Abstract

The following Social proposal aims to establish the daily mint and burn limits for the CLEAR token within the integration of Lucid’s Multi-Bridge Module for NEXT Token Cross-Chain Asset Transfers.

Motivation and Rationale

On January 11, 2025, the DAO approved the integration of Lucid’s Multi-Bridge Module for NEXT Token Cross-Chain Asset Transfers through the Social EGP 20 on Snapshot.

Subsequently, the Lucid Team remained in contact with the Everclear Foundation, the GTF, and the Security Council to discuss the implementation details.

During this process, it was discovered that the proposal does not mention the mint and burn limits that must be assigned to the AssetController (a Lucid Smart Contract), making it impossible for the Everclear Security Council to execute.

After Creed’s analysis of the Halborn audit came back with a low risk regarding the deployed Asset Controller smart contract by Lucid, the ESC would feel comfortable in constructing a transaction to alter the limits for their bridge solution if the DAO decides on which percentage of the token supply should be the mint & and burn limit.

Please note that whatever limits DAO imposes (can be talked about in percentage of total supply of the token) are good for 24 hours and are replenished back at a linear rate over that period. So, in essence, if the DAO sets the 10% limits, this means that 10% of the total supply could be minted/burned at once but the next day, another 10% would be available.

On a final note, the ESC suggests that the decision range should be no bigger than 5-15% of the total supply, but the final decision is up to the DAO. Based on this, we’re going to provide 3 options in this vote (5/10/15%).

Specifications

The technical action needed from the ESC is to call the token contract on Ethereum, Arbitrum, Optimism, and Polygon (@ 0x58b9cB810A68a7f3e1E4f8Cb45D1B9B3c79705E8) at its method setLimits (calldata 0xa08d5654) with the following parameters:

_bridge (address):

0xC11F53C945540Af1B05770fb5A579c950C036E36 (your AssetController address on mainnet)

_mintingLimit (uint256):

TBD (TBD CLEAR)

_burningLimit (uint256):

TBD (TBD CLEAR)

The final amount will be defined through this voting, being possible to opt for the following options:

• 5% del supply total (50M CLEAR)
• 10% del supply total (100M CLEAR)
• 15% del supply total (150M CLEAR)
• Do not implement the Lucid Multi-Bridge Module
• Abstain

If any of the proposed limits are approved, the Everclear Security Councils will execute these instructions, giving mint and burn permissions to the Lucid Asset Controller.