# TMC-3: stSOL repatriation proposal **URL:** \ **Category:** Proposals\ **Created:** [October 9, 2024, 7:12am UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615 "2024-10-09T07:12:17Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![steakhouse](https://dub1.discourse-cdn.com/flex013/user_avatar/research.lido.fi/steakhouse/32/1878_2.png) [@steakhouse](https://research.lido.fi/u/steakhouse)\ **Post date:** [October 9, 2024, 7:12am UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/1 "2024-10-09T07:12:17Z")
| TMC-3: stSOL repatriation proposal | | | --- | --- | | | | | **Strategy** | Complete the [sunsetting of Lido on Solana](https://snapshot.org/#/lido-snapshot.eth/proposal/0x37c958cfa873f6b2859b280bc4165fbdf15b1141b62844712af3338d5893c6c8) by repatriating the remaining 13k stSOL to Lido Aragon Agent on mainnet | | **Objective** | Recover accumulated SOL by seeking best execution for a sale to USDC and transferring to Lido Aragon Agent with minimal counterparty risk | | **Intended on-chain action** | Deploy a Solana Squads multisig to receive stSOL from the Solana Treasury Multisig. Unstake stSOL to SOL. Seek best exection for a sale of SOL to USDC either through an OTC desk or through a DEX. Transfer USDC to Lido Aragon Agent. | | **Impact on treasury liquidity** | WIll transform stSOL holdings to USDC for use in grants and funding | | **Execution complexity** | Unstaking stSOL with the legacy tools made available in the [sunsetting docs](https://docs.solana.lido.fi/) may face some technical complexity for signers. Minimizing counterparty risk during the sale and transfer is a priority | | **Maintenance complexity and overhead** | None, one-time action | | | | | **Summary of possible risks** | - Unstaking process depends on sunsetted protocol → docs and sunset functions are still maintained - Counterparty exposure during transfers and swaps →Committee will evaluate the balance between best execution and counterparty risk and determine the best course of action to prioritizing risk minimization | | **Summary of potential benefits** | - Ability to update and maintain stablecoin runway from the surplus generated by the protocol | | | | | **Compliance with Treasury Management Principles** | Yes | | | | | **Proposer** | Steakhouse | | **Agreement** | Closed | | **Perform** | Steakhouse | | **Input** | Closed | | **On-chain execution stage** | Closed | | | | | **Other notes** | - Lido on Solana has been sunset since a DAO vote - Approximately 14k SOL remain on the DAO treasury on Solana which will be repatriated to the treasury to Aragon Agent on Ethereum as USDC - The Solana Repatriation Committee (SRC) multisig will evaluate at the time of execution whether to execute the transaction through an OTC desk or through a bridge directly into Aragon - No part of the SRC multisig will retain any spread and the best execution for the sale will either be guaranteed by DEXes on Solana or by an OTC desk selected - The amount of SOL to sell will be calculated based on the prevailing SOL price at the time, the TMC will not try to ‘time the market’ - This motion does not affect the ability of the DAO to employ other strategies or Aragon votes directly to raise stablecoins | ## Reference links - Lido DAO Solana Treasury Multisig: [GQ3QPrB1RHPRr4Reen772WrMZkHcFM4DL5q44x1BBTFm](https://solscan.io/account/GQ3QPrB1RHPRr4Reen772WrMZkHcFM4DL5q44x1BBTFm) - [Multi-sig owners and Maintainers list](https://docs.solana.lido.fi/deployments/) - [Unstaking guide](https://docs.solana.lido.fi/) ## Execution - TMC proposes executing the sale for USDC, avoiding taking a view on market conditions - To support faster execution while still retaining security over Treasury assets, proposal will signal to Solana Treasury Multisig signers to transfer stSOL to a new 4/7 Solana multisig operated by DAO contributors, organized as a temporary Solana Repatriation Committee that will dissolve once the operation has been completed - One of the multisig signers will deploy a self-hosted unstaking widget instance to be able to coordinate the transaction execution through a multisig wallet - Once secured as SOL, the Solana Repatriation Committee will weigh options for completing