DAO fees are accumulated as coins in pools, controllers and other entities. Every week comes a process of burning these coins scattered around different networks and contracts into crvUSD, that is distributed to veCRV holders.
Contracts are designed so earned fees can be moved to FeeCollector
via withdraw_admin_fees() or similar calls.
This is grouped into phase Collect.
Keepers get % from each earned coin according to Dutch auction.
Next comes Exchange phase when all collected coins are converted into crvUSD.
This may be done using different burners like CowSwapBurner
which delegates price discovery and settlement to CowSwap auction.
Final phase is Forward which is applied to resulting crvUSD.
Mainly it bridges to Ethereum or FeeDistributor,
but also handles hooks for xDAO using Hooker paying some fee to keeper.
Install:
python3 -m virtualenv venv/ && source venv/bin/activate
pip install -r requirements.inRun:
pytest testsIn order to swap accumulated coins into crvUSD, one should post orders to CowSwap backend. This can be done by running WatchTower. Instruction for setup can be found here.