Title: Multichain Deployment Process
Author(s): @Bobbay_StableLab, @Matt_StableLab
Related Discussions:
Submission Date: 2/1/2023
Simple Summary:
This proposal introduces the “Multichain Deployment Process” to provide a framework and process to deploy Euler on other chains.
Abstract:
This proposal introduces a “Multichain Deployment Process” as a method to formalize proposals regarding Euler deploying to new chains. This will provide a clear and organized pathway for new chains to be reviewed for deployment.
Motivation:
With recent forum posts, there is a motivation to deploy Euler on other chains, and we need to introduce a framework to standardize this process. In the current state, there will be a lot of discrepancies between the applications, with some providing too little or unnecessary information. As a community, we can refine this template to request the relevant information for the community to make an informed decision.
Specification/Body Text:
This proposal will include a new template for multichain deployment, a new process for proposing new deployment, and a list of minimum requirements chains must meet to be considered.
Multi-chain deployment Template
Preamble:
Title:
Description:
Author/relation to the proposed chain:
Specification
Point of contact(POC):
This will be the POC at the proposed chain through which the Euler Community will request further information.
Overview of Proposal:
Description of the proposal, including timeline, team, and benefits to Euler
Motivation:
How does this proposal benefit the Euler ecosystem? Why is the proposed chain ideal for Euler? What solutions does it provide to users?
Grant Application:
Did you apply for an Euler Grant? (Approved/ Rejected/ Did not apply)
Non-Technical Evaluation
- TVL on the Chain
- Amount of protocols on the chain
- (#) of unique addresses on the chain
- (#)of new users joining in the past 90 days
- (#) of unique addresses executing a transaction in the past 30,60 and 90 days.
- Average gas fee in the past 30 days
Rationale
Why did you choose this specific chain? What benefits does it provide over other chains? Do you have support (foundation or grant)? Will any incentives be provided to attract users?
Market Fit
What other borrowing/lending markets already exist? What is their TVL? Why would Euler be a good addition? What TVL do you anticipate Euler to have?
Bridging
Will you use a native bridge or a third party for cross-chain messaging? Provide a rationale for your choice.
Deployment Details
What will be the expected deployment cost?
What is the expected timeline for deployment?
How will Euler need to change to deploy to the proposed chain?
can it use a permissionless oracle? Will permissionless listing be possible? Etc…
Will there need to be a chain-specific governance committee
How many people? What would they be responsible for? What are the requirements to be part of the committee?
Who will maintain the protocol after deployment?
Does the Euler Labs team need to dedicate more people to working on the new chain full-time?
How will the deployment be marketed?
Will the new chain help with promoting Euler’s deployment?
Technical Considerations
What technicalities are required to deploy on the chain? Are they available? E.g. Price feed, oracles etc.
Security Considerations
Discuss the security implications/considerations relevant to deploying on your chain of choice.
Decentralization Metrics
How many node operators are there? How distributed are node operators? How many addresses own 50% of the chain’s token? How many of these are foundation addresses?
Process
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Post a forum post using the multichain deployment template
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TBD will complete a technical evaluation.
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Once an evaluation has been completed, the proposal can go to vote two days later.
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This should take a maximum of 7 days.
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Meanwhile the community can ask questions and make comments on the proposal
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After technical evaluation and community comments, the proposal will be moved to the formal submission stage. It will be reposted as a new comment under the same thread with the appropriate changes. This will last for 2 days
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Move to a Snapshot vote
Minimum Standards
These are the minimum requirements a chain must meet to be considered for deployment.
TBD by Community
- At least $100M in TLV
- At least $5M in daily volume
- At least 5,000 daily active users
- A strong oracle or new governance system in place to manage asset tiers/listings
(These standards can’t be applied to deployments on testnet.)
These standards are up for discussion and can be amended.
Rationale
Expanding to other Alt L1s and L2s has been a reoccurring discussion in Euler for the past couple of months. Euler Governance has the power to deploy Euler on another chain; therefore, token holders must have sufficient information to distribute this license.
In creating a multi-chain deployment guide, the Euler community should request a level of information that enables token holders to make an informed decision when choosing to deploy Euler on other chains. The non-technical evaluation provides enough information to gain a superficial understanding of the chain. A technical assessment, supplemented by TBD, will provide enough information to make an informed decision.
Expected Impact
Pros
- This introduces an official process for authors to follow to deploy Euler on other Chains.
- The community agrees on a standard evaluation template
- Reduces discrepancies between applications
Cons
- This makes the deployment process longer.
- The amount of information requested might deter applicants.
Overall, the pros outweigh the cons as this introduces a sustainable process to deploy Euler on other chains.
Next steps
Gather community feedback to refine this process, discuss minimum standards chains must meet, and discuss the possibility of a working group to help manage this process. Then push this proposal to a Snapshot vote.
If this proposal passes, this will be recognized as the official process to deploy Euler on another chain. An author has to use the relevant template. Otherwise, the application will be considered void.
We recommend pinning the process up within the governance forums.