[AIP-35] Fund the L1Coordinator with Treasury BAL

Author: Fry

Summary

This post proposes funding the L1Coordinator contract with 25,000 BAL from the Aura treasury to bridge the delay between Sidechain deployments and Ethereum Mainnet, and ensure the continuous operation of the system.

Motivation

As many of you are aware, there is a delay of approximately 7 days when sending BAL fees back from Arbitrum to Ethereum Mainnet. To bridge this delay and ensure smooth operations, the L1Coordinator holds a float of BAL to facilitate fee payments to lockers, stakers, etc on Mainnet.

Currently, the L1Coordinator has received 4,000 BAL from 0xB1f881f47baB744E7283851bC090bAA626df931d, which will cover the launch phase. This float has proven crucial in ensuring the sidechain system continues to operate effectively.

With this in mind, I propose that we utilize the 25,000 BAL available in the Aura treasury to further fund the L1Coordinator contract. This allocation would strengthen the float and provide additional stability to the system.

Specification

Should this AIP be approved, I suggest the following steps:

  1. The treasury should refund 0xB1f8 by sending them 4,000 BAL, which were originally provided for funding purposes.
  2. The remaining 21,000 BAL from the treasury should be directed towards the L1Coordinator, replenishing the float and ensuring sufficient funds for fee payments.

I encourage all community members to share their thoughts and feedback on this proposal. Your input and perspectives are valuable in shaping the future of our project.

Gnosis transaction builder JSON:

{
    "version": "1.0",
    "chainId": "1",
    "createdAt": 1687348397404,
    "meta": {
        "name": "Transactions Batch",
        "description": "",
        "txBuilderVersion": "1.16.0",
        "createdFromSafeAddress": "0xfc78f8e1Af80A3bF5A1783BB59eD2d1b10f78cA9",
        "createdFromOwnerAddress": "",
        "checksum": "0xd3643a216087dace8f9ee9ea986236d96876e6ad5ea48e6c595c23adec4a7e96"
    },
    "transactions": [
        {
            "to": "0xba100000625a3754423978a60c9317c58a424e3D",
            "value": "0",
            "data": null,
            "contractMethod": {
                "inputs": [
                    {
                        "internalType": "address",
                        "name": "recipient",
                        "type": "address"
                    },
                    {
                        "internalType": "uint256",
                        "name": "amount",
                        "type": "uint256"
                    }
                ],
                "name": "transfer",
                "payable": false
            },
            "contractInputsValues": {
                "recipient": "0xaA54f3b282805822419265208e669d12372a3811",
                "amount": "21000000000000000000000"
            }
        },
        {
            "to": "0xba100000625a3754423978a60c9317c58a424e3D",
            "value": "0",
            "data": null,
            "contractMethod": {
                "inputs": [
                    {
                        "internalType": "address",
                        "name": "recipient",
                        "type": "address"
                    },
                    {
                        "internalType": "uint256",
                        "name": "amount",
                        "type": "uint256"
                    }
                ],
                "name": "transfer",
                "payable": false
            },
            "contractInputsValues": {
                "recipient": "0xB1f881f47baB744E7283851bC090bAA626df931d",
                "amount": "4000000000000000000000"
            }
        }
    ]
}

Simulation:

Voting

This vote will be a single-choice vote. You may vote “For” or “Against” this proposal, or choose to abstain from the vote. By voting “For” this proposal, you are voting in favor of using the 25,000 BAL in the Treasury to fund the L1Coordinator.

4 Likes

This is a necessary procedural action. I support this proposal.

1 Like

great move. the one-week is super annoying. the L1coordinator helps resolve the pain point.

3 Likes

This proposal will ensure a smooth sailing ahead, Supported

2 Likes

Full support. Makes a ton of sense to shorten the 7-day bridge delay and follow-on ramp up period as much as reasonably possible.

1 Like

https://vote.aura.finance/#/proposal/0xd2c6736b0dfbafed5431e7aebab5dd98bb78e9addec4605ce91a74cbdba6bf5b

3 Likes