The Relevant Token Smart Contracts

This repository contains smart contracts used by Relevant APP to reward content curation.

Dev

install dependencies:

yarn

add an INFURA_API_KEY to your local .env file

fork mainnet and deploy:

yarn fork

RelevantTokenV3.sol

Users of the Relevant App are able to earn REL tokens for curating content on the Relevant App. REL tokens are allocated for rewards via releaseTokens. REL token admin distributes the tokens as balances in the web2 database of the Relevant App. Users can then claimTokens by requesting an attestation by the admin account and submitting it to the REL smart contract.

There is currently a limit to how many tokens can be claimed this way by any individual account. Balances over the limit can be claimed as unvested sRel tokens. These tokens are not transferrable but can otherwise be used for governance and within the app.

Key Contract Parameters

• inflation is the yearly inflation rate in basis points.
• allocatedRewards are the tokens that are still in the smart contract but are allocated to users as Curation rewards. These tokens can either be claimed or vested by the users.
• admin is a designated hot wallet address that signs user's token claims. Security note: if this account is compromised the attacker can drain the allocatedRewards but not more. This address should be rotated periodically by the contract owner.

Key Methods

• releaseTokens can be called by anyone to either mint or allocate existing tokens. If there are enough tokens in the smart contract that are not part of the allocatedRewards, they will be used, otherwise new tokens will be minted.
• claimTokens can be used by users to claim REL from allocatedRewards

Owner Methods

• vestAllocatedTokens sends a portion of the allocatedTokens to a vesting smart contract. This method should be called bafore initializing any specific vesting account.
• updateAllocatedRewards updates allocatedRewards - we may need to do this to ensure app rewards match up with allocated rewards.
• setInflation sets yearly inflation rate in basis points.
• setAdmin updates the token claim signer.
• burn can burn an amount of tokens that are not part of the allocatedRewards. We might want to do this in the future to simplify accounting. Note: yearly inflation rate should be adjusted if a significant number of tokens is burned.

Relevant Protocol Governance Smart Contracts

sREL token

sREL is governance wrapper for REL tokens and allows staking and vesting.

Roles

• owner (this will eventually be a DAO)
  • can initialize initial vesting accounts
  • can set vestAdmin role
• vestAdmin is designed to be a hotwallet that allows automated vesting initialization via the Relevant App

Staking

• REL tokens can be staked via the contract in exchange for sRel
• sRel cannot be transferred or exchanged back to REL unless they are 'unlocked' (unstaked) and unvested
• lockPeriod determines the time it takes to unstake the tokens

Vesting

• Unvested tokens can be added by the owner of the contract or via a signature from the `vestAdmin'
• There are two vesting schedules - short and long, exact params TBD, likely 4 and 16 years respectively
• The params are global - meant to distribute a set amount of tokens to users
• Unvested tokens can be used to cast governance votes
• The full amount of unvested tokens can be transferred to a new account

Governor

Openzeppelin Governor contract that can self-modify the votingPeriod, proposalThreshhold and votingDelay.

Timelock

Openzeppelin Timelock that adds a delay to all governance decisions.

Final Ownership Structure

• Governor is a Timelock propser
• Timelock is REL owner
• Timelock is sREL owner
• Timelock is REL proxyAdmin owner