the sale: ### A: DEX + CCTP Bridge - Using whatever DEX offers best execution in lot sizes that minimize price impact - Using the Circle native CCTP bridge to transfer USDC directly to the Lido Aragon Agent address on Ethereum mainnet ### B: OTC Desk + Transfer - Using whatever OTC desk offers best execution to secure USDC on Mainnet - Transferring from a Mainnet Solana Repatriation Committee Multisig to the Lido Aragon Agent address - Indicatively, the below show quotes on a consistent rate basis, with estimated price impact from Jupiter and two OTC desks: | Option | Platform | Rate | Conversion Amount (SOL) | Indicative Fees/Price Impact | Total received | Total Received (token) | | --- | --- | --- | --- | --- | --- | --- | | SOL to USDC | Jupiter | 143 | 13800 | 0.40% | 1,965,506 | USDC | | SOL to USDC | Quote 1 | 143 | 13800 | 0.25% | 1,968,467 | USDC | | SOL to USDC | Quote 2 | 143 | 13800 | 0.50% | 1,963,533 | USDC | There are pros and cons to either approach: | | Rationale | Tradeoff | | --- | --- | --- | | **3rd party legal entity coordinates execution with OTC desk** | Likely better price execution with 20-25bps range spread | Trust assumption during the process required in 3rd party legal entity and in the OTC desk selected | | **Multisig signers execute swap through a DEX and bridge** | No trust assumptions required with 3rd party legal entities | Some trust assumptions necessary for bridging | The Treasury Management Committee proposes to create a Solana Repatriation Committee with delegated authority to complete the Lido on Solana: Sunset proposal to choose the best execution they deem appropriate with a 4/7 threshold, taking into consideration risks and tradeoffs associated, and will describe the outcome in a post-mortem including the rationale. Once the corresponding USDC has landed in Aragon Agent, the Solana Repatriation Committee will dissolve. ### Members - @Kadmil - @adcv - @equanimiti - @Alex_l - @marin - @grstepanov EDIT: removing a member who had not joined the multisig ## Poll for Treasury Management Committee Members End date 16-Oct-2024 _Poll ([view on site](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/1))_ ---
**Author:** ![marcbcs](https://dub1.discourse-cdn.com/flex013/user_avatar/research.lido.fi/marcbcs/32/2659_2.png) [@marcbcs](https://research.lido.fi/u/marcbcs)\ **Post date:** [October 9, 2024, 11:59am UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/2 "2024-10-09T11:59:05Z")
No objections from me, makes sense to conclude Solana sunsetting of Lido ---
**Author:** ![kadmil](https://dub1.discourse-cdn.com/flex013/user_avatar/research.lido.fi/kadmil/32/1958_2.png) [@kadmil](https://research.lido.fi/u/kadmil)\ **Post date:** [October 9, 2024, 12:15pm UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/3 "2024-10-09T12:15:52Z")
Approve fully and the sooner it’s done the better, imo ---
**Author:** ![steakhouse](https://dub1.discourse-cdn.com/flex013/user_avatar/research.lido.fi/steakhouse/32/1878_2.png) [@steakhouse](https://research.lido.fi/u/steakhouse)\ **Post date:** [October 14, 2024, 4:56am UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/4 "2024-10-14T04:56:56Z")
Approval passed, TMC will inform the Lido on Sol multisig signers now and provide updates in this thread ---
**Author:** ![steakhouse](https://dub1.discourse-cdn.com/flex013/user_avatar/research.lido.fi/steakhouse/32/1878_2.png) [@steakhouse](https://research.lido.fi/u/steakhouse)\ **Post date:** [January 27, 2025, 1:34pm UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/5 "2025-01-27T13:34:51Z")
Update: Validating the LoS Repatriation multisig: [GAhnE3gWxrqYL9u6GjU8THqdK7kbqmKx4qymxPDbbFr2](https://app.squads.so/squads/GAhnE3gWxrqYL9u6GjU8THqdK7kbqmKx4qymxPDbbFr2/treasury) ---
**Author:** ![steakhouse](https://dub1.discourse-cdn.com/flex013/user_avatar/research.lido.fi/steakhouse/32/1878_2.png) [@steakhouse](https://research.lido.fi/u/steakhouse)\ **Post date:** [February 11, 2025, 10:45am UTC](https://research.lido.fi/t/tmc-3-stsol-repatriation-proposal/8615/6 "2025-02-11T10:45:20Z")
This proposal has been executed today, a total of 13,818 stSOL swapped for 3,359,756.39 USDC in Aragon Agent. TMC resolution is now closed.