Proposal one-liner:
Treasury proposal to convert some ETH to stablecoins (USDC)
Value proposition:
To take advantage of the recent bull run in crypto and the appreciation of the treasury and lock in some of the value in stable currencies. This would enable more work to be completed as part of the pilot. On a minor note, this would offer 2 options for payment in the future, which could be interesting for contributors to Primero.
Brief explanation
This pilot has a treasury of originally $10000 equivalent of ETH (approx. 5.4 ETH as of Oct 2023). At this point, the value of 1 ETH was approx. $1800. In the meanwhile, there has been a crypto bull run and the value has multiplied. As of today, the value of 1 ETH is approx. $3800 and the value of the treasury stands at $18,188.
In order to potentially use the treasury to fund more tasks and therefore collect more data for verifying the pilot hypothesis, this is a proposal to swap some of the ETH to USDC stablecoins. This also fits well with the idea of proposals being proposed in USD and potentially getting paid in USD stablecoin.
In order to potentially use the treasury to fund more tasks and therefore collect more data for verifying the pilot hypothesis, this is a proposal to swap some of the ETH to USDC stablecoins. This also fits well with the idea of proposals being proposed in USD and potentially getting paid in USD stablecoin.
We had tested out a trial of swapping ETH to USDC earlier using Uniswap, and confirm that it works well. https://etherscan.io/tx/0x95584ff1f7039fd9cdc40086b4e2e4b75984df1da582d3b1cf4201ef24efe353
The ETH treasury is currently approx 4.69 ETH.
We propose to convert ~50% of this treasury to USDC i.e. 2.3 ETH to USDC.
Acceptance criteria None
Time estimation None
Risk estimation None
Proposal Stakeholders Primero DAO pilot team
** Cost ** A small transaction fee required to convert ETH to USDC, typically less than $100.