Prop 299: Smart Contract Migration to v0.8.12

Summary

As the Nolus network adopts a semi-permissioned blockchain model, contract migrations require governance approval. The Nolus money market architecture is strategically divided into two main components: the platform core and the protocol core. The platform core houses essential contracts that function universally across various chains without specific modifications for each chain. Conversely, the protocol core is designed for flexibility, allowing for the creation of unique contract instances tailored to each integrated chain, such as Osmosis, Neutron, and others anticipated in the future. This strategic separation ensures that Nolus can scale efficiently while minimizing maintenance overheads.

This proposal introduces the migration to a new iteration of smart contracts on the Nolus Pirin mainnet, including the following updates:

• Market Anomaly Guard: Introduce a mechanism for large slippage detection that is especially relevant during extreme volatility. This mechanism will protect both the protocol and the users by preventing inefficient swaps during liquidation events. In that way users may even not get liquidated if the price of the asset quickly goes back above the liquidation threshold. An admin address defined via governance will be able to set the slippage tolerance percentage for the margin positions. This proposal will set the address that is allowed to store code ids for the new smart contract releases.

For the complete changelog, please refer to the release v0.8.12 on GitHub.

By voting "YES" on this proposal, you consent to the migration of the smart contracts to the latest version v0.8.12.