@eth-optimism/contracts-governance NPM

TL;DR

The token and governance smart contracts for the Optimism DAO. Built using OpenZeppelin libraries with some customisations. The token is an ERC20 that is permissible and allows for delegate voting. The token is also burnable. See more in the Specification section.

Governance will initially be handled by Snapshot before moving to an on chain governance system like OpenZeppelins Governance contracts.

Getting set up

Requirements

You will need the following dependancies installed:

nvm
node
yarn
npx

Instal the required packages by running:

nvm use
yarn

Compile

To compile the smart contracts run:

yarn build

Test

To run the tests run:

yarn test

Lint

To run the linter run:

yarn lint

Coverage

For coverage run:

yarn test:coverage

Deploying

To deploy the contracts you will first need to set up the environment variables.

Duplicate the .env.example file. Rename the duplicate to .env.

Fill in the missing environment variables, take care with the specified required formatting of secrets.

Then run the command for your desired network:

# To deploy on Optimism Kovan
yarn deploy-op-kovan

# To deploy on Optimism
yarn deploy-op-main

Specification

Below we will cover the specifications for the various elements of this repository.

Governance Token

The GovernanceToken.sol contract is a basic ERC20 token, with the following modifications:

✅ Non-upgradable
- This token is not upgradable.
✅ Ownable
- This token has an owner role to allow for permissioned minting functionality.
✅ Mintable
- The OP token is an inflationary token. We allow for up to 2% annual inflation supply to be minted by the token MintManager.
✅ Burnable
- The token allows for tokens to be burnt, as well as allowing approved spenders to burn tokens from users.
🛠 Permittable
- This token is permittable as defined by EIP2612. This allows users to approve a spender without submitting an onchain transaction through the use of signed messages.
Delegate voting
- This token inherits Open Zeppelins ERC20Votes.sol to allow users to delegate voting power. This requires the token be permittable.

Mint Manager

The MintManager.sol contract is set as the owner of the OP token and is responsible for the token inflation schedule. It acts as the token "mint manager" with permission to the mint function only. The current implementation allows minting once per year of up to 2% of the total token supply.

The contract is also upgradable to allow changes in the inflation schedule.