Conclude Grant to Artis for Market Making Services

[d0z3y]

Introduction

Conclude the grant to Artis for market making services in two steps:

1. Instruct Artis to return all Shutted DAO 0x36 assets
2. Disburse 25,000 USDC to Artis

Context

Timeline

In February 2024, Shutter DAO 0x36 selected Artis for a 30,000 USDC grant to provide post-LBP market making services for 6 months.

In March 2024, Shutter DAO 0x36 paid Artis 5,000 USDC for market making services in March 2024.

In March - November 2024, Shutter DAO 0x36 received support services from Artis, including: Setting up and funding DEX pools, executing token swaps and transfers (which Shutter DAO 0x36 was not able to do itself), providing market making services on BingX centralized exchange (prior to BingX being hacked), and publishing token performance reports on the Shutter forum.

In September and October 2024, Artis requested Shutter DAO 0x36 stream Artis 30,000 USDC for market making services in September 2024 - February 2025. This proposal was rejected via Decent vote.

In December 2024, Shutter DAO 0x36 no longer requires Artis for market making services.

Payments

Shutter DAO 0x36 selected Artis for a 30,000 USDC grant. Shutter DAO 0x36 paid Artis 5,000 USDC. As a result, if Shutter DAO 0x36 wished to disburse the grant in full, it will pay Artis an additional 25,000 USDC.

Links

Forum: Provide a grant to Artis for post-LBP market making services for SHU token for six months https://shutternetwork.discourse.group/t/provide-a-grant-to-artis-for-post-lbp-market-making-services-for-shu-token-for-six-months/220

Snapshot: Shutter DAO 0x36 Proposal to Select and Provide a Grant to a Post-LBP Market Maker (MULTIPLE CHOICE: ARTIS) https://snapshot.org/#/shutterdao0x36.eth/proposal/0x3a0396a8e018250455d600c31f3e6e26161b8dca9338a6fd477d408503b185a5

Forum: Proposal to Pay Previously Approved Grants https://shutternetwork.discourse.group/t/proposal-to-pay-previously-approved-grants/305

Decent: #12 Proposal to Pay Previously Approved Grants (PASSED) https://app.decentdao.org/proposals/12?dao=eth:0x36bD3044ab68f600f6d3e081056F34f2a58432c4

Invoice Payment Artis Market Making - September

Proposal: Invoice Payment Artis Market Making - September

Heya folks, when we engaged back at the start of the year we would be engaging in regular market making activities once the LBP had concluded and we set up the liquidity pool for you. Some time has passed and we have not billed the DAO for any of the interim tasks we have executed. That is both a sign of goodwill to help out however we can as well as that we did not find ourselves in a position to effectively market make on chain. We now come to the point where we are active liquidity providers…

Monthly Retainer Payment Artis Global LTD. (REJECTED) https://app.decentdao.org/proposals/40?dao=eth:0x36bD3044ab68f600f6d3e081056F34f2a58432c4

Proposal

Conclude the grant to Artis for market making services in two steps:

Step 1

Artis will provide a full and detailed account of all assets (tokens, NFTs, etc.) on all chains held on behalf of Shutter DAO 0x36.

Shutter DAO 0x36 will instruct Artis to return all Shutter DAO 0x36 assets. Assets on Ethereum Mainnet will be returned to the Shutter DAO 0x36 treasury. Assets held on other chains will be returned to Shutter DAO 0x36 accounts as specified by Shutter DAO 0x36.

Artis will return all Shutter DAO 0x36 assets to Shutter DAO 0x36 as directed.

Shutter DAO 0x36 will confirm that it has received all Shutter DAO 0x36 assets.

Step 2

After Step 1 has been completed in full, Shutter DAO 0x36 will pay Artis 25,000 USDC to Artis’ receiving address on Ethereum Mainnet.

Vote Date and Platform

Vote starting the week of 2 December 2024 on Snapshot.

Voting Options

Vote “YES” to conclude the grant to Artis for market making services as outlined above.

OR

Vote “NO” to not conclude the grant.

OR

Vote “Abstain” if you do not have an opinion but want to help the vote reach quorum.

License

CC0: This work is marked with CC0 1.0 as dedicated to the public domain.

[han]

This is also a good opportunity to finalize the asset return related to the BingX hack incident, along with the refunds to be processed by Artis.

A bit of background: during the BingX hack, we acted quickly to secure DAO assets originally held in the BingX CEX account to prevent potential losses in case BingX became insolvent. These actions were taken swiftly to safeguard the DAO’s asset, and the withdrawn assets have remained untouched, never moved, awaiting return to the DAO Treasury.

Withdrawal Transactions:

• Secured Withdrawal for SHU: Etherscan Link

• The withdrawal was only possible after BingX resumed operations following a temporary halt.

• Secured Withdrawal for USDT: BscScan Link

• The withdrawal was done on BSC, as it was the only network available on BingX at the time.

Next Steps:

1. Confirming the DAO Treasury address: 0x36bD3044ab68f600f6d3e081056F34f2a58432c4 (retrieved from the Decent Treasury page)
2. Bridge the assets back to Ethereum mainnet and send them to the DAO Treasury, together with the funds Artis is returning.

If no objections to this address are raised within the next 2 days, we will proceed with transferring the funds to the confirmed address.

Please comment if there are any issues with this address or any other questions. Delays may hinder the proper functioning of the DAO.

[franklivid]

Agree to pay artis, but Artis is done a terrible work for the past 6 month. It is necessary to do the refund and find a new MM. Good job @han btw .

[0xAlex]

Thank you @d0z3y, for this proposal. At Kleros Labs, we have voted YES to conclude the grant to Artis, as the work delivered and reporting did not meet expectations.

Additionally, thanks to @han for the clarification and for facilitating the return of assets from BingX. We can confirm that 0x36bD3044ab68f600f6d3e081056F34f2a58432c4 is the Shutter DAO Treasury address.

[han]

Thank you for confirming the address!

[han]

All tokens we rescued from BingX has been transfer back the Treasury:

Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum Transaction Hash (Txhash) Details | Etherscan

[dbas]

Alphemy is in agreement

[5pence]

Thank you @han . This came back to the treasury as USDT. We should think about what we want to do to consolidate the various stables the next time we have an executable.

[Baer_DAOplomats]

Thanks, @han for your proactive action in securing DAO’s funds.
Insolvency laws in many jurisdictions allow a clawback of funds to a specific time period before and after the incident. Do we have any legal questions or concerns surrounding these funds, as the hack was in September?

[han]

So luckily in this case BingX did not declare bankrupt and still operating. So I dont think we are subject of clawback yet.

But the legal question of this asset is a important one, should they declare bankruptcy in the future or should this type of incident happen again on CEX or DeFi platform.

[Loring]

Update

Artis has returned the following assets to the Shutter DAO 0x36 treasury.

Luis and I have reviewed the transaction histories, and we believe all the asset sent to Artis have been returned to Shutter DAO 0x36 - either as tokens or LP positions (directly or via JLH).

SHU

399,977.99943032786387282 SHU

Ethereum Transaction Hash (Txhash) Details | Etherscan

USDC

55,000 USDC

Ethereum Transaction Hash (Txhash) Details | Etherscan

(Note: Artis returned 55,000 USDC rather than 80,000 USDC because Shutter DAO 0x36 has already passed a Snapshot Vote to disburse the final grant payment of 25,000 USDC to Artis. So rather than asking Shutter DAO 0x36 to vote on a Decent proposal, Artis offset the 25,000 USDC.)

Next Steps

I would ask another member of Shutter DAO 0x36 to do another review - just to double check everything - and share your findings here.