Allow permissionless burning of selective redemption fees

Background:
Currently the portion of selective redemption fees earmarked for pool improvement are sent to the following GnosisSafe multi-sig wallet 0x222aAdfAF8FfA6CC7D89F7E99cf94963b121ADbf.

Proposal:
Now that the remaining HFCs have been removed from the BCT pool, reduce friction and increase timeliness in which these selective fees for pool health are burned. There are a few ways this could be accomplished.

  • Build in the burn as part of the actual redemption transaction. This would require an upgrade to the current BCT and NCT pool contracts.
  • Update the feeRedeemBurnAddress to be 0x6858261f4F05FF434AA9b88f30EFca09E7371917. This is a contract that can solely receive ERC20 tokens, and has a singular function to use redeemAuto2 and retire them. The retirement performed does not mint any NFT certificates, as these credits are not being consumed for the benefit of any one specific address, but for the pool and ReFi ecosystem as a whole. Anyone can burn currently held fees by calling burnFees and supplying the pool address.

It would be great to get this segment of the Toucan infrastructure both automated and decentralized.

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^ what the cat said

Efficiency and automation would be great to see as an improvement

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+1 the second option is the extensible choice, either way, this proposal makes total sense

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I fully support this. The gap between the last two actions was 200 days for BCT, and there are currently roughly 30,000 BCTs ready to be redeemed and burned. An automatic process would save time for the multisig signers and would improve the quality of the pool continuously. This will become increasingly important once bridging resumes and demand picks up.

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“Going forward, we plan to automate the fee-based retirements instead of manually retiring carbon every few months. You’ll then also be able to transparently track retirements on a dashboard.” Source: Toucan Carbon Retirement | Fee Burn NCT

So looks like it might be in the works – stumbled across this after seeing ShimonD’s post. Would eliminate the need to prepare a Toucan BCT/NCT Burn Report if automated and tracked via dashboard.

This should be as easy as A B C, go for it

Amazing work! :heart_eyes:
We have been discussing internally and drafting a more elaborate design led by @masanobu but since your implementation is very simple, we might as well just use it as described. Is there a github repo where we can review the code in case we want to use it for unit tests?

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Here’s a quick repo with the deployed code. solidity-odds-and-ends/ToucanFeeBurner.sol at main · cujowolf/solidity-odds-and-ends · GitHub

It’s also verified on Polygonscan if you would like to double check!

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Hello everyone, we appreciate all of your contributions, input and ideas. This item on our roadmap, but due to a current internal strain on resources, has been pushed out. We’re carefully aiming to address retirement fees in November/December - more details will follow!

But it’s just a number in the contract!
If you have an internal strain on resources for a such a simple task, its really alarming on how you are dealing with your roadmap

Thanks for this, I am in favor of reusing the contract as is. We need to do the bare minimum internally to integrate the contract in our pipeline: 1. write unit tests and 2. get the contract audited. At least the audit part can be done in parallel with deployment IMO. As already mentioned, this likely won’t happen this month, most likely November/December.

Can you retire the existing carbon that’s sitting in the selective redemption fee multi-sig wallet? Is there a reason this has been delayed?

We’ve retired the credits held in the selective redemption multi-sig account — here’s the transaction. No reason for the delay other than being busy and it slipping down the to-do list.