https://github.com/curvefi/curve-burners

https://github.com/curvefi/curve-burners

Last synced: about 2 months ago
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• Host: GitHub
• URL: https://github.com/curvefi/curve-burners
• Owner: curvefi
• Created: 2023-08-25T13:58:51.000Z (over 1 year ago)
• Default Branch: main
• Last Pushed: 2024-08-26T18:02:28.000Z (5 months ago)
• Last Synced: 2024-08-26T21:13:07.840Z (5 months ago)
• Language: Vyper
• Size: 491 KB
• Stars: 4
• Watchers: 3
• Forks: 0
• Open Issues: 1
• Metadata Files:
  • Readme: README.md

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README

        
# Curve DAO fees burning process

DAO fees are accumulated as coins in pools, controllers and other entities.

Every week comes a process of burning these coins scattered around different networks and contracts into crvUSD,

that is distributed to veCRV holders.

## Architecture

Contracts are designed so earned fees can be moved to [`FeeCollector`](contracts/FeeCollector.vy)

via `withdraw_admin_fees()` or similar calls.

This is grouped into phase `Collect`.

Keepers get % from each earned coin according to Dutch auction.

Next comes `Exchange` phase when all collected coins are converted into crvUSD.

This may be done using different burners like [`CowSwapBurner`](contracts/burners/CowSwapBurner.vy)

which delegates price discovery and settlement to CowSwap auction.

Final phase is `Forward` which is applied to resulting crvUSD.

Mainly it bridges to Ethereum or FeeDistributor,

but also handles hooks for xDAO using [`Hooker`](contracts/hooks/Hooker.vy) paying some fee to keeper.

## Tests

Install:

```bash

python3 -m virtualenv venv/ && source venv/bin/activate

pip install -r requirements.in

```

Run:

```bash

pytest tests

```

## CowSwap

In order to swap accumulated coins into crvUSD, one should post orders to CowSwap backend.

This can be done by running [WatchTower](https://github.com/cowprotocol/watch-tower).

Instruction for setup can be found [here](fee_keeper/WatchTower.md).