The Executive-Team has been the primary custodian of prize pool contracts and prize liquidity since V4 inception. We handle custody and transaction matters where directed by governance, such as claiming rewards, managing protocol owned liquidity, and receiving tokens on networks other than mainnet. We are the goto solution for maximum security custody for the community.
Scope of Work
The Executive Team is owner of the PT V4 contracts
We will continue the custody of delegations for the Community Team, Grants, and SerHotMike. Custody continues to be $250k in total.
We manage USDC ticket liquidity on Optimism of 50k USDC.
We continue with a custody limit of $750k to put a hard cap on our total custody. Activities that approach the cap will be brought forward as an alert. Any funds over that amount will need to be approved by a vote to change the cap. This gives the community a clear picture of what our custody risk is.
This quarter we will move to help with the sunsetting of V4 as well as retiring the exec-team. We will propose solutions to handle all of the custody responsibilities and by default any unresolved matters will be liquidated and returned to treasury.
Goal
Our primary focus is security. We maintain a 5/8 multi-sig of senior contributors who are well versed in PoolTogether infrastructure, happenings, and the greater DeFi ecosystem.
We look to act in a timely and efficient manner to ensure prize liquidity never runs dry, and that Pooler and treasury funds are safe.
These pillars form our goals
Security
No loss. We strive to never lose funds. This is an easily evaluated metric we strive to maintain.
Acting on governance directives
Acting in an organized and efficient way.
Transactions are presented by lead as having a standard 24hr time to sign and execute. -
Transactions requiring more immediate attention are presented with a 12hr time to sign and execute.
Timeline
The team will be funded and active for all of Q1 2024.
Who be these signers? This should be in every PTBR. Redundant? Sure. Helpful for the less involved or those with goldfish memories like myself? Absolutely.
How is this 12k allocated? Just spread across the voters each month? $500 per signer per month to keep the wheels greased… I’m not sure if that’s a deal or a scam, but compared to the other teams it feels like a deal (for now). j/k it’s a deal
What’s the v4 kill plan?PTIP-89: Sunsetting PoolTogether V4 had a pretty big Let’s Fucking Do This vibe to it. And that was in November. What’s the next steps, what can the community do to help?
12k is distributed as:
1605 to Lead
7 x 338 to Signers
I can’t tell you exactly about the v4 kill plan, not everything can be done by the Exec Team. We will do as outlined in the Sunsetting Plan:
“Execute new DPR parameters to set the effective prize rate to zero”
“Withdraw prize liquidity” (and bridge it back to Ethereum and send it back to Treasury)
What we do with funds that can’t be held by Governance (like OP tokens and POL on Polygon and Optimism) and the 250k Delegation funds on OP (if we wanna keep the ability to delegate on OP) is TBD by Governance. I’ll look into ways to make the funds controllable on L2 by Governance on L1 but I don’t think there is any way yet. If it’s rly just holding the funds without all the V4 maintaining stuff we could elect a team of trusted people for that but I am personally not a fan of custody in any way.
I think we are in an semi-emergency situation where we have to temporarily cut costs, however I do approve this proposal: multi sign is a responsibility and such responsibility must be paid.
Thank you for the questions @Taliskye and for the answers @Lonser.
I am going to be blunt, we have the DAO hostage here and I don’t like it. Fortunately I can promise you we are all good folks who do our best to serve with the DAO’s best interests at heart.
We have before reduced our budget, we have reduced our signers, and we have a plan to retire the team this quarter. It will be a relatively busy quarter for us to execute on the v4 to v5 migration and dissolve the team but I am confident we can perform and put us in a better place.
If anyone has additional concerns or feedback to the operations, plans, direction, or budget- I am happy to hear them and will do my best to be objective to that feedback. I plan to put this vote onchain Tuesday the 8th after the council call or at latest Wednesday the 9th.
We will work with the community to find solutions where applicable and look for consensus via Snapshot. Where solutions cannot be found or agreed upon we will liquidate and bridge to mainnet to return to the treasury.
One thing we are looking at is using oSNAP from UMA, which would allow a snapshot to custody via multisig.
We will be going live with this vote this week, we have been waiting for the other two teams to complete their RFC process and put all the votes up at once.
Here is an informal report of assets in custody. Note because of the OP price we have exceeded our $750k hard-cap furthering the motivation to retire operations.
). j/k it’s a deal