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FakerDAO

Minimum viable implementation of a MKR token governance auction. Pool your tokens and sell their voting power to the highest bidder.

  • Any MKR holder can lock their tokens in the contract.
  • Every seven days, the contract holds an auction in which anyone can submit bids denominated in WETH (or any ERC20 specified at deployment).
  • The highest bidder wins the right to control the MKR locked in the contract for the next seven days.
  • MKR depositors are paid out after each auction for the proportion of the MKR they contributed.
  • At the end of each cycle, MKR withdraws/deposits are permitted, and the process starts again.

For a more detailed write up on FakerDAO, and how it effects Maker governance incentives, read more on the ScopeLift blog.

Development Requirements

  • npm v6.5 (or later)
  • node v11.6 (or later)
  • Truffle v5.1 (or later)
  • solc v0.5.16
  • ganache-cli v6.9.1 (or later)
  • An Infura ID (free account) or Ethereum node

Setup

Create a file called .env that looks like the following:

export INFURA_ID=yourInfuraId
export EXCHANGE_ADDRESS=0xdB33dFD3D61308C33C63209845DaD3e6bfb2c674
export WETH_HOLDER_ADDRESS=0xa71937147b55Deb8a530C7229C442Fd3F31b7db2

Then run the following commands:

npm install
cd app
npm install

Testing

  1. From the project root, start ganache with npm run ganache
  2. In a new terminal window, run tests with npm run test

Kovan Deployment

This project is deployed on the Kovan test network at 0xBbb73EC8520c8D5cB1047635007C08bcE13A6Af0. All required Maker Kovan addresses can be found in abi/addresses.json, and were sourced from the Maker changelog.

To interact with this contract as a depositor, you will need MKR. To get this:

  1. Click here to view the Write Contract tab of a Kovan token faucet
  2. Click Connect to Web3 to connect your wallet
  3. In the gulp method, enter 0xAaF64BFCC32d0F15873a02163e7E500671a4ffcD for the gem input and put in your own address for the addrs input

To interact with this contract as a bidder, you will need WETH. To get this:

  1. Go to https://faucet.kovan.network/
  2. Follow the instructions to connect your GitHub and get 1 Kovan Ether.
  3. Click here to go to the Write Contract tab of the Kovan WETH contract
  4. Click Connect to Web3 to connect your wallet
  5. Scroll down to the deposit method, enter an amount of ETH to deposit, and click Write to complete the transaction