This proposal sends 150 ETH to the Dev multi-sig by way of the ETHRelayer contract which facilitates the transfer to the Dev Multi-sig as outlined below, the funds will then be converted to WETH and bridged over to xDai and deposited into GP relayer on xDai for the purposes of DXD buyback.
Unlike previous proposals which sent the WETH to the xDai treasury, this proposal suggests depositing those funds directly in the GP relayer on xDai, identified as:
As this WETH is to be used exclusively for buyback purposes, it makes sense to deposit it directly into the GP relayer as this reduces the number of proposal necessary to place an order and reduces overall clogging of proposals. While previously an order required both a funding proposal and a multicall placing the order, we will only require the multicall placing the order with the funds already in the relayer.
This proposal sends 150 ETH to the ETHrelayer contract, identified as,
0xb9C11a239CEb03626b439dDeD95AC51ffe000795 , which will relay the ETH to the dev multi-sig address, previously identified as
0x5f239a6671bc6d2baef6d7cd892296e678810882 whose signatories have been verified as REP holders, which will convert it to WETH and bridge it over to be deposited into the GPv1 relayer on xDai.
The ETH / WETH is going to be used exclusively for buyback purposes.
Risks and Considerations
Transfer of these funds relies on the dev multi-sig. xDai also presents risks because security is dependent on its limited validator set. Additionally, cross-chain bridges contain risks.