PoolTogether

POOL Buyback for August and September Finalized

Buyback of POOL using USDC reserves as voted on in PTIP 27 (link in footer)

Gnosis: 0xD6a475529C609Dc1f5eC1B6b390208a3620B3121
Signers: @regisisland @therealtuna @underthesea

Timeline: August 1st through September 12

Spreadsheet: POOL Buy Backs - Google Sheets

  • USDC Spent: 100k
  • POOL Buyback: 7,211
  • Fees: 0.1205461885
  • Average price paid 13.87 USDC per POOL

Method

  1. Received the 100k USDC sponsorship tickets and redeemed for USDC
  2. Created a formula to randomly select a buyback date and time based on resulting numbers from weekly prize drawings
  3. Followed reserve growth using Dune Analytics
  4. Executed swaps of USDC to POOL using 1inch aggregator
  5. Transferred all POOL back to timelock

Experience

  • Worked very well together as a team
  • Executing swaps with a multi-sig is a bit painful
  • 3 people on a multi-sig trying to follow a randomly created schedule can be challenging. Having more signers would probably be a good idea
  • 8 hours spent per person with buybacks defined as 1 hour mini

Where to now

We all would be happy to continue as signers shall the community decide a buyback is of interest in the future.

Original PTIP

10 Likes

Hello :wave:t3: excellent execution by all involved.

The protocol and POOL holders thank you.

If an additional signer may be needed at any time I am able to sign.

Please continue the great :+1:t3: work :muscle:t3:

Thank you.

:sunglasses:

4 Likes

Thank for this update! I’m super impressed with how well this went.

One thing I’d really like to highlight and don’t want to take for granted is simply the trust put into these three people. It’s pretty amazing to have a community where we can confidently send $100k to three pseudonymous people and have the transactions executed honestly and clearly like this! Thank you @underthesea @TheRealTuna @RegisIsland

In terms of compensation for these people, I was going to recommend $800 per person (as the estimated time was 8 hours per person = $100 per hour). Any thoughts on that?

7 Likes

Fully agree and support.

Going forward, this task could potentially be added to a Treasury Management Committee as proposed by Llama, should the community decide to go down that path.

1 Like

Thank you @leighton and the community for putting your trust in us. I am glad to be part of such an amazing community and I look forward to continuing contributing where I can.

I would like to point out though, we did pay gas fees as well. I feel that reimbursement should be separate from the 800$ in compensation.

3 Likes

Hello :wave:t3: in my opinion I think $1K per person should be sufficient, enough to compensate for the gas/network fees and hours contributed.

Great :+1:t3: work again everyone!

:sunglasses:

5 Likes

Seems like a fair reward to me for the time and expenses contributed to this experiment.

1 Like

I think this seems like very fair compensation and covering the costs of gas I assume.

Thanks everybody, was really nice to be a part of this and I hope the buybacks continue as long as POOL is so undervalued. Would be good to transition this to being a treasury committee duty.

3 Likes

where should this come from? should we reach out to the grants committe? I figure that would be the most efficient route for such a small amount. wouldnt want to try to roll this into the next ptip.

We’ll get payout done through a grant :+1:.

3 Likes