- In Optimism L2 we currently have no DAO owned liquidity.
- L1 Gas is increasing and BanklessDAO Subdao operations are growing on Optimism.
- To resolve this we would like to migrate 5 ETH and ~2.2M BANK from mainnet, in order to implement a full range position on Uniswap V3.
- This will create an initial liquidity pool of ~$20k.
- Additionally we will be implementing an Arrakis dynamic ranged position to support contributors wanting to provide LP.
BanklessDAO currently has no DAO owned liquidity on Optimism. As the DAO has started to work with Optimism, BanklessDAO operations have started to grow on this L2. To support the usage of BANK the Treasury Department would like to migrate $20k of liquidity into a BANK/WETH full range Uniswap v3 position.
This proposal is to gain approval from the DAO to implement this liquidity to enable Optimism operations.
- Migrate 5 ETH and ~2.2M BANK to the Optimism BANK/WETH Uniswap V3 position.
Implementation steps would be as follows:
BDAO multisig would bridge the 5 ETH and ~2.2M BANK to Optimism
Lastly the multisig would deposit the assets into the Optimism BANK/WETH Uniswap v3 position.
Post implementation the liquidity depth will be at roughly $20k, which will enable initial Optimism Liquidity. The Treasury department will observe and analyze the volume and usage, and after 3 months either maintain, or deepen the liquidity.
This vote will be active for 7 days, and pending the approval of this vote