Set admin address on Vortex smart contract instances

Proposal Discussion DApps / Tooling
1

Overview

The Hydro Team deployed its first instance of Vortex as a first test of the mechanism on 18th of August. Vortex contracts wrap an LP position on Osmosis to allow one side of the LP position to serve as a collateral on the other side.

During this test run, an issue in the smart contract around tokens with 18 decimals was discovered, which prevents withdrawals.

This proposal seeks to update the admin address of the two currently live Vortex smart contract instances to the contracts position admin address in order to facilitate a mitigation of the problem. This new admin address is the Osmosis cross-chain address of the Hydro committee DAO.

These contract instances currently have no admin address. There is a “position admin address” in the contract state, which allows managing some aspects of the contracts, but doesn’t allow for contract migrations, so is not sufficient to solve the issue.

Vortex contracts are designed to be ephemeral. After the admin change has been performed and the withdrawals are successful, the contract instances will not be used further. For future instances, we will mitigate the concrete issue by deploying fixed contract code which can deal with 18 decimal tokens. Additionally, we will set the contract admin address to the Hydro committee multisig in order to be able to migrate the contracts in case there are further similar problems.

Links

Smart contract instances: https://www.mintscan.io/osmosis/wasm/contract/osmo16cuqr48efufwf78gfk2yfjs08av5levpe4ge2zynrkrxu98gn2zs7r9jh4

https://www.mintscan.io/osmosis/wasm/contract/osmo12fx08698ydqkzy687w4ce4qut80tx287dz8qadu8wy0hv9yllt3qgt2t35

You can check the position admin address on the smart contract instances by viewing the state, e.g. see https://www.mintscan.io/osmosis/wasm/contract/osmo16cuqr48efufwf78gfk2yfjs08av5levpe4ge2zynrkrxu98gn2zs7r9jh4?sector=states

New admin address:
https://www.mintscan.io/osmosis/address/osmo1cuwe7dzgpemwxqzpkhyjwfeev2hcgd9de8xp566hrly6wtpcrc7qgp9jdx

You can double-check the Osmosis address of the Hydro committee here: https://daodao.zone/dao/neutron1w7f40hgfc505a2wnjsl5pg35yl8qpawv48w5yekax4xj2m43j09s5fa44f/treasury

Intended Governance Proposal Messages

Concretely, we intend to submit these messages through governance:

[
   {
      "@type":"/cosmwasm.wasm.v1.MsgUpdateAdmin",
      "sender":"osmo10d07y265gmmuvt4z0w9aw880jnsr700jjeq4qp",
      "new_admin":"osmo1cuwe7dzgpemwxqzpkhyjwfeev2hcgd9de8xp566hrly6wtpcrc7qgp9jdx",
      "contract":"osmo12fx08698ydqkzy687w4ce4qut80tx287dz8qadu8wy0hv9yllt3qgt2t35"
   },
   {
      "@type":"/cosmwasm.wasm.v1.MsgUpdateAdmin",
      "sender":"osmo10d07y265gmmuvt4z0w9aw880jnsr700jjeq4qp",
      "new_admin":"osmo1cuwe7dzgpemwxqzpkhyjwfeev2hcgd9de8xp566hrly6wtpcrc7qgp9jdx",
      "contract":"osmo16cuqr48efufwf78gfk2yfjs08av5levpe4ge2zynrkrxu98gn2zs7r9jh4"
   }
]
1 Like
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This proposal is now in the voting period: