QIP250: Deprecate QiDao deployment on Fraxtal

Voting ended 8 days agoSucceeded

network: Fraxtal author: 0x22cFAE74Ed0B44eeCd9b0cba30D74B47EE13dbFF created: 2026-03-13

Summary

This proposal seeks to deprecate the QiDao deployment on Fraxtal, including the full sunset of the sfrxETH collateral vault and the MAI token contract. There is no outstanding debt and no circulating MAI on Fraxtal, making this a zero-risk, zero-user-impact deprecation.

Abstract

This proposal deprecates the QiDao deployment on Fraxtal by shutting down the sfrxETH collateral vault and permanently removing the ability to mint MAI on the chain. Before shutdown, vault parameters will be standardized to match similar deployment configurations. The vault will have its borrow limit and interest rate set to zero, preventing any new loans or interest accrual. Given the immutable nature of the MAI token contract, a complete sunset requires calling the function renounceOwnership, the only mechanism that permanently removes minting capability on the chain.

Motivation

QiDao is present on many chains; however, not all of them gained sufficient traction to justify their maintenance. The goal of this proposal is to simplify the protocol’s active footprint and focus resources on ecosystems that generate meaningful activity and revenue. The Fraxtal deployment has seen no borrowing activity since launch and currently has no MAI supply. Maintaining an inactive deployment introduces unnecessary smart contract and operational risks with no benefit to the protocol.

Deprecating Fraxtal will:

Remove deployed contracts from the protocol's attack surface
Permanently remove a native minting capability from the MAI token on this chain
Allow the DAO to focus monitoring, maintenance, and growth on active chains

Specification

The following changes are required on the deployed contracts on Fraxtal.

sfrxETH Vault

0xbf1aea8670d2528e08334083616dd9c5f3b087ae

Variable	Value to Set	Function to Call	Timing
adm	`0xbbbe9837120ab7BA7C2660b399DA27Dfb7188542` (Revenue Manager)	`setAdmin`	Upon approval
adminFee / refFee	`10000 / 0`	`setFees`	Upon approval
maxDebt	`0`	`setMaxDebt`	Upon approval
iR	`0`	`setInterestRate`	Upon approval

MAI Token

0xb84Df10966a5D7e1ab46D9276F55d57bD336AFC7

Function	Timing
`renounceOwnership`	Upon approval

Rationale

Parameter Standardization and Vault Shutdown

The Fraxtal deployment uses a standard QiDao vault contract, which does not support upgrading. Setting maxDebt to zero prevents new borrowing. While there is no outstanding debt, setting the interest rate to 0 aligns it with other offboarded vaults and prevents any potential interest accrual against historical positions.

In addition, setting the admin to the Revenue Manager and standardizing the admin/ref fee split ensures all deprecated vaults share a consistent final configuration.

MAI Token Sunset

The Fraxtal MAI token is also an immutable contract with no pause or upgrade functionality. Renouncing ownership is the only mechanism that permanently removes the ability to:

Mint MAI
Seed new vault debt ceilings

Once ownership is renounced, it cannot be reclaimed, making the deprecation permanent and irreversible at the token level.

Technical Specification

Configurable values are defined in the Proposal Payload (PP) attached.

All five transactions are to be batch executed by the QiDao Guardians multisig: 0xe7748203ec71eeBb207700dA94A3F829Bf0632F7 on Fraxtal.

Transactions:

1. Standardization of fees split to match similar deployments.
1. Set admin address to Revenue Manager Multisig.
1. Disable borrowing by setting MaxDebt to zero.
1. Halt interest accrual by setting Interest Rate to Zero.
1. Renounce MAI token ownership. Guarantees a complete and irreversible chain deprecation at the token level.

Voting Options

For: Deprecate MAI on Fraxtal as specified above.
Against: Do not deprecate; maintain the current deployment.
Abstain

Transactions

[
  {
    "multisig": "0xe7748203ec71eeBb207700dA94A3F829Bf0632F7",
    "transactions": [
      {
        "chainId": 252,
        "to": "0xbf1aeA8670D2528E08334083616dD9C5F3B087aE",
        "function": "setFees",
        "args": [
          "10000",
          "0"
        ],
        "value": "0",
        "annotation": "Standardize fee split on the sfrxETH vault to adminFee=10000 / refFee=0, matching other deprecated deployments."
      },
      {
        "chainId": 252,
        "to": "0xbf1aeA8670D2528E08334083616dD9C5F3B087aE",
        "function": "setAdmin",
        "args": [
          "0xbbbe9837120ab7BA7C2660b399DA27Dfb7188542"
        ],
        "value": "0",
        "annotation": "Transfer vault contract admin to the Revenue Manager multisig"
      },
      {
        "chainId": 252,
        "to": "0xbf1aeA8670D2528E08334083616dD9C5F3B087aE",
        "function": "setMaxDebt",
        "args": [
          "0"
        ],
        "value": "0",
        "annotation": "Set sfrxETH vault debt ceiling to zero, permanently disabling new MAI borrowing on Fraxtal"
      },
      {
        "chainId": 252,
        "to": "0xbf1aeA8670D2528E08334083616dD9C5F3B087aE",
        "function": "setInterestRate",
        "args": [
          "0"
        ],
        "value": "0",
        "annotation": "Set interest rate to zero, halting any potential interest accrual against historical positions."
      },
      {
        "chainId": 252,
        "to": "0xb84Df10966a5D7e1ab46D9276F55d57bD336AFC7",
        "function": "renounceOwnership",
        "args": [],
        "value": "0",
        "annotation": "Renounce ownership of the MAI token contract on Fraxtal, permanently and irreversibly removing native minting capability on this chain."
      }
    ]
  }
]

Off-Chain Vote

For

781.74K aveQI100%

Against

0 aveQI0%

Abstain