Request for Proposal (RFP): Redemption and Reallocation of Nomad Collateral and Protocol Reserves for FRAX Market Enhancement

I just wanted to give everyone an update on the progress of the Nomad Recovery process. This is a complicated and highly technical upgrade that involves altering core parts of the protocol. Additionally, we had been blocked for some time on the Nomad KYC process, but now things are looking up as I’ll get to later.

Extensive integration testing has been performed to demonstrate the continued functioning and health of the protocol after the upgrade. We engaged the previous lead engineer at Compound to review our design and contracts and no issues in the approach were found.

Considerable amounts of time were spent fighting the tooling in the early stage of the development process. This is due to the precompiles that are used on Moonbeam not playing nice with foundry. Our team is past these issues now and we have moved on to formal verification.

The entire proposal has been gas benchmarked with both proposal and execution transactions coming in under the 13m gas per transaction limit.

The coinlist KYC process has also turned out to take longer than expected. However, we have engaged them directly and are in contact with their team to get the Nomad KYC NFT. It would be surprising if we did not receive the expected KYC and corresponding NFT in a timely manner.

Outstanding questions revolve around the necessity of a multisig on mainnet with the same address as the one on Moonbeam and if wallet connect is supported on the recovery UI. If it is not, we’ll need to craft the calldata programmatically.

We will keep the community updated as the pieces keep falling into place.