RIP-01: Replenish Core RUBI Yield Farms

📜 Proposal Discussion
1

RIP-01: Replenish Core RUBI Yield Farms

Summary

This proposal replenishes existing RUBI yield farms as follows: 60M RUBI to the RUBI/WETH yield farm and 15M to the RUBI/USDC yield farm over the next 6 months. This increases the RUBI reward rate to the RUBI/WETH pair by ~57% and reduces the reward rate on the RUBI/USDC pair by ~9%.

To enact this change, this proposal transfers rewards distributor rights for the RUBI-USDC and RUBI-WETH staking farms on Base from the Bridge Executor to a trusted multisig, enabling direct replenishment of staking rewards.

Motivation

Currently, the Bridge Executor controls rewards distribution for both staking farms, requiring L1→L2 governance proposals to replenish rewards. In the RUBI multichain architecture, rewards typically come from the core Community Vesting contract. LP yield farms must be funded up front since tokens are locked for the reward period.

To enable smooth operations during the DAO’s initial phase, 6 months of RUBI inflation was unlocked up front and given to a trusted multisig, while the Community Vesting contract started with a cliff to account for this period. With only ~50M RUBI currently available in the core community staking contract, the multisig (which holds the unlocked tokens on Base) must handle this replenishment. By transferring rewards distributor rights to the multisig, we can enable efficient, direct replenishment of staking farms. Note that onchain governance (Bridge Executor) remains the owner of the staking farm contracts.

This proposal represents a first step in Rubicon’s progressive decentralization journey as the first onchain governance vote. Future replenishments will likely come directly from the core community vesting contract as the DAO’s onchain processes mature and the vesting window permits it.

Please note, currently the two core RUBI LP farms operate on 6 month periods and must be replenished to maintain continuous emissions. A future RIP will be needed in ~6 months to replenish them yet again. DAO members are encouraged to share their opinions on the emission rate and strategy of the DAO in the Forum!

Specification

In practice this proposal calls setRewardsDistributor on the two relevant staking contracts on Base via governance. This is the only onchain action that needs to pass through onchain governance for RIP-01. We sendMessage from L1 → L2 through the Base Cross-Chain Messanger to achieve this through onchain governance using our multichain governance architecture.

Governance Proposal (L1 → L2)

  • Cross-Chain Message: Send instructions to Base Bridge Executor

  • L2 Queue: Bridge Executor queues two setRewardsDistributor calls

  • L2 Execution: After timelock delay, execute queued operations

Post-Execution (Multisig Operations)

  • Approve RUBI for Transfer to Farms: approve(USDC Farm, amount) and approve(WETH Farm, amount)

  • USDC Farm: notifyRewardAmount(RUBI, amount)

  • WETH Farm: notifyRewardAmount(RUBI, amount)

Implementation Details

L1 Transaction

  1. Send Cross-Chain Message: messenger.sendMessage(bridgeExecutor, encodedL2Ops)
  • Note that the message being sent to Base here, is a queue call to the L2 Bridge Executor

L2 Operations (Base)

  1. Queue Operations: Bridge Executor automatically queues two setRewardsDistributor calls

  2. Execute After Timelock:

  • 0x1bcBc996fc9e57AB4D3b08A1e7A54B7AE030329C.setRewardsDistributor(RUBI, multisig)

  • 0xF967db129324556D4fD83CE679b2B86FD8D5F26B.setRewardsDistributor(RUBI, multisig)

Multisig Batch Transaction (Separate from Proposal)


// Single Gnosis Safe batch:

1. RUBI.approve(usdcStaking, usdcAmount)

2. usdcStaking.notifyRewardAmount(RUBI, usdcAmount)

3. RUBI.approve(wethStaking, wethAmount)

4. wethStaking.notifyRewardAmount(RUBI, wethAmount)

Contract Addresses

Ethereum Mainnet (L1)

  • L1 Base Cross-Chain Messenger: 0x866E82a600A1414e583f7F13623F1aC5d58b0Afa

  • Rubicon Governance: 0xbc0F42BDc9491180742c4b4e9Ce84DbBeC2FfD86

Base Mainnet (L2)

  • Bridge Executor: 0x4E973a2CDC9b73B794139B0f7f57E379f5ccFe2A

  • RUBI Token: 0xb3836098d1e94EC651D74D053d4a0813316B2a2f

  • RUBI-USDC Staking Contract: 0x1bcBc996fc9e57AB4D3b08A1e7A54B7AE030329C

  • RUBI-WETH Staking Contract: 0xF967db129324556D4fD83CE679b2B86FD8D5F26B

  • Trusted Multisig: 0x8c1ACB63a021BD8c990744C07bc53A3Ec3C03af4

Benefits

  • :white_check_mark: Simple First Proposal: No complex token bridging required

  • :white_check_mark: Efficient Replenishment: Multisig can replenish farms directly

  • :white_check_mark: Reversible: Governance can change rewards distributor back and probably will in the future

  • :white_check_mark: Progressive Decentralization: First onchain proposal that passes through governance

  • :white_check_mark: Established Infrastructure: Multisig already holds RUBI tokens and has a proven track record

Risk Assessment

Low Risk

  • No Token Movement: Only changes permissions, no token transfers

  • Reversible: Governance can change rewards distributor back

  • Minimal Impact: Only affects rewards distribution permissions on the two core farms

Mitigation

  • Multisig Security: multisigs or token voting used so there is no single point of failure

  • Governance Override: Governance retains ownership of staking contracts

Success Criteria

  • Rewards distributor successfully changed to multisig on both farms

  • Multisig can call notifyRewardAmount on both contracts

  • Staking farms are replenished via multisig transaction

Expected Proposal ID: 0

Created By: Benjamin Hughes

Date: 10.20.25