{
"rationale": {
"title": "VAP-002 - Create Asset - Tether USD ($USDT)",
"description": "## Summary\n\nThis proposal requests to list Tether USDT ($USDT) as a settlement asset on the Vega Network as discussed in: https://community.vega.xyz/t/vap-002-create-asset-tether-usd-usdt/4239.\n\n## Rationale\n\n- USDT is the largest stablecoin and widely used across DeFi.\n- The Name, Symbol & Decimals are all driven by the values of the ERC20 contract so will not be discussed here.\n- Given USDT has 6 decimals and 1 USDT = 1 USD, its conversion to quantum decimals is 1000000\n- The withdrawal delay is set to 1 to act as a buffer in case of a bridge exploit.\n- The lifetime limit is set to $10,000 USD (equivalent) which would be sufficient for alpha mainnet given the high leverage.""
},
"terms": {
"newAsset": {
"changes": {
"name": "Tether USD",
"symbol": "USDT",
"decimals": "6",
"quantum": "1000000",
"erc20": {
"contractAddress": "0xdAC17F958D2ee523a2206206994597C13D831ec7",
"withdrawThreshold": "1",
"lifetimeLimit": "10000000000"
}
}
},
"closingTimestamp": 1684170000,
"enactmentTimestamp": 1684195200,
"validationTimestamp": 1684160000
}
}
@bill0 1 is actually the smallest number one can choose, but if you are referring to safety in order to trigger a delay so that we have a chance, 24hrs, to review withdrawals 1 would be a safer option indeed.
You would receive the following error if you choose 0 Error: proposal_submission.terms.change.new_asset.changes.source.erc20.withdraw_threshold (must be positive)
Right, so the point here is that we want every withdrawal to be subjected to the delay. Otherwise an adversary could just submit thousands of small transcactions and drain the bridge anyway.
I think 1 is okay, because gas on Ethereum renders the kind of exploit described above unfeasible.
@Jubi in case you want it to be more easy to read you could use something like this, attached an image on how that would look.
"description": "## Summary\n\nThis proposal requests to list Tether USDT ($USDT) as a settlement asset on the Vega Network as discussed in: https://community.vega.xyz/t/vap-002-create-asset-tether-usd-usdt/4239.\n\n## Rationale\n\n- USDT is the largest stablecoin and widely used across DeFi.\n- The Name, Symbol & Decimals are all driven by the values of the ERC20 contract so will not be discussed here.\n- Given USDT has 6 decimals and 1 USDT = 1 USD, its conversion to quantum decimals is 1000000\n- The withdrawal delay is set to $1,000 which still provides some freedom for withdrawals but is also small enough to act as a buffer in case of a bridge exploit.\n- The lifetime limit is set to $10,000 USD (equivalent) which would be sufficient for alpha mainnet given the high leverage."
Thanks for the feedback everyone, I’ve adjusted both VAP-002 and VAP-001 to have a withdrawalDelayThreshold to 1. I will also proceed with posting this!
