Migrate Autocrat to V0.2

Futa...6JnXMarch 28th, 2024

Author(s)

HenryE, Proph3t

Overview

It's time to upgrade futarchy!

This upgrade includes three new features and a number of smaller config changes.

The features:

Reclaimable rent: you will now be able to get back the ~4 SOL used to create OpenBook proposal markets. This should lower the friction involved in creating proposals.
Conditional token merging: now, if you have 1 pTOKEN and 1 fTOKEN, you'll me able to merge them back into 1 TOKEN. This should help with liquidity when there are multiple proposals active at once.
Conditional token metadata: before, you would see conditional tokens in your wallet as random mint addresses. After this is merged, you should be able to see token names and logos, helping you identify what proposal they're a part of.

The config changes:

Lower pass threshold from 5% to 3%
Set default TWAP value to $100 instead of$ 1
Update TWAP in $5 increments instead of 1% increments, which enhances manipulation resistance while allowing the TWAP to be more accure
Change minimum META lot sizes from 1 META to 0.1 META

The instruction attached to this proposal will migrate MetaDAO's assets over to the new autocrat program.

There are three main futarchy programs and a migrator program for transfering tokens from one DAO treasury account to another:

Each program has been deployed to devnet and mainnet, their IDLs have been deployed, and they've been verified by the OtterSec API against the programs in the two repos; futarchy contains autocrat_v0, conditional_vault and migrator, and a separate repo contains openbook_twap. The Treasury account is the DAO's signer and has been set as the program upgrade authority on all programs.

Addtional details for verification

Old DAO
- Autocrat Program: metaX99LHn3A7Gr7VAcCfXhpfocvpMpqQ3eyp3PGUUq
- DAO Account: 7J5yieabpMoiN3LrdfJnRjQiXHgi7f47UuMnyMyR78yy
- Treasury: ADCCEAbH8eixGj5t73vb4sKecSKo7ndgDSuWGvER4Loy - signer
New DAO
- Autocrat Program: metaRK9dUBnrAdZN6uUDKvxBVKW5pyCbPVmLtUZwtBp
- DAO Account: 14YsfUtP6aZ5UHfwfbqe9MYEW4VaDwTHs9NZroAfV6Pi
- Treasury: BC1jThSN7Cgy5LfBZdCKCfMnhKcq155gMjhd9HPWzsCN - signer

Detailed Changelog and PR links

Autocrat

Mostly minor config changes (Pull Request #69):
- Set default pass threshold to 3%
- Set max observation change per update lots to $5 and make it a configurable option
- Set default expected value to $100
- Ensure that the open markets expire a minimum of 10 days from the creation of the proposal to allow for rent retrieval from openbook markets
- Reduce the openbook base lot size so that people can trade in lots of 0.1 META

Conditional Vault

Add metadata to the conditional vault tokens so they show up nicely in wallets during a proposal (Pull Request #52)
Add the ability to merge tokens (Pull Request #66)