PIP -48 - DAO wallets update

Governance Proposals
17

UPDATED PIP-48 - DAO wallets update

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?

Here is a breakdown of said wallets / contracts:

Identification Wallet / Contract Purpose Chain Comment
Year 1 vesting contract 0x6a3CCa09b1C2B83834124c8646a68b9Bad2a07b9 Vesting contract Ethereum To claim by DAO wallet
Year 2 vesting contract 0x348aa814a72970e76d5756a2cda16e7e8f245aab Vesting contract Ethereum To claim by DAO wallet
Year 3 vesting contract 0xb074094d2e858b25d129989644248f9f6946e081 Vesting contract Ethereum Start claiming each month from february 2024
Year 4 vesting contract 0x51d2f2c65d043118eb4329fcbc738943f494609f Vesting contract Ethereum Start claiming each month from february 2025
Main multisig 0x5a61d9214adefd7669428a03a4e8734a00e9f464 DAO Wallet Ethereum Become the main DAO wallet
Operational multisig 0x6DF5e7b236a4F14e08C27E09202B4d1865905e9b DAO Wallet Ethereum
Main multisig 0xfe98240ddAEDF78E278C28F1EdD690ee1a774e66 DAO Wallet Arbitrum Empty after PIP-45 application
Fee claimer 0x619BBf92Fd6bA59893327676B2685A3762a49a33 DAO Wallet Fee Claimer Ethereum From fee claimer contract: 0xeF13101C5bbD737cFb2bF00Bbd38c626AD6952F7
Fee claimer 0x7dA82E75BE36Ab9625B1dd40A5aE5181b43473f3 DAO Wallet Fee Claimer Arbitrum From fee claimer contract: 0xA7465CCD97899edcf11C56D2d26B49125674e45F
Fee claimer 0xAFFdeC0FE0B5BBfd725642D87D14c465d25F8dE8 DAO Wallet Fee Claimer Avalanche From fee claimer contract: 0xbFcd68FD74B4B458961495F3392Bf96f46A29E67
Fee claimer 0x8c1a1D0b6286F35d47a676aB78482f1cf3D749dC DAO Wallet Fee Claimer BNB From fee claimer contract: 0x2DF17455B96Dde3618FD6B1C3a9AA06D6aB89347
Fee claimer 0x5487683dc3216655D0C8AA31255e2e313b99B477 DAO Wallet Fee Claimer Fantom From fee claimer contract: 0x4F14fE8c86A00D6DFB9e91239738499Fc0F587De
Fee claimer 0xf93A7F819F83DBfDbC307d4D4f0FE5a208C50318 DAO Wallet Fee Claimer Optimism From fee claimer contract: 0xA7465CCD97899edcf11C56D2d26B49125674e45F
Fee claimer 0xABF832105D7D19E5DEC28D014d5a12579dfa1097 DAO Wallet Fee Claimer Polygon From fee claimer contract: 0x8b5cF413214CA9348F047D1aF402Db1b4E96c060
Fee claimer DAO Wallet Fee Claimer PolygonZKEVM To be created / communicated / integrated with mimic?
Fee claimer DAO Wallet Fee Claimer Base To be created / communicated / integrated with mimic?

Note that wallet for PolygonzkEVM and Base are still to be displayed in the doc.

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.

Further analysis may be required to identify whether other assets are eligible for this transfer.

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).
This is outside the scope of the DAO, but the use of a bot relaying transactions from DAO wallets in a specific channel would be a plus in my opinion.

Voting option

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