✔️ TDP 30 - Gitcoin Quadratic Lands Hackey Sack Purchase

Simple Summary

It is proposed to purchase between 3 and 5 $SACKS (7,875 to 13,250 mUSD at the time of writing) in order to allocate a small portion of treasury funds towards public goods in a novel way, to make $SACKS more usable in the ecosystem, and to hold the remaining $SACKS ourselves for treasury diversification purposes.

Abstract

The mStable community mentioned that we ought to do more for the public goods space on Ethereum with our treasury, so after this successful temperature check, it is proposed to allocate a small portion of our treasury towards buying 3 to 5 $SACKS from the open market.

After the purchase, 1 or 2 $SACKS will get kicked back to GitcoinDAO to use freely as they see fit to further the Gitcoin project, while a further $SACKS will be handed to Atlantis World to use for a tighter integration in the Atlantiverse, while the mStable TreasuryDAO will retain the remaining $SACKS in perpetuity as a provable scarce asset on the blockchain.

Motivation

The treasury has not yet allocated any meaningful funding to Gitcoin this year, and with this purchase, we would be able to do so in a novel way that also benefits the treasury and the ecosystem as a whole in the process.

It would also be anticipated that other DAOs and individuals will join this effort based on this initial idea to kick back $SACKS to Gitcoin and other protocols that weave together and maintain the ecosystem, and in the process increase the value of $SACKS for everyone.

Specification

Proposed workflow

The suggested method of purchase is to market buy 3 to 5 $SACKS from Uniswap (around 1.77 to 2.95 ETH at the current market rate) from the Asset Management subDAO’s additional DAI that got generated between the resolution of TDP 26 and now, and “kick” them to the respective recipients via multi-sig transactions.

The SACKS for Atlantis World will be kicked to this address.

The SACKS for Gitcoin will be kicked in parts to the Matching Pool Treasury, as well as the internal Gitcoin Holdings multisig.

The remaining $SACKS will then be kicked to the mStable TreasuryDAO.

Next Steps

Pending no significant changes to its content, this proposal will be taken to a Snapshot vote on Monday, the 20th December 2021 .

Voting will be open for a 5 days window to give adequate time for a concurrent discussion. Governors can change their vote at any time should the discussion sway their decision. We look forward to hearing what MTA token holders have to say and seeing how they cast their votes.

2 Likes

I like the Hackey Sacks! I am biased as Im a fan of gitcoin, but think this is a fun use of a small amount of funds. :money_with_wings:

1 Like

As I said in the RFC, I am not very sure we are at a stage where we can fund public good while the treasury does not have deep pockets.

At the same time, I see that this amount is not that substantial, while the marketing benefits and value that it could bring the ecosystem in a fun way is a worthwhile consideration.

Would be awesome if we can get a kick-chain going :smiley:

So, I am leaning to vote FOR.

2 Likes

This is a nice idea. mStable should support the ecosystem and this seems like a nice way to do that and appropriately size. In favour

1 Like

Gitcoin does so much for the ecosystem. We should do the same for them <3

Thanks for the positive feedback everyone. The voting for this TDP will go live in a little over 1 hour! :sunglasses:

The vote has resolved in favour, and the SACKS in question have been purchased from Uniswap and subsequently distributed to the Gitcoin Matching Pool, the internal Gitcoin Holdings address, our own Treasury, as well as Atlantis World.

Many thanks for everyone who voted, and looking forward to see those SACKS being put to good use and perhaps this will inspire others in a similar fashion :sunglasses:

1 Like