Next Steps: Diversify $25k Community Treasury USDC into BAL/veBAL

Community Treasury
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This is a follow up to Diversify ~$20k Community Treasury USDC into $BAL/veBAL outlining the next steps on how to execute it.

The Treasury now has $25k available to acquire voting power to support the protocols liquidity pool(s) on Balancer. These funds are on Polygon in our multisig Gnosis Safe (0x59429282A4e566373a1F2D5F20CF08184b46ee07).

Next steps
Blocker: first and foremost we should wait till the BIP-30 ‘kill Gauge’ vote is executed and see if we can get our Gauge re-included. If there is a Gauge available proceed to 1).

  1. Propose whitelisting of ‘Community Treasury’ multisig (0x4a30c80A2c41312ce4ee79f730C8D84cAD9f7B31) on Balancer’s governance forum.

— wait for vote (couple of days) —

  1. As a test bridge $5 USDC to Ethereum mainnet ‘Community Treasury’ multisig (0x4a30c80A2c41312ce4ee79f730C8D84cAD9f7B31) using hop.exchange (~$2.5 in fees)
  2. Bridge ~$25k USDC to Ethereum mainnet ‘Community Treasury’ multisig (0x4a30c80A2c41312ce4ee79f730C8D84cAD9f7B31) using hop.exchange (~$40 in fees)
  3. Swap ~$25k USDC to BAL using cowswap.exchange (see CowSwap now supports Gnosis Safe & other Smart Contract Wallets)
  4. Pool BAL into B-80BAL-20WETH
  5. Lock pool tokens to get veBAL
  6. Vote using the ‘Community Treasury’ multisig on THX pool using veBAL voting interface
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Moving forward with step 1) [Proposal] Whitelist THX Network Gnosis Safe multisig for Balancer’s Vote-Escrow - Governance - Balancer

1 Like
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Vote up at Balancer’s snapshot! Balancer proposal: [BIP-41] Whitelist THX Network Gnosis Safe multisig for Balancer’s Vote-Escrow (snapshot.org)

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Started step 2 with USDC approval for hop.exchange for our multisig.

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Test 5 USDC transaction received Ethereum Transaction Hash (Txhash) Details | Etherscan

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Step 3) completed; $25k bridged to mainnet Treasury Ethereum Transaction Hash (Txhash) Details | Etherscan

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Cowswap initiated 180 min limit CoW Protocol Explorer

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step 4 completed

bought 80% BAL CoW Protocol Explorer
20% WETH CoW Protocol Explorer

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All steps completed! THX Network owns ~1512 $veBAL :raised_hands:

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