TUSD Update: TrustToken Response to Implementation Concerns

Ok, understood.

Hi @Rafael.cosman!

Thank you so much for replying to our post. I want to start off by saying that that TrustToken team was very helpful during the process of evaluating the current implementation of TUSD, and it was a pleasure working with them.

Regarding your response, we think that everything that you have proposed sounds great. Removing the complexity of the AutoSweep and TrueRewards features to external contracts (and perhaps the GasRefundToken functionality as well) would greatly improve the smart contracts team’s ability to confidently review TUSD and approve it to be used as collateral within the Maker protocol. Also, it would be really helpful if going forward, updates to TUSD would add to existing functionality and not affect any existing core functionality.

In addition, the pre-scheduled code reviews would allow enough time for the smart contracts team to review an implementation and allow it in the adapter before it is updated in the proxy, preventing the freezing of users funds.

Going forward, we are planning on going ahead with the current governance cycle’s voting regarding the current implementation of TUSD. However we look forward to seeing the simplified version of the contracts, and will be happy to do another review of them then.

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@lucasmanuel- I agree that the GasRefundToken functionality should either be removed or done in a much simpler way. We’ll post here once all of these changes are complete and the new smart contracts are ready to review.

There was discussion about adding some of the non-USD TrueCurrencies as collateral as well, assuming we also make their smart contracts sufficiently simple. What are your thoughts on how that vote would be received by the community?

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Awesome, looking forward to it. Regarding the other TrueCurrencies I cannot speak on behalf on the community but you do raise a good point that they are relatively stable non-correlated assets. I’m Canadian, so seeing TCAD in Maker would be pretty cool!

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TCAD, TAUD, and TGBP are scheduled to go up for a community poll next month: Collateral Status Index

I’m not sure if adding THKD is a great idea for Maker. HKD is soft pegged to USD, but current tensions create a lot of downside risk. Anyone is welcome to submit a collateral application for THKD if they think it is a worthy addition.

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@monet-supply good point about THKD, we could leave that one out for now and just look at onboarding the other three.

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TUSD is one of the stable currencies that can help us stabilize the DAI peg, and I support it.

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Hey all,

The TrustToken team has completed a refactor of our true currencies smart contracts and plan on upgrading the TrueAUD, TrueCAD, TrueGBP, and TrueHKD contracts. A refactor for TrueUSD is also in the works and will be announced as soon as it is complete.

These upgrades are meant to simplify our stablecoin code in order to increase transparency and compatibility. Below are the proposed implementations, which are currently undergoing audit:

TrueAUD:
https://etherscan.io/address/0x6b43055a996eCBeB43b7458401f12655240DcEb5

TrueCAD:
https://etherscan.io/address/0x5eae6fad6232c7a51dc7358f1a7131da34fc8903

TrueGBP:
https://etherscan.io/address/0xc174ab88b346a838cd4ef50e3d4999de91176285

TrueHKD:
https://etherscan.io/address/0x4BA82D44E1C35d3C911b3F5579F39AbEaf744CCe

Git branch for new contract:

Cheers everyone!

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@lucasmanuel- could you let us know if these updates address your concerns for these tokens being added as collateral? If there are any other changes you’d recommend please let us know.

We’ll wait until your team gives the thumbs up before actually upgrading the smart contracts.

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Hi @rafael.cosman! Thanks so much for doing this. Our smart contracts team will evaluate the proposed implementations that @feewet has posted and will let you know as soon as we can about next steps regarding TUSD.

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Thanks. But just to be clear, the new implementations that @feewet posted are for TAUD, TCAD, and TGBP. The simplified implementation for TUSD is coming soon, and will be similar.

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Sounds good!

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Hi @rafael.cosman and @feewet, we have reviewed the TCAD contract, and it looks good! Great job on simplifying the code. If similar changes were made to TUSD, we would be happy to review it again.

Thanks again for doing this.

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@lucasmanuel awesome. When you say TCAD looks good I assume that includes TGBP and TAUD as well? I’m assuming so because the code is the same other than ticker symbol etc.

If we have your thumbs up on all of those we’ll get them upgraded and then have the new TUSD code for you shortly!

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Yes exactly, everything looks good. Looking forward to seeing the new TUSD code!

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Hey @lucasmanuel we’ll be sending over the new code for TUSD soon and won’t do that upgrade until you give us the OK.

We’re about to ship the updated code for TAUD, TGBP, TCAD, and THKD. I believe you’ve reviewed the code for these a while ago, let us know if you have any questions or concerns.

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Hi @rafael.cosman, that’s great news! Yes once the new TUSD code is ready to go, the smart contracts team will reevaluate.

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TrueUSD has completed a refactor in order to simplify the smart contract code for greater security. We have already successfully upgraded our other TrueCurrency smart contracts. In the next 1-2 weeks will upgrade TrueUSD on the Ethereum mainnet.

Here is the proposed new implementation: https://etherscan.io/address/0x2f7f8793e3E3CAe2cE3B8A528dDb09EAc1D4cF7b#code

Here is a link to the most recent audit: https://github.com/trusttoken/audits

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Looking forward to this update. We need a more diversified portfolio of reputable stablecoins.

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Thanks @Aaron_Bartsch.

Just wanted to share this update here:

Looking forward to getting these tokens added as collateral types! Let us know if there are any other questions or concerns about them.

@feewet shared the new proposed TUSD implementation above, and I think we’re just waiting to get the green-light from your team before upgrading.

Thanks again for working with us.

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