[AGIP 72] Liquidity Provision: Reimbursement of the DAO
Author: Maxicrouton#1596 Gotchi ID: 13306 Quorum requirement: 20% (9M) Vote duration: 7 days XP Reward: 20 XP for each Aavegotchi in the voter’s wallet Discourse link: https://dao.aavegotchi.com/t/where-should-25-lp-allocation-from-curve-go/4739/3
Changes from SigProp: The original Sigprop had four options for GHST Reimbursement, this CoreProp only includes the option that got the most support.
Hello Frens!
Little summary of where we are in the $7.5M liquidity allocation from the curve closing.
What has been used :
- QUICKSWAP LM program : 160,000 GHST (taken from DAO wallet)
- BALANCER POOL : 2,580,000 GHST and 926,022 USDC (taken from DAO wallet. https://polygonscan.com/tx/0xae27fed433feac9a4eb8a73871fbf307de107255fdb0d0fa289c81d065adb8a6)
These funds (about $5M) used prior to the curve closing came from the DAO wallet, which we took roughly $4M worth of GHST and $1M DAI. So we need to reimburse the DAO wallet with these 5M$ borrowed, we have two options :
-
Reimburse all the funds ($5M) in DAI.
-
Reimburse the $4M worth of GHST in GHST, so it means using DAI to buyback GHST.
If we choose to reimburse in GHST, the schedule of swaps to pay back the DAO could be 6 months. (With constant swaps over the period)
Not having too long of a timeline will help to have an average price closer to the price when we borrowed the funds.
The original Sigprop had four options for GHST Reimbursement, this CoreProp only includes the option that got the most support. Which is:
1 GHST is 1 GHST, trying to reimburse the 2,740,000 GHST borrowed with $5M DAI (Would be at maximum $5M purchase of GHST, can be lower if we suceed to get enought GHST to reimburse the DAO with less than 5M$)
Technical details for the DAO directors: Deploy a new “swap contract” (see AGIP 69) with the Liquidity wallet as owner. Swap 3/4/5/$7.5M DAI into USDC. (can be done in little chunks) Send 3/4/5/$7.5M USDC to the contract. (can be done in little chunks) Send GHST to the Treasury Wallet.
Note: The 6 months swaps timeline specified can be changed to any timeline if the DAO is willing to.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xDd56...1eAC63 | 3.426M | 3% for Reimburse only in DAI, 97% for Reimburse in GHST |
 0x5119...aecA6C | 2.391M | 3% for Reimburse only in DAI, 97% for Reimburse in GHST |
 0x06b4...c03D99 | 349,538 | 100% for Reimburse in GHST |
 0x9Cbb...00FA89 | 252,227 | 100% for Reimburse in GHST |
 0xd04e...8CC21b | 241,783 | 100% for Reimburse in GHST |
VOTE POWER
Proposal Status
- Wed April 05 2023, 07:52 pmVoting Period Starts
- Wed April 12 2023, 07:52 pmEnd Voting Period
Current Results
1-Reimburse in GHST
13.951M
2-Reimburse only in DAI
1.612M