GIP-17: Should Gnosis DAO upgrade the Gnosis DAO Safe AND create a separate Safe for Active Treasury Management ?
- Let’s do this!
- Make no changes
GIP: 17 title: Should Gnosis DAO upgrade the Gnosis DAO Safe AND create a separate Safe for Active Treasury Management 👩🌾? author: Friederike Ernst status: Phase 3 type: Meta created: 2021-11-26
Live Dec 14, 10 pm CET – Dec 21, 11 pm CET
[Note that I made a mistake in the payload and had to restart the snapshot proposal – 20k ETH from the Gnosis DAO were used in the Gnosis DAO GNO auction that was part of the amended GIP-16/ Gnosis Chain proposal. I did not subtract these 20k ETH from the total ETH to be transferred, despite the fact that they are no longer available. This would have cause the entire transaction batch to revert. Thanks to @Richard for spotting this.]
Gnosis Ltd has started the transfer of assets to the DAO. Proposal to set up a dedicated active treasury management Safe for the DAO. Further proposal to update the Gnosis DAO Safe from Contract Version 1.1.1 to 1.3.0.
In the past, Gnosis Ltd has yield farmed with its funds. Gnosis Ltd continued this practice after the DAO announcement last November in which Gnosis Ltd. announced the transfer 150k ETH and 8m GNO to the DAO. The transfer of 150k ETH was held up by legal and corporate issues. Since then, the 150k ETH earmarked for the DAO have proliferated to a total transferable sum of close to 180k ETH equivalent. This transfer is currently underway.
We propose that the Gnosis DAO Safe be upgraded from version 1.1.1 to 1.3.0 to enable the transfer for UNIV3 NFTs that currently cannot be sent from the Gnosis Ltd Safe.
We furthermore assume that Gnosis DAO will continue to actively use its treasury to optimize yields. The average number of transactions executed for the Gnosis Ltd yield farming strategy was around 50 per week. To continue this, Gnosis DAO shall set up another Safe ‘Gnosis DAO Active Treasury Safe’ of which the Gnosis DAO is the only signer and added as a module. Gnosis DAO shall then add the Gnosis DAO signers to the Active Treasury Safe and transfer the funds earmarked for yield farming to this Safe.
The dedicated yield farming Safe ought to exist for two main reasons
- OpSec: There will be proposals for treasury management from external parties. While they should never have custody, these persons/ DAOs need permission to initialize transactions on this wallet. Consequently, it seems advisable to set up a specific wallet and give the treasury advisers permissions on this wallet only.
- Transparency: I assume the DAO will also want to undertake other actions (e.g. giving grants, incentivizing certain behaviors through token programs, maybe burning tokens, voting in other DAOs). For transparency’s sake, these should be reasonably separated out from one another.
- Upgrade Gnosis DAO Safe contracts to 1.3.0
- Create a daughter Safe for active treasury management
- Transfer the following funds to the new active treasury management Safe
Phase 2 Proposals: Please ignore this section, and leave as is. It is used for Phase 3 proposals.
Phase 3 Proposals: Add a link to the corresponding GnosisDAO Snapshot poll you’ve created.