Rebasing & Smart Contracts
If you are using a multi-sig wallet or another smart contract that wishes to participate in the rebasing aspect of OUSD or OETH you must call therebaseOptIn() function. This only applies to smart contracts as standard EOA wallets are enrolled automatically.
Multi-sig wallets or other smart contracts must callrebaseOptIn()to earn yield.
By default, OTokens that are held on smart contracts will not participate in the rebasing nature of the token and will forfeit any yield unless the smart contract explicitly opts-in. This increases the composability of these coins within DeFi as many protocols weren't designed with the expectation that balances might change. To other DeFi protocols, OTokens work just like any other normal, well-behaved ERC-20 until you ask it to change. This is a particularly useful attribute for automated market makers (AMMs) like Uniswap which break when the number of tokens they are holding changes unexpectedly.
Smart contracts must explicitly opt-in to receiving yield via the rebasing mechanism. This fixes the issue with the expanding supply on AMM’s while still allowing multi-sig wallets and other smart contracts the opportunity to still participate and earn yield.
With the launch of OETH, OGV governance can be able to vote for specific addresses to receive yield. This will allow for future integrations (eg. leverage on Aave) with other DeFi protocols that have immutable contracts or are otherwise unable to opt-in to yield themselves.
If you are deploying a contract and intend to callrebaseOptIn()to earn yield you cannot call it from the contract's constructor. The contract must be deployed before it can be called.
Safe (prev. Gnosis Safe) users are encouraged to use the Origin Dollar and Origin Ether apps which will prompt you to opt-in to receiving yield. If you are using the "Old" Gnosis Wallet or another contract-based wallet, you will need the proxy contract address and the corresponding ABI. Once you add those, you will be able to call the rebaseOptIn() function to opt into receiving yield via rebasing orrebaseOptOut() to turn it off again.
Checking rebase status
If you are unsure whether or not a particular address will receive yield, you can use a public getter function on the OUSD or OETH contract to check its status.
This function returns an integer indicating whether or not the address has opted-in (or out) independent of what type of wallet the address belongs to.
| rebaseState | Smart contract | Externally-owned account |
|---|---|---|
0 - NotSet | Does not receive yield | Receives yield |
1 - OptOut | Does not receive yield | Does not receive yield |
2 - OptIn | Receives yield | Receives yield |
Per the on-chain proposal executed on 12/26/23, OGV governance now has the ability to remotely opt-in 3rd party smart contracts for integration purposes, with a proposal to the DAO. More information can be found on the proposal Snapshot and Discord discussion.
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