Treasury Diversification #2 - Part 2

Proposals
21

What happens now with the terms of the agreement considering that the price of $LDO has risen much more than the theoretical sale value, and beyond the price at which DragonFly can get out of the agreement? At what value will it be sold?
Apparently only with this sale, depending on the price at which it closes, no more sales of $LDO would be needed to ensure financing for the correct development of the protocol, could you confirm it please?
Thxs

22

The time has come, so what will happen? @tomhschmidt @jbeezy

23

We’ll need to wait for the snapshot to end first, and then see what the twap & what DragonFly Ventures decision here would be.

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24

The snapshot isn’t finished yet — 8 hours left to go.

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25

The proposal has passed in favor of the listed terms.
https://snapshot.org/#/lido-snapshot.eth/proposal/0x2a8415951a9462c5800522f2e2ac1e3ca52996494931a23c900fd4c8a7aff589

The final TWAP as calculated:
7 day TWAP: $2.311650
With multiplier: $2.427232

Dragonfly has committed to the terms and will not enact the veto clause.

Will work on operational process and post an update shortly.

Thank you to the community and for the feedback in this process.

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26

Thanks Jacob! We at Dragonfly are excited to proceed with the proposal at this TWAP :slight_smile:

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27

Great news! Just one Q: what’s the ‘multiplier’?

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28

Hi, it must be 5% premium in the second pricing option:

"DragonFly will commit to a final LDO price that is the higher of the following:

  • Previously defined TWAP price + 50% premium (~$1.45 per LDO)
  • 7-day backward looking TWAP taken at the time of vote completion (on chain voting) + 5% premium"
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29

Good to see this sale completed!

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30

An update for the community.

We are waiting for internal reviews of the sale contract so that the locking mechanism for LDO and sale can be completed trustlessly. We expect this to be completed by end of the week.

We are targeting the Aragon vote to go live on the 16th of August with a standard 72 hour voting period.

I will provide additional updates as we move forward but wanted to set expectations that we are working on this and will complete it as quickly as possible.

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31

Just a question about why we need an Aragon onchain vote here? to trigger the transfer and token vesting?

1 Like
32

Exactly, yes. Tokens are in the dao treasury and nothing can be done to them without an on-chain vote.

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33

Confirming that we will be purchasing 8.5MM LDO with 20,631,472 DAI from address 0xB953E202C5E51C7C010E80402a63C02f37F14059 and 1.5MM LDO with 3,640,848 DAI from 0xCDF3A93611d097461B1103a9208cFc50F3298f7D

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34

The Aragon vote for funding the purchase contract from the Lido DAO has started: Lido DAO Voting UI !

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35

How to check Treasury Diversification Part 2 contract & vote

The Aragon vote for funding the Treasury Diversification II contract has started — Lido DAO Voting UI. The vote itself does three things: 1) sends said 10MM LDO to the contract address; 2) grants role necessary to assign LDOs with vesting; 3) calls start method to kick off the purchase timer. After the vote (if passed) is enacted, DragonFly would have 30 days to complete the purchase.

The purchase contract address is 0xA9b2F5ce3aAE7374a62313473a74C98baa7fa70E and can be found in docs Deployed Contracts | Lido Docs

To check the setup one can use the public data shared by DragonFly Treasury Diversification #2 - Part 2 - #33 by tomhschmidt There are two addresses with dedicated allocations; the corresponding data in contract is checked by calls to ldo_allocations — two addresses should account for ldo_allocations_total of 10M tokens (with 18 zeros)

The contract also specifies:

  1. DAI/LDO rate — dai_to_ldo_rate returning 10**18/purchase_rate where purchase rate should be the 2.427232 we’ve shared on forum: Treasury Diversification #2 - Part 2 - #25 by jbeezy

  2. Offer timeframe (if the purchase isn’t concluded by that time — DAO can return the LDOs back to Treasury) — offer_expiration_delay which is 30 days in seconds

  3. Vesting params (1-year lockup after which all tokens would be fully transferrable) — vesting_start_delay equaling vesting_end_delay equaling 365 days in seconds

While all those things can be checked on Etherscan, code repo has a script: GitHub - lidofinance/ldo-dai-purchase-executor

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36

The vote has passed & was executed! Can check the status of the sale on etherscan: Vyper_contract | Address 0xA9b2F5ce3aAE7374a62313473a74C98baa7fa70E | Etherscan

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37

All Done! Congrates Lido community & Dragonfly.

Last payment:

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