Hey Empty Set Dollar Community! The last few weeks have been spent on an audit of the new protocol, the remediations after the audit, and the creating of EIP’s that will function to shut down V1. This weeks update will cover why we’re changing the name of this change from V1.5 to V2, the current status of Continuous ESD, and the new EIP’s.
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.
V1.5? Nope, it’s now called V2
For the last couple weeks something has struck the SN2 team and the ESS as not quite right with calling this “V1.5.” This change is pretty drastic, and the protocol’s functionality will change almost entirely. V1.5 was originally chosen to allow “V2” to continue to be used to refer to the idea proposed by Scott Lewis and Will Price in this article. The team working on V2 had hit its development goals, however that team paused work to allow Continuous ESD to take shape with the goal of reexamining V2 in relation to a completed Continuous ESD launch. However, that launch is quite the drastic change and as such should be titled V2, with any major protocol change going forward being a whole number change.
Status Update
The audit is complete and the ESS are currently in the middle of remediations. These remediations are expected to take weeks. I know you all want an exact date, however the ESS team and the SN2 team don’t want to give a premature release date. Having to push dates back can kill a project. Additionally, we don’t want to end up rushing release because there’s a deadline to be met; it’s important to not rush the changes as we want launch of V2 to be as smooth as possible. Continue to be patient, as soon as we the ESS and SN2 team are confident about an exact date, we’ll update the community. All that being said, things are on track, and remediations are going as expected.
In the meantime the ESS and SN2 team are working on developing launch partners. To understand exactly how the partnerships are being developed, please read the article by Lewis, here, and see the snapshot vote of support for the partnership program here.
ESD Improvement Proposals
EIP 23 passed and is committed. This EIP paused regulation and removed all lock ups from the protocol so that users can prepare their positions for migration. This EIP also allowed coupon underlying ESD to be immediately redeemable and prepared for migration. Finally, this EIP allowed for the removal unused code via Prop 19. This was the first in the series of migration based proposals. The ESS is doing this in stages out of caution and to less the likelihood of errors.
EIP 24 is now open for discussion. Please make sure you read this EIP as it contains significant user experience changes. This is the second of three proposals for the ESDv2 upgrade. This removes the ability to bond/unbond which temporarily locks ESDS balances. ESDSv1 (bonded ESD) and ESDv1 will then be freely transferable to ESDv2 when EIP 25 is passed and committed. There will be no difference in transfer rate between bonded or unbonded ESD.
EIP 25 will be the final proposal that will both kill V1 and enable migration to V2. That migration function will be a contract that users must enable. Migration will not happen automatically. Users will grant permission to burn their V1 ESD and ESDS at the ratio of 1:1 for V2 ESDS.
More Info/Get Involved/Rabbit Hole
ESD SN2 Youtube Channel - Community Calls
TheBeardedProf YouTube Instructional
Telegram ESD Announcements News Channel