which is already used by all new arks. -
Time-Sensitivity: An expedited process is required to maximize returns for users and enable automatic reward processing as soon as possible.
3. Specification:
This proposal authorizes the deployment of new FluidFTokenArk.sol contracts for all specified legacy arks and the subsequent migration of all funds from the old arks to the new ones.
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New Contract Standard:
FluidFTokenArk.sol -
Contract Code:
https://github.com/OasisDEX/summer-earn-protocol/blob/main/packages/core-contracts/src/contracts/arks/FluidFTokenArk.sol -
Actors Responsible: SummerFi Team / Lazy Summer DAO
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Timing: Expedited (Target implementation: As soon as possible following vote-pass).
Migration Plan:
The following legacy ark contracts will be replaced. All liquidity will be migrated to newly deployed instances of FluidFTokenArk.sol.
Mainnet | Ark Description | Legacy Contract (To be deprecated) | New Contract Logic | | :— | :— | :— | | Lower Risk USDC | 0xDB6d68d571FbEF7D67827844DD800884EA9cc02E | FluidFTokenArk.sol | | Lower Risk USDT | 0x6A60336bc45aE0C9aabAe13acc4bcc0cbd962e44 | FluidFTokenArk.sol | | Lower Risk WETH | 0x5093dAE3BDCaf136D4DfD684e1FBA87A86C21C14 | FluidFTokenArk.sol | | Higher Risk WETH | 0x10Ef55E974c18CE0Ed9105868ffF412752FEd951 | FluidFTokenArk.sol | | Higher Risk USDC | 0x9Ad7ea2B4Eeb732339b19c5EabF087c6164e80eB | FluidFTokenArk.sol |
Base | Ark Description | Legacy Contract (To be deprecated) | New Contract Logic | | :— | :— | :— | | Lower Risk USDC | 0xDB6d68d571FbEF7D67827844DD800884EA9cc02E | FluidFTokenArk.sol | | Lower Risk EURC | 0xdc736314330E545E7b5DB1199E43D6D31bd6802c | FluidFTokenArk.sol | | Lower Risk WETH | 0xD29235aeD4366C03951cD7dffF1CC77f365Ee60F | FluidFTokenArk.sol |
Arbitrum | Ark Description | Legacy Contract (To be deprecated) | New Contract Logic | | :— | :— | :— | | Lower Risk USDT | 0xDB6d68d571FbEF7D67827844DD800884EA9cc02E | FluidFTokenArk.sol | | Lower Risk USDC | 0x699909add8946BE934059bfe7E326ffd2cDe1DB2 | FluidFTokenArk.sol |
4. Risk Assessment:
The primary risk is execution risk associated with the smart contract deployment and liquidity migration.
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Technical Risk: The new
FluidFTokenArk.solcontract is already in use for all new arks, suggesting it is battle-tested within the protocol’s ecosystem. The migration process (transferring funds) must be executed flawlessly. -
Mitigation: The migration will be handled by the core team following established and tested deployment/migration procedures. The new contract logic is already audited and verified as part of the main protocol.
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Urgency Risk: The expedited timeline reduces the period for community review. This is mitigated by the fact that the new contract is not novel and is already the protocol standard. The clear economic benefit of capturing lost yield is deemed to outweigh the risk of a standard review period.
5. Voting:
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YES: Approve the expedited upgrade of all legacy USDC, USDT, WETH, and EURC arks listed in the specification to the
FluidFTokenArk.solstandard. -
NO: Do not proceed with the upgrade at this time; further discussion is required.