Treasury Diversification Proposal V2 - Execution Plan

With the recent passing of the Treasury Diversification Authorization V2, below is an outline of how we plan to execute on the proposal.

The proposal authorizes a total of $5M of USD-stable assets, with the following targeted breakdown:

  • 40% DAI
  • 40% USDC
  • 10% sUSD
  • 10% USDT

First of all, the proposal authorised the transfer of funds in the DXdev multi-sig to stables. Which was executed yesterday, 4th of May, and swapped an initial 137.7173 ETH to ~462k USDC which are already back in the treasury: Ethereum Transaction Hash (Txhash) Details | Etherscan

For the further transfers, we plan to submit 2 proposal a week until the targets are reached. Due to Gnosis Protocol Relayer not being an option yet, we will primarily use the DXdev MS to transfer funds in accordance with the limitations set-out in the proposal i.e. “no more than 250 ETH is transferred to the DXdao Dev mutlisig in a 2 day period”.

Transfering 250 ETH twice a week equates to roughly $1.6M (at current ETH rate of ~$3.2k) - which means we should execute the diversification in 2.5 / 3 weeks - subject to ETH volatility. The last proposals will account for changes in the price of ETH, and therefore will likely not be exactly 250ETH.

The first proposal to swap 250ETH to DAI has already been submitted and is boosting shortly.

Current situation:

Proposal #16 submitted: Alchemy | DAOstack