PTIP-80 - Treasury Assets Management #2

Governance PT Improvement Proposals
1

Simple Summary

We are looking to take advantage of all the assets in the PoolTogether DAO Treasury, by selling them for ETH or getting yield from them.

Abstract

This proposal will send the following assets from the Treasury to the TWG Multisig to be sold and returned to the Treasury:

UNI (for ETH)

SUSHI (for ETH)

BADGER (for ETH)

COMP (for ETH)

AVAX (for ETH)

TRIBE (for ETH)

GAL (for ETH)

We will also stake the following assets (through working with the Exec Team):

MATIC

AAVE

The AVAX should be sent from the Exec Team to The Treasury Working group to be liquidated

Motivation

After managing the stable assets from the treasury, it was the turn for non-stable assets. Instead of just holding all of the tokens, it was time for the DAO to select those that can have a long term impact and get some yield on them (or hold them). Whereas less meaningful assets will be sold for ETH.

Given the value of the assets being sold (less than $30K) and to simplify smart contract interactions (more than 10 transactions are required, so 2 PTIPs would be required if everything was done through the Governor Alpha contract), instead of doing all of the transactions through the Governor Alpha, the Treasury Working Group will take care of selling the assets for ETH and returning the obtained ETH to the Treasury.

Technical Specification

On-chain transactions to be performed in PTIP-80:

  1. Withdraw UNI from V3 Reserve

Contract: 0xd1797d46c3e825fce5215a0259d3426a5c49455c

function: WithdrawReserve()

from “prizePool”: 0x0650d780292142835f6ac58dd8e2a336e87b4393

to: 0x42cd8312d2bce04277dd5161832460e95b24262e

  1. Withdraw SUSHI from V3 Reserve

Contract: 0xd1797d46c3e825fce5215a0259d3426a5c49455c

function: WithdrawReserve()

from “prizePool”: 0xc32a0f9dfe2d93e8a60ba0200e033a59aec91559

to: 0x42cd8312d2bce04277dd5161832460e95b24262e

  1. Withdraw BADGER from V3 Reserve

Contract: 0xd1797d46c3e825fce5215a0259d3426a5c49455c

function: WithdrawReserve()

from “prizePool”: 0xc2a7Dfb76E93d12a1bB1Fa151b9900158090395d

to: 0x42cd8312d2bce04277dd5161832460e95b24262e

  1. Withdraw COMP from V3 Reserve

Contract: 0xd1797d46c3e825fce5215a0259d3426a5c49455c

function: WithdrawReserve()

from “prizePool”: 0xbc82221e131c082336cf698f0ca3ebd18afd4ce7

to: 0x42cd8312d2bce04277dd5161832460e95b24262e

  1. Send 856.37 UNI from Governance Timelock to TWG Multisig

Contract: 0x1f9840a85d5aF5bf1D1762F925BDADdC4201F984

function: transfer()

from: 0x42cd8312d2bce04277dd5161832460e95b24262e

to: 0xB74659A1011F6DCA3BA6F6e22a71bA8f414F36A1

amount: 856372424846341926258

  1. Send 3,284.53 SUSHI from Governance Timelock to TWG Multisig

Contract: 0x6B3595068778DD592e39A122f4f5a5cF09C90fE2

function: transfer()

from: 0x42cd8312d2bce04277dd5161832460e95b24262e

to: 0xB74659A1011F6DCA3BA6F6e22a71bA8f414F36A1

amount: 3284532343089035803483

  1. Send 122.03 BADGER from Governance Timelock to TWG Multisig

Contract: 0x3472A5A71965499acd81997a54BBA8D852C6E53d

function: transfer()

from: 0x42cd8312d2bce04277dd5161832460e95b24262e

to: 0xB74659A1011F6DCA3BA6F6e22a71bA8f414F36A1

amount: 122038867515372212081

  1. Send COMP from Governance Timelock to TWG Multisig

Contract: 0xc00e94Cb662C3520282E6f5717214004A7f26888

function: transfer()

from: 0x42cd8312d2bce04277dd5161832460e95b24262e

to: 0xB74659A1011F6DCA3BA6F6e22a71bA8f414F36A1

amount: 281600941575265376483

  1. Send 41,257.89 TRIBE from Governance Timelock to TWG Multisig

Contract: 0xc7283b66Eb1EB5FB86327f08e1B5816b0720212B

function: transfer()

from: 0x42cd8312d2bce04277dd5161832460e95b24262e

to: 0xB74659A1011F6DCA3BA6F6e22a71bA8f414F36A1

amount: 41257897178145893659381

  1. Send GAL from Governance Timelock to TWG Multisig

Contract: 0x5fAa989Af96Af85384b8a938c2EdE4A7378D9875

Function: transfer()

From: 0x42cd8312d2bce04277dd5161832460e95b24262e

To: 0xB74659A1011F6DCA3BA6F6e22a71bA8f414F36A1

Amount: 1500000000000000000000

Off-chain transactions to be performed in PTIP-77 from TWG:

  1. Approve UNI

  2. Approve SUSHI

  3. Approve BADGER

  4. Approve COMP

  5. Approve TRIBE

  6. Sell UNI for ETH

  7. Sell SUSHI for ETH

  8. Sell BADGER for ETH

  9. Sell COMP for ETH

  10. Sell TRIBE for ETH

  11. Sell GAL for ETH

  12. Send ETH to Governance Timelock

Off-chain transactions to be performed in PTIP-77 from Exec Team:

The exec team has to claim the rewards that are pending on AAVE V2 (WMATIC, WAVAX, stkAAVE). Then, it has to stake AAVE on the AAVE staking program and stake MATIC to help validate transactions while earning yield. Once WAVAX is claimed, the exec team will send the WAVAX to TWG multi-sig to be sold for WETH then bridged to mainnet and returned to treasury. The exec team will also withdraw TRIBE from Rari and send to the TWG for liquidation.

Status

On-Chain Vote for PTIP-80: PoolTogether Governance

Snapshot for PTIP-80: Snapshot

4 Likes
2

Although I’m a fan of having tokens from partner protocols in our treasury and the timing ahead of a potential alt szn might be bad, in light of the amounts involved it is reasonable to “tidy up” the treasury holdings and streamline them. Thanks for the effort!

1 Like
3

Full support!
Also because it is missing in the PTIP, here the link to the discussion post with comments: Treasury Assets Management #2 (Non-stablecoin assets)

1 Like