With Arbitrary transactions ability to interact with any EVM based contract from a colony, this feature truly opens up the possibilities to be able to perform an, as the name implies, an “arbitrary” number of actions using the many governance mechanisms that Colony allows for.
Understanding how to effectively add and manage contract interactions is crucial to leveraging this powerful feature.
Key Benefits:
Direct interaction with external smart contracts
Expanded functionality within the colony ecosystem
Seamless integration with the broader Ethereum network
Adding a New Contract Interaction
Each row in the Arbitrary Transactions section represents a separate contract interaction. Follow these steps to add a new interaction:
Access the Arbitrary Transactions Section
Navigate to the actions side panel and select the Arbitrary Transaction action type.
Initiate a New Contract Interaction
Click on the "Add Transaction" button to open the Contract Interaction Modal.
Enter Contract Address
In the modal, locate the "Contract Address" field.
Input the exact contract address of the contract you wish to interact with.
ABI Population
The ABI (Application Binary Interface) field should automatically populate based on the entered contract address.
Note: The ABI defines the available methods and events in the contract.
If there is an issue generating the ABI, or the generated one is incorrect, you can manually enter one in.
Select Contract Method
Use the generated dropdown menu to choose the desired method from the contract you want to interact with.
Available options are determined by the provided ABI.
Enter Method Parameters
Upon selection the method fields will appear.
Fill in the required parameters for the selected method.
These may include addresses, amounts, or other specific data.
Review and Confirm
Double-check all entered information for accuracy.
Click the button to confirm the transaction and add it to the Arbitrary Transactions table.
Add Additional Transactions (Optional)
Repeat the process to add more contract interactions if needed.
Creating the Arbitrary Transaction Action
After adding all desired contract interactions, follow these steps to complete the process:
Complete Action Details
Provide any additional information required for the action.
This may include descriptions or notes relevant to the transaction.
Select Decision Method
Choose the Decision method for the transaction.
Options may include Permissions, Multi-sig, or Reputation. This will depend on your colony and the authority you have.
Finalize the action
Once approved through the chosen decision method, the contract interactions can be executed.
Potential Use Cases
Arbitrary transactions offer a wide range of possibilities. Here are some ideas to inspire your use of this feature:
Protocol Management
Adjust protocol fees
Update configurable parameters
External Protocol Engagement
Perform token swaps
Engage in yield farming
Participate in lending protocols
Token Operations
Mint new tokens using your own managed token contracts
Fund Management
Transfer and manage funds outside of the colony's ecosystem
Governance Actions
Propose and execute governance decisions on external protocols
Integration with DeFi Platforms
Participate in staking activities
Deposit collateral into lending platforms
Claim rewards from staking protocols
Best Practices and Tips
Thorough Testing: Always test interactions on a testnet before executing on mainnet.
Gas Optimization: Be mindful of gas costs, especially for complex interactions.
Security First: Double-check contract addresses and parameters to avoid errors.
Use the redo feature: Use the "Redo action" feature to more easily repeat the same or similar contract interactions in future.
Community Consultation: For significant actions, consider discussing with other members before execution.
Troubleshooting
If you encounter issues while using Arbitrary Transactions, try the following:
Verify the contract address and ABI are correct.
Ensure you have sufficient permissions within the colony to perform the action.
Ensure you have sufficient permissions with the target contract to perform the action.
Check that you have enough funds to execute the transaction.
If a transaction fails, review the error message and consult Colony documentation or support channels.