Element DAO

EGP#: 32
Title: Payment for Milestone 1 of EGP-30
Author(s): @DELV
Type: Protocol Proposal
Status: Draft
Date Proposed: 2024-07-17

References

• EGP-30: Hyperdrive Ethereum Mainnet Launch & Security Monitoring and Incident Management Services

Sentence Summary

EGP-32 proposes the details for the Element DAO paying DELV as a service provider for Milestone 1 of EPG-30.

Paragraph Summary

This proposal includes the payment details for the following service provisions as described in Milestone 1:

• The Deployment of Element DAO Instance of Hyperdrive (and Pools) to Ethereum Mainnet
  • DELV developed, deployed, and launched an Element DAO instance of Hyperdrive with 6-month pools on top of stETH and sDAI on Ethereum Mainnet.

Motivation

Now that Element DAO instance of Hyperdrive is live on Ethereum Mainnet, this proposal is being put forward to receive the Milestone 1 payment from EGP-30.

Specification

Completion of Milestone 1: Deployment of Element DAO Instance of Hyperdrive (and Pools) to Ethereum Mainnet

• DELV developed, deployed, and launched an Element DAO instance of Hyperdrive with 6-month pools on top of stETH and sDAI on Ethereum Mainnet at approximately 1PM ET on July 3rd, 2024.

Milestone 1 Payment Details:

• Development, Deployment and Transfer Amount: 4,000,000 ELFI
• All payments payable in ELFI to DELV’s Ethereum Wallet: 0xF6094C3A380AD6161Fb8240F3043392A0E427CAC

Once this onchain payment proposal has been approved and executed, and once payment is received, DELV will officially transfer ownership of the now live Ethereum Mainnet Hyperdrive instance to the Element DAO.

Proposed Code

{
  "proposalId": 18,
  "votingVaults": [
    "0x02Bd4A3b1b95b01F2Aa61655415A5d3EAAcaafdD"
  ],
  "extraVaultData": [
    "0x00"
  ],
  "targets": [
    "0x81758f3361A769016eae4844072FA6d7f828a651"
  ],
  "callDatas": [
    "0x88b49b837dac2ee7584cafc6693569b85f2af32a0702d5501c8f1f37e43ea0ee003b5cc7"
  ],
  "proposalHash": "0x0b2e37e446d1395d1f1bbaa6ee866beaf812c150b14e360b568a96580359f2f3",
  "targetsTimeLock": [
    "0x82eF450FB7f06E3294F2f19ed1713b255Af0f541"
  ],
  "calldatasTimeLock": [
    "0x8522d1b20000000000000000000000005c6d51ecba4d8e4f20373e3ce96a62342b125d6d000000000000000000000000000000000000000000034f086f3b33b684000000000000000000000000000000f6094c3a380ad6161fb8240f3043392a0e427cac"
  ],
  "callHashTimelock": "0x7dac2ee7584cafc6693569b85f2af32a0702d5501c8f1f37e43ea0ee003b5cc7",
  "lastCall": 20272702,
  "ballot": "0"
}

Notes:

• The lastCall will be created when the proposal is officially put onchain and will be set for 14 days from creation date.
• The proposalId is currently set to 18 but this may need to be updated to 19 prior to being put onchain due to other proposals going through governance at the moment.

Next Steps (Voting Outcome Summary)

1. This proposal is currently a Draft.
   • We welcome all questions and comments over the next week, but please be advised that DELV Team Members will not be able to provide comments beyond formatting and technical commentary.
2. Once the feedback has been addressed, this will move to be officially Proposed.
3. Once Proposed, there will be a 1 week review period before it moves to the next stage, Off-Chain Poll (Snapshot).
4. On Snapshot, the governance community will vote for:
   • Yes: You agree that EGP-32 should be accepted.
   • No: You disagree that EGP-32 should be accepted.
   • Abstain: You formally decline to vote either YES or NO.
5. If this proposal passes the Off-Chain Poll, it will proceed to the On-Chain Vote, where the vote options will remain the same as on Snapshot.
6. If this proposal passes, the proposal will officially be Accepted and the code will proceed to the Execution stage where DELV will receive their payment for Milestone 1 of EGP-30. Upon receipt of payment, DELV will officially transfer ownership of the now live Ethereum Mainnet Hyperdrive instance to the Element DAO.

Important note: DELV will provide logistical and technical support for putting the proposals Off-chain (poll) and On-chain (vote), but neither DELV nor DELV Team Members will participate in the poll or vote. Furthermore, DELV engineers will provide technical comments only, when clarity is needed; they will not provide any statements on the wisdom or appropriateness of the proposal.

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