Motivation
After BIP-115 passed late last year work began to create Mimic smart vaults that automatically collect protocol fees, sell for USDC, then bridge it back to Ethereum if necessary. The Maxis have recently conducted several tests in collaboration with Mimic and the Arbitrum smart vault is already fully operational after BIP-294.
Tests have been completed in the Polygon and Optimism smart vaults. Both the Maxis and Mimic have high confidence all is working as expected. In case an issue arises the role for allowing the smart vault to call withdrawCollectedFees on the ProtocolFeeWithdrawer can be revoked with a future BIP.
Risks
Assigning access to the fee collector gives the contracts assigned access to sweep all fees from the collector. In the very worst case, the fee collector could stop functioning correctly/start leaking funds.
Manual work is required in the process every 2 weeks to process veBAL fees and core pool bribes. In the event that there was a significant leak of value from the fee collector, It could take up to 2 weeks to notice, and then up to an additional week to enact governance to revoke rights to the fee collector.
As a result, there is some risk that up to 3 weeks of protocol fees could be lost.
Here is a link to Mimics audits
Specification
Polygon
The DAO Multisig on Polygon matic:0xeE071f4B516F69a1603dA393CdE8e76C40E5Be85 will interact with the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 and call grantRole with the following arguments:
role: 0x25995e0bfb9b837ed9e3ed24df7d42689be47c45073cc1953bb0836b292faa13
which corresponds to the role for calling withdrawCollectedFees on the ProtocolFeeWithdrawer on Polygon, verifiable here .
account: 0x94Dd9C6152a2A0BBcB52d3297b723A6F01D5F9f7
which is the contract address for the Mimic smart vault on Polygon.
Optimism
The DAO Multisig on Optimism oeth:0x043f9687842771b3dF8852c1E9801DCAeED3f6bc will interact with the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 and call grantRole with the following arguments:
role: 0x5a57bdde85c7a823e064d8cdc9a9a1b617f739068ec8925eaf6a562aa22513c6
which corresponds to the role for calling withdrawCollectedFees on the ProtocolFeeWithdrawer on Optimism, verifiable here .
account: 0x94Dd9C6152a2A0BBcB52d3297b723A6F01D5F9f7
which is the contract address for the Mimic smart vault on Polygon.