OIP-52: Add UST to the Treasury
Summary
Introduce ERC-20 variant of Terra USD (UST) as the next stable reserve asset in the form of reserve bonds with an agreement by Terra to purchase a $1m bond across a one month timeframe.
Background
OlympusDAO currently holds approximately $731,436,747 MV of treasury assets which is made up of: $401m in OHM-DAI, $85m in OHM-LUSD, $42m in OHM-ETH, and $34m OHM-FRAX, $80m LUSD, $75m DAI, and $13m FRAX. With OHM-LUSD and LUSD bonds depreciated, there is room for a new reserve asset that we can add to further diversify our treasury.
Proposal
- Introduce UST reserve bonds to diversify the treasury and hedge against centralized stablecoin risks. We will target 3.3% of our RFV to be UST. If we exceed 5% of our RFV, UST bonds will be shut off (similarly to LUSD) to promote healthy market growth.
- Allow for Terra to purchase a $1m bond to co-market both communities and establish a symbolic relationship.
Vote
For: Add UST to the Treasury via reserve bonds Against: Don’t add UST to the Treasury
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x1344...Aa65FA | 73,268 | For: Add UST to the Treasury |
 0x9B94...4BE3Be | 13,928 | For: Add UST to the Treasury |
 0x5E11...BCEc1d | 10,977 | For: Add UST to the Treasury |
 0xf5B4...d99A72 | 7,074 | For: Add UST to the Treasury |
 0x7E7a...08Febc | 5,815 | For: Add UST to the Treasury |
VOTE POWER
Proposal Status
- Thu December 02 2021, 09:00 pmVoting Period Starts
- Sun December 05 2021, 09:00 pmEnd Voting Period
Current Results
1-For: Add UST to the Treasury
248,728.71
2-Against: Don't add UST
442.171