Deposit 300 ETH into Swapr Mainnet [Proposal]

The proposal below would send 300 ETH from DXdao treasury to be deposited into Swapr mainnet by way of the Dev multi-sig and the liquidity relayer

Background

Swapr Alpha launched in December and the Swapr Beta is slated to launch soon. A previous proposal sent 100 ETH to the dev multi-sig and used the liquidity relayer to deposit $178k in Swapr mainnet. These are held in the relayer, which is now controlled by the multi-sig, but will be transferred to DXdao when the multi-call scheme is installed.

As Swapr moves closer to v1 launch and trying to attract farming campaign, it’s important to build liquidity.

Details

This proposal sends 300 ETH to the dev multi-sig address, previously identified as 0x5f239a6671bc6d2baef6d7cd892296e678810882 whose signatories have been verified as REP holders, to be deposited into Swapr through the new liquidity relayer contract.

The multi-sig will convert half of the funds to Dai and then deposit them into the liquidity relayer, and from there into Swapr. The relayer will use the TWAP from Uniswap ETH/Dai to determine the ratio to supply liquidity. The dev multi-sig will also test withdrawing liquidity from Swapr via the relayer. Once the new multi-call scheme is installed and DXdao can interact with the new liquidity relayer contract, the multi-sig will transfer ownership of the liquidity relayer to DXdao.

Risks and Considerations

This proposal relies on the dev multi-sig to convert the funds to Dai and also on the multi-sig to transfer ownership to DXdao when the multi-call scheme is installed. All of the signatories are REP holders with over 1% REP, so this risk should be limited.

The proposal relies on the relayer contract. This has been audited and there was a successful test of the liquidity relayer last week.

This is a large transaction (300 ETH) to be handled by the dev multi-sig. The multi-sig has done dozens of similar transactions with no problems. This will also be important to making Swapr an easy to use platform.

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