- In Favour
- Against
0 voters
GIP: 87
title: Should GnosisDAO claim its vested GEL allocation and delegate it along with COW to governance Safe managed by karpatkey?
author: @karpatkey
status: Draft
type: Meta
created: 2023-06-07
Summary
This proposal triggers the Gnosis DAO Safe to claim the fully vested GEL tokens from Gelato and then delegate the voting power of GEL and COW to the governance Safe managed by karpatkey following GIP-58.
Motivation
GEL
Following Gelato’s community vote on accelerating the GEL vesting, GEL tokens have been fully vested on the Gnosis DAO since the 27th of February, 2023.
However, these tokens are not being put to any use in the Gnosis ecosystem. By enabling the Gnosis DAO to claim the vested GEL tokens and delegate their voting power to the karpatkey’s governance Safe, we can ensure that these tokens are contributing to shape the future of Gelato.
karpatkey has been managing the Gnosis DAO treasury since GIP-20, having later extended the range of services through GIP-58. Through our strong relationship with Gnosis DAO, we can actively manage the voting power of GEL to benefit the Gnosis DAO. The complete amount vested to Gnosis DAO is 5,258,625 GEL—and these are not intended to be sold.
The claimable GEL amount would put Gnosis DAO in 9th place of the current GEL holders.
COW
Furthermore, the Gnosis DAO has access to 48.5MM COW voting power on CoW DAO. This voting power consists of 47472327.585 vCOW and 1027672.415 COW.
For vCOW, Gnosis DAO currently has the second largest share of 14.35%, and for COW, Gnosis DAO holds 0.1028% of the current circulating supply.
karpatkey can also vote on the Gnosis DAO’s behalf and ensure the mutually beneficial growth of both Gnosis DAO and CoW DAO as karpatkey has been working together with CoW DAO since the creation of the Core Treasury Team (CIP-19).
Specification
The proposal includes the following steps:
- Claim first batch of vested GEL token: 2,629,312 GEL
- Claim second batch of vested GEL token: 2,629,312 GEL
- Delegate the voting power for GEL on Snapshot to karpatkey’s governance Safe eth:0x8787FC2De4De95c53e5E3a4e5459247D9773ea52
- Delegate the voting power for COW on Snapshot to karpatkey’s governance Safe eth:0x8787FC2De4De95c53e5E3a4e5459247D9773ea52
Implementation
The snapshot vote, if successful, will trigger two claims on Gelato Governance Dashboard and then delegate the voting power of GEL and COW on snapshot to eth:0x8787FC2De4De95c53e5E3a4e5459247D9773ea52, karpatkey’s governance Safe.
- Proposed .json for Snapshot:
[
{
"to": "0x4A7c7652aBd5E5e3467C458E42493630AAA7DDD6",
"operation": 0,
"value": "0",
"method": "withdraw(address receiver_, uint256 vestingId_, address to_, uint256 value_)",
"params": [
"0x0da0c3e52c977ed3cbc641ff02dd271c3ed55afe",
"0",
"0x0da0c3e52c977ed3cbc641ff02dd271c3ed55afe",
"2629312500000000000000000"
]
},
{
"to": "0x4A7c7652aBd5E5e3467C458E42493630AAA7DDD6",
"operation": 0,
"value": "0",
"method": "withdraw(address receiver_, uint256 vestingId_, address to_, uint256 value_)",
"params": [
"0x0da0c3e52c977ed3cbc641ff02dd271c3ed55afe",
"1",
"0x0da0c3e52c977ed3cbc641ff02dd271c3ed55afe",
"2629312500000000000000000"
]
},
{
"to": "0x469788fE6E9E9681C6ebF3bF78e7Fd26Fc015446",
"operation": 0,
"value": "0",
"method": "setDelegate(bytes32 id, address delegate)",
"params": [
"0x70697374616368696f64616f2e65746800000000000000000000000000000000",
"0x8787FC2De4De95c53e5E3a4e5459247D9773ea52"
]
},
{
"to": "0x469788fE6E9E9681C6ebF3bF78e7Fd26Fc015446",
"operation": 0,
"value": "0",
"method": "setDelegate(bytes32 id, address delegate)",
"params": [
"0x636f772e65746800000000000000000000000000000000000000000000000000",
"0x8787FC2De4De95c53e5E3a4e5459247D9773ea52"
]
}
]
- Payload for snapshot (with delegating CoW DAO space on snapshot): new_GIP_for_claiming_GEL_and_delegating_GEL_and_COW.json · GitHub
- Tenderly Simulation of all actions: Tenderly Dashboard