Maintaining our custom Gravity Bridge is a significant effort for the Umee Core team as well as Umee Validators. Moreover, it increases security risks as our the maintaining the upstream version of Gravity Bridge has it’s own development cycle and is not compatible with our dependencies.
With the emerging adoption of Axelar, we propose to shut down the Umee Gravity Bridge. The plan has been outlined in: https://umee.cc/blog/bridgemigration/ .
By approving this proposal, we:
burn
all outstanding pre-minted umee tokens from the GB smart contract. This is a requirement to clear the supply of Umee tokens in the Gravity Bridge and make sure the shut down will leave a clear balance.
The proposed mechanism is to call Umee Gravity Bridge smart contract (0xb564ac229E9D6040a9f1298B7211b9e79eE05a2c
) and request sending whole Umee ERC20 ("0xc0a4Df35568F116C370E6a6A6022Ceb908eedDaC"
) balance of the GB contract to address(0x0)
. The exact method will be shared in discord and in the commonwealth discussion after collecting more feedback by April 17 2023.