[LIDO-v2] May 1, 2023 - December 31, 2023 | Lido Ongoing Grant Request

On the above DAI budget of 20.5m, a little over halfway through the budget, DAO grantees have collectively spent around 9.8m DAI across the Lido Contributor’s Group. Many grantee scaling plans were delayed throughout the year on account of focus on delivering a successful Lido-v2 deployment, and will roll into the following one. We will prepare a retrospective towards the end of the year and are always available in case of any questions.

The Treasury Management Committee has approved a pipeline to continuously sell stETH for DAI in order to maintain continuity funding for DAO grantees. As grantee contributors prepare to propose the deployment of smart contracts that could execute this in line with the Treasury Management Principles, we would like to notify token holders of a request to withdraw 2.0m DAI in stETH from the surplus, in order to ensure adequate continuity should the deployment of these smart contracts be delayed into 2024.

The specific request will be to execute the following distributions of stETH, that DAO grantee companies will, at their discretion, swap for whatever currency required.

Grantee DAI value
PML 800,000
ATC 700,000
RCC 500,000

The amount of stETH will be fixed on the day of the Aragon request.

Should the stETH to DAI TMC smart contracts be deployed ahead of the end of the year, any unconverted stETH would be returned to the Aragon treasury contract.

Thank you