Hey Empty Set Dollar Community! If you have no idea what Continuous ESD is please refer to the previous newsletter, which explains why and this video explainer which explains what. You can (should) also read the Medium article written by the ESS, and read the excellent write-up done by Complement Capital. This weeks newsletter will be a dive into EIP 24.
EIP 24
This improvement proposal has not been proposed yet because the ESS wants to give the community ample time to discuss and become educated about its implications. Once this is proposed, passed and committed there’s no going back, and the status of your ESD will change.
ESD is mid-transition between V1 and V2. The transition started with EIP 23; this paused the regulation, removed the ability to purchase coupons, and fixed the supply of ESD. The next step is EIP 24.
EIP 24 will remove the bonding system from the DAO. Users will no longer be able to bond or unbond. ESD that remains bonded (ESDSv1) after EIP 24 is passed and committed will be locked until EIP 25 passes. ESDSv1 will then be allowed to migrate to ESDSv2. ESD that is not bonded (ESDv1) will be freely transferable, and migration will be allowed once EIP 25 passes.
Great. But what will happen to my ESD?
Let’s break this down into what will happen pending what state the ESD is in.
If you are:
not bonded to the DAO when EIP 24 passes, your ESD is freely transferable, and you will be able to migrate when EIP 25 passes.
bonded to the DAO when EIP 24 passes then you must wait till EIP 25 is committed, after which your ESDSv1 will be migrate-able to ESDSv2. Estimated timeline between V1 and V2 is about one week.
holding coupons you should redeem your underlying principal before EIP 24 passes, then bond and wait, or hold and migrate. You can wait till after EIP 25 passes.
liquidity providing it will be easier if you unstake and withdraw ahead of EIP 24. However, there will be a custom “force withdraw everything” function for LP’s after EIP 25 is committed.
not sure what status your ESD is, go the Discord or Telegram and ask for help. (Links at the bottom.)
worried about not taking any action, don’t be. The window to transfer will be left open indefinitely. The UI will help you migrate from wherever your ESDv1 is stored. So if you are reading this and we are post V2 launch, your ESD (no matter if it’s couponed, an LP token, bonded, etc.) is still fine, and you can still migrate.
More Info/Get Involved/Rabbit Hole
ESD SN2 Youtube Channel - Community Calls