PTIP-73: Authorize Optimism Prize Pool

[Brendan]

PTIP-73: Authorize Optimism Prize Pool

Simple Summary

This proposal authorizes the Executive Team to manage an Optimism prize pool, and transfers USDC to the executive team to use as liquidity.

Abstract

The PoolTogether Executive Team operates according to established mandates. A mandate is a north star that the executive team can act unilaterally to support. For more background see PTIP-53: Executive Team Budget. This proposal explicitly authorizes the Executive Team to manage a PoolTogether protocol prize pool deployment on Optimism, an Ethereum L2.

This proposal will also transfer $250k USDC to the executive team to be used as prize liquidity. It is expected that this liquidity will be used to bootstrap the Optimism prize pool. However, balancing prize liquidity is at the discretion of the executive team.

Motivation

Many users have expressed the desire to deposit into PoolTogether on Optimism. These users aren’t comfortable with the risk profile of Polygon, so they wish to use an Ethereum L2. Additionally, Optimism will soon have deployment incentives for dapps. PoolTogether can be part of the incentivized cohort.

Specification

Overview

This proposal includes a policy component and a technical component.

• The policy change is to authorize the Executive Team
• The technical specification will be to transfer funds to the exec team

Rationale

While framed as an Exec Team mandate, this proposal is indirectly authorizing a deployment to Optimism. Before committing to the work of deploying to Optimism, it’s important to first get approval from the DAO. This signal will be valuable.

Technical Specification

This proposal will:

• Withdraw $250k USDC from the PT V4 prize pool on Ethereum.
• Transfer $250k USDC to the Executive Team Gnosis Safe on Ethereum.

Status

Open for discussion. If no change is desired, will move to vote.

[Torgin]

Full support from me.
LFG! (Not the Luna kind)

[AndyKaufman]

Been hoping for optimism for some time!
I’m in support, let’s make it happen.

[tanman]

one of those decisions that does not require a vote as i expect it have 100% voting support

My only caveat is if there was a discussion on which one should be first - optimism vs arbitrum…i would have voted for arbitrum

But given we don’t seem to have any known personal connections at arbitrum, and Leighton had a great conversation with optimism team - let’s do it

[sanneh]

About time we started doing real business! Ethereum L2 is definitely the right way to move forward. Arbitrum already has some liquidity, but I was impressed by Optimism’s commitment to building public goods. In any way funds on these L2s would be considerably safer to invest, as opposed to Polygon for example.

[underthesea]

Very excited for the Optimism deployment! I am bumping this thread because I will be putting this request for prize liquidity onchain sometime over the next week. Prize liquidity ensures that all prizes awarded can be paid out on all chains we are deployed on.

This post did not have a poll but I have been following on the forum, on the calls, and on Discord and have not heard any opposition to the Optimism deployment. So this is a last call for any concerns. Look for an onchain vote for funding coming soon!

[underthesea]

PTIP-73 has been posted for voting. Looking at our liquidity usage in V4 and in consideration of governance efficiency the amount was increased by 50k to 300k.

Onchain vote: PoolTogether Governance

Snapshot vote: Snapshot

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