Social EGP 25 - CLEAR Transfer Migrations

Abstract

This proposal seeks to migrate the minting rights of the CLEAR token from the Amarok bridge, which is sunsetting, to Everclear.

Motivation & Rationale

The Amarok bridge is undergoing a sunset process, resulting in degraded performance. To maintain seamless cross-chain transfers of the CLEAR token, it is necessary to transition minting rights to Everclear, improving the UX of bridging tokens between all chains.

Key Terms

• XERC20: A token standard that allows whitelisted bridges to mint and burn tokens across multiple chains.
• Everclear Protocol: A bridging protocol that provides enhanced reliability and efficiency for cross-chain transfers.
• Minting Rights: The ability of a bridge or protocol to create new tokens on a specific chain.

Specification & Implemenation

The CLEAR token implements the XERC20 standard, which allows any number of whitelisted bridges to natively mint and burn crosschain tokens. Currently the CLEAR token is bridged by the Amarok bridge, which is experiencing degraded performance due to the sunsetting process.

The CLEAR token, currently utilizing the Amarok bridge for cross-chain transfers, will transition to Everclear as follows:

• Minting rights will be granted to the XERC20Module of the EverclearSpoke contracts deployed across multiple chains.
• Minting rights will be revoked from the Connext contract currently used by the Amarok bridge.
• The transition will ensure a smooth migration with minimal user impact.
• Security audits for Everclear protocol have been conducted and are available here.

Steps to implement

1. Grant minting rights allowing 50% of the supply to the XERC20Module for EverclearSpoke on the following chains::
   • Gnosis: - needs to be deployed and will be done before the proposal is executed.
   • Optimism: 0xD1daF260951B8d350a4AeD5C80d74Fd7298C93F4
   • Arbitrum: 0xD1daF260951B8d350a4AeD5C80d74Fd7298C93F4
   • Polygon: 0x4aade9F812d2160A1b3c6e77f30f1bF14eC7e2a5
   • BSC: 0xD1daF260951B8d350a4AeD5C80d74Fd7298C93F4
   • Mainnet: 0xD1daF260951B8d350a4AeD5C80d74Fd7298C93F4
2. Revoke minting rights from the Connext contract on the following chains:
   • Gnosis: 0x5bB83e95f63217CDa6aE3D181BA580Ef377D2109
   • Optimism: 0x8f7492DE823025b4CfaAB1D34c58963F2af5DEDA
   • Arbitrum: 0xEE9deC2712cCE65174B561151701Bf54b99C24C8
   • Polygon: 0x11984dc4465481512eb5b777E44061C158CF2259
   • BSC: 0xCd401c10afa37d641d2F594852DA94C700e4F2CE
   • Mainnet: 0x8898B472C54c31894e3B9bb83cEA802a5d0e63C6

Overall Cost

• There are no additional costs to executing this proposal