# \[PROPOSAL\] Omnibus Protocol Upgrades For Launch **URL:** \ **Category:** Proposals\ **Created:** [November 27, 2024, 4:30pm UTC](https://forum.anvil.xyz/t/proposal-omnibus-protocol-upgrades-for-launch/108 "2024-11-27T16:30:14Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![anvil](https://yyz2.discourse-cdn.com/flex004/user_avatar/forum.anvil.xyz/anvil/32/11_2.png) [@anvil](https://forum.anvil.xyz/u/anvil)\ **Post date:** [November 27, 2024, 4:30pm UTC](https://forum.anvil.xyz/t/proposal-omnibus-protocol-upgrades-for-launch/108/1 "2024-11-27T16:30:14Z")
# Proposal Date 2024-11-30 # Relevant Contracts **CollateralVault:** [0x5d2725fdE4d7Aa3388DA4519ac0449Cc031d675f](https://etherscan.io/address/0x5d2725fde4d7aa3388da4519ac0449cc031d675f) **LetterOfCredit v0:** [0x1A3251d83B4ed97d8E1d8451613D7DD9B4f42961](https://etherscan.io/address/0x1a3251d83b4ed97d8e1d8451613d7dd9b4f42961) **LetterOfCredit v1:** [0x750ab78b4fe51292d1f0053845aace3ea959d5ad](https://etherscan.io/address/0x750ab78b4fe51292d1f0053845aace3ea959d5ad) **LetterOfCreditProxy:** [0x14db9a91933aD9433E1A0dB04D08e5D9EF7c4808](https://etherscan.io/address/0x14db9a91933aD9433E1A0dB04D08e5D9EF7c4808) **TimeBasedCollateralPoolSingleton v0:** [0xd042C267758eDDf34B481E1F539d637e41db3e5a](https://etherscan.io/address/0xd042C267758eDDf34B481E1F539d637e41db3e5a) **TimeBasedCollateralPoolSingleton v1:** [0xCc437a7Bb14f07de09B0F4438df007c8F64Cf29f](https://etherscan.io/address/0xCc437a7Bb14f07de09B0F4438df007c8F64Cf29f) **TimeBasedCollateralPoolBeacon:** [0x1f00D6f7C18a8edf4f8Bb4Ead8a898aBDd9c9E14](https://etherscan.io/address/0x1f00D6f7C18a8edf4f8Bb4Ead8a898aBDd9c9E14) # Background ## Overview While it has been roughly 100 days since Anvil’s core smart contracts were first deployed, the code was written long before. Having been audited three times (twice by [OpenZeppelin](https://www.openzeppelin.com/) and once by [Trail Of Bits](https://www.trailofbits.com/), results [here](https://docs.anvil.xyz/contracts/audits)) and all known issues addressed, it is clear the core logic is sound and production ready. However, the benefit of having well audited code exists for as long as it stays in the same state. It is for this reason that Anvil has collected all upgrades, optimizations, naming clarifications, and integrator feedback over the past months and aims to implement these changes through newly deployed `LetterOfCredit` and `TimeBasedCollateralPool` related contracts labeled `v1` ahead of launch (legacy contracts are marked `v0`). In addition, for launch, the protocol’s withdrawal fee should be properly re-initialized to zero for ease of integration and adoption. Governance can adjust this value at any time moving forward. ## Audit Competitions While the core logic of `v0` remains largely untouched, Anvil engaged security researchers through [Immunefi](https://immunefi.com/) to perform two different “audit competitions” on the new contracts (and their `CollateralVault` interactions) consistent with our ongoing commitment to proactive security. Both of these competitions yielded fruit in the form of reported potential vulnerabilities as well as code insights. All valid reported issues, regardless of how unlikely they are to occur, are treated seriously and their remedies have been reflected in the deployed `v1` contracts. ## Proxy Patterns In Anvil One of the main benefits of using smart contract proxy patterns is for ease of upgrades. In `v0`, Anvil uses a Beacon Proxy pattern with regard to Time Based Collateral Pools. By separating out contract state from logic, this is how `v1` is able to easily upgrade the logic of the `TimeBasedCollateralPoolSingleton` without losing any state data for existing pool implementations. In `v1`, Anvil aims to leverage these same benefits for `LetterOfCredit` via moving it to a [Transparent Proxy pattern](https://blog.openzeppelin.com/the-transparent-proxy-pattern). # v1 Changes While this proposal executes the necessary changes for the protocol to leverage these new contracts, there are many changes that should be called out, including those that exist within the [code](https://github.com/AcronymFoundation/anvil-contracts) itself. Even though there is no substitute for reading the contracts thoroughly, below are some notable changes ahead of launch: - Protocol withdrawal fee is set to 0 - `LetterOfCredit v0` is no longer approved as a Collateralizable Contract - `LetterOfCreditProxy` is added as an approved Collateralizable Contract - `LetterOfCredit v0` moves to a [Transparent Proxy pattern](https://blog.openzeppelin.com/the-transparent-proxy-pattern) separated into `LetterOfCreditProxy` and `LetterOfCredit v1` - `LetterOfCredit v1` adopts new “Dynamic” and “Static” LOC terminology and behavior - Separates `createLOC()` into `createDynamicLOC()` and `createStaticLOC()` - Variable and function naming update to reflect new terminology - `LetterOfCredit v1` updates price calculation logic to prevent data type edge case issues - `LetterOfCredit v1` implements universal application of `SafeERC20` library - `TimeBasedCollateralPoolSingleton v1` has updated calculations surrounding `resetPool()` - `TimeBasedCollateralPoolSingleton v1` and `LetterOfCredit v1` implement more efficient handling of invalid signatures # Executed Changes Calls `CollateralVault`::`upsertCollateralizableContractApprovals()` to set: - `LetterOfCredit v0` ([0x1A3251d83B4ed97d8E1d8451613D7DD9B4f42961](https://etherscan.io/address/0x1a3251d83b4ed97d8e1d8451613d7dd9b4f42961)) `isApproved` to `false` - `LetterOfCreditProxy` ([0x14db9a91933aD9433E1A0dB04D08e5D9EF7c4808](https://etherscan.io/address/0x14db9a91933aD9433E1A0dB04D08e5D9EF7c4808)) `isApproved` to `true` Calls `TimeBasedCollateralPoolBeacon::upgradeTo()` setting the implementation to `TimeBasedCollateralPoolSingleton v1` ([0xCc437a7Bb14f07de09B0F4438df007c8F64Cf29f](https://etherscan.io/address/0xCc437a7Bb14f07de09B0F4438df007c8F64Cf29f)) Calls `CollateralVault`::`setWithdrawalFeeBasisPoints()` to set withdrawal fee to `0`