ParaSwap DAO

Abstract

The DAO treasury will evolve with PIP-45: Enable ParaSwap Foundation to facilitate $ARB and $OP incentives , removing the ability to use these two assets to fund initiatives.

So I set out to take stock of the DAO’s treasury, thinking that everything would be in the “one” multisig indicated in the documentation. Unfortunately, the assets in the wallet are incomplete. Let me reassure you right away: all the funds are clearly identifiable and can be found on public addresses available in the documentation here and here . Transparency is assured, but simplicity of access to this information is less so: what does DAO own?

You’ll find in the forum post a breakdown of said wallets / contracts.

Identified assets present on wallets other than the DAO’s main Multisig are:

• $PSP in vesting contracts Some $PSP in the vesting contract are claimable, but not claimed and still in the contract. Consequences = circulating supply undervalued, can be a deterrent for potential investors + difficulty in identifying DAO’s treasury position.
• WETH from staking rewards going to the DAO Consequence = difficulty in identifying DAO’s treasury position. Goals & review

The aim here is not to do treasury management, in the sense that this proposal is not intended to use this or that asset. The sole purpose of this proposal is to reorganise the assets available in the DAO’s public wallets into the wallet that is identified to hold the DAO’s treasury.

Potentially negative points to this proposal:

• Aggregating assets in a single wallet may increase the risk in the event of a hack. fragmenting liquidity as today avoids a single point of failure. even if it makes reading the DAO’s treasury complicated.
• Moving these assets will inevitably entail significant work for multisig signatories.

Means

Claim vesting contract as follow:

Year 1 & 2

• Harvest all remaining tokens first week of jan 2024 (83M + 200M $PSP)

Year 3

• Q1 2024 harvest first week of april 2024 (50M $PSP)
• Q2 2024 harvest first week of july 2024 (50M $PSP)
• Q3 2024 harvest first week of oct 2024 (50M $PSP)
• Q4 2024 harvest first week of jan 2025 (50M $PSP)

Year 4

• Q1 2025 harvest first week of april 2025 (50M $PSP)
• Q2 2025 harvest first week of july 2025 (50M $PSP)
• Q3 2025 harvest first week of oct 2025 (50M $PSP)
• Q4 2025 harvest first week of jan 2026 (50M $PSP)

Bridge and transfer assets to the main multisig:

• Bridge/transfer WETH & PSP from fee claimer DAO wallets to the main multisig (except from the mainnet and optimism ones)
• Harvest the staking rewards from the mainnet fee claimer to the main multisig on the same dates as the vesting claims

Implementation Overview

This proposal, if accepted, will trigger the transfer and/or claim of assets to the DAO main multisig, doing so, it will clarify the DAO’s treasury state, but also the metrics of the $PSP token (updated circulating supply).

Voting option

• Claim $PSP and regroup assets to the main multisig
• Claim $PSP but do NOT regroup to the main multisig
• Do nothing
• Abstain