Following up on a Snapshot vote in favor of funding public goods (at no cost) with Glo Dollar (USDGLO), I am submitting this proposal for Shutter DAO 0x36 to transfer Artis 301K USDC so Artis can swap 300K USDC for 300K USDGLO.
Glo Dollar (USDGLO) is the stablecoin that funds public goods. It’s 100% fiat-backed, always redeemable 1:1 for USD and USDC, issued and regulated in the United States, and receives monthly independent attestations. Glo Dollar funnels 100% of profits to charitable causes. By adopting Glo Dollar, Shutter DAO 0x36 is funding public goods. Automatically. At no cost.
Proposal
Transaction Details (executable code on Decent)
Transaction 1 - Transfer Artis 301,000 USDC
Target Address: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Function Name: transfer
Function Signature: address,uint256
Parameters: 0xe765816e64Af6F50A7E629198492B22ad38467DC, 301000000000
ETH Value:
Process
Swap process, facilitated by Artis and Glo Foundation:
Shutter DAO 0x36 will transfer Artis 301,000 USDC.
Artis will swap aprox 300,000 USDC for 300,000 USDGLO.
Glo Foundation will transfer Artis USDC equal to swap fees and slippage.
Artis will send Shutter DAO 0x36 300,000 USDGLO + 1,000 USDC.
Hi everyone, I’d love to share some relevant news here.
Polygon Labs recently bought $150,000 in Glo Dollars—see our announcement here. We’re really pleased to see more and more leading organizations embrace the case for automatic public goods funding.
Hi everyone, we’ll be putting this to a vote on Decent (formerly Fractal) soon. With that, I’d like to share the below transactions:
Transaction 1 - Transfer 300,000 USDC to Artis TBD
Target Address: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Function Name: transfer
Function Signature: address, uint
Parameters: TBD, 300000000000
ETH Value:
Transaction 2 - Transfer 300,000 USDGLO from Artis TBD to 0x36
Target Address: 0x4F604735c1cF31399C6E711D5962b2B3E0225AD3
Function Name: transferFrom
Function Signature: address, address, uint
Parameters: TBD, 0x36bD3044ab68f600f6d3e081056F34f2a58432c4, 300000000000000000000000
ETH Value:
I would like to echo what I wrote during the Temp check here again. I don’t think the DAO is mature enough to diversify to unproven tokens like USDglo.
The Payload provided says the tokens will be transferred first to Artis, but this information isn’t anywhere in the Proposals. The rationale behind such Txs should be provided.
Even though the amount is small, DAOplomats will be voting against the proposal.
Thanks for your comments. I hope I can address your concerns and convince you to support this proposal.
Note: I am making these comments in my personal capacity, not as a brainbot employee.
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I don’t think the DAO is mature enough to diversify to unproven tokens like USDglo.
Two points here:
The proposal is for Shutter DAO 0x36 to acquire USDGLO and then use USDGLO to pay grant recipients - not hold USDGLO long term.
USDGLO is not an unproven token. It has received a “B” rating from Bluechip.org (see the full report) - only slightly lower then USDC’s “B+” rating.
The Payload provided says the tokens will be transferred first to Artis, but this information isn’t anywhere in the Proposals. The rationale behind such Txs should be provided.
The transactions above include a “TBD” placeholder. Artis is currently confirming their address for this transaction and they will post it in the Forum shortly.
The transactions above are for an onchain atomic swap (similar to the onchain atomic swap for the private sale of SHU to the Anon Syndicate before the LBP). Either both transactions will succeed - or both will fail.
I have revised the proposal and the transaction details (executable code for Decent). Please see the original post above.
As you will see: I am no longer proposing an onchain atomic swap. Instead, I am proposing a USDC to USDGLO swap facilitated by Artis.
Old Process
Artis will swap aprox 300,000 USDC for 300,000 USDGLO.
Glo Foundation will reimburse Artis USDC equal to swap fees and slippage.
Shutter DAO 0x36 and Artis will execute an onchain atomic swap - 300,000 USDC <> 300,000 USDGLO.
Revised Process
Shutter DAO 0x36 will transfer Artis 301,000 USDC.
Artis will swap aprox 300,000 USDC for 300,000 USDGLO.
Glo Foundation will transfer Artis USDC equal to swap fees and slippage.
Artis will send Shutter DAO 0x36 300,000 USDGLO + 1,000 USDC.
Reason for the Revision
The Old Process would have required Artis to use $300,000 of its own funds to acquire 300,000 USDC. However, Artis does not have $300,000 of float funds available to facilitate this swap.
The Revised Process removes the requirement for Artis to use its own funds available to facilitate this swap.
I understand that Shutter DAO 0x36 prefers trustless transactions - such as onchain atomic swaps. However, Shutter DAO 0x36 has selected Artis as its market maker, and Artis has facilitated trusted transactions for Shutter DAO 0x36 in the past (for example, creating and providing liquidity to the SHU/USDC Uniswap v2 pool on Ethereum Mainnet after the LBP).
I hope this will be acceptable for Shutter DAO 0x36.
Thank you again for your patience and your support.
We tend to agree here. With the currently small treasury and many other more important core tasks to be focused on, this might not be relevant to spend effort on right now. In the future and with sound reasoning behind, we could consider efforts like these, but would suggest to keep focus on the the most mission critical tasks right now
Hi @dbas, I understand it’s not the DAO’s top priority. But adopting USDGLO to pay suppliers doesn’t require much effort –just your vote– and it does create significant impact.
Artis swapped 301K USDC for 301K USDGLO (slightly different from the instructions, but the DAO did not lose money);
Glo Foundation covered the fees;
Artis transfered 301K USDGLO to the DAO treasury.
We’re excited that Shutter DAO 0x36 is joining organizations like Polygon Labs and Gitcoin by embedding philanthropy into its operating capital by using Glo Dollars.
See this tracker for the 30 largest Glo Dollar holdings. The Shutter DAO 0x36 name will be added to its USDGLO holding in the next 24 hours.
We’ll be sharing announcements and our blog post on our social channels later today.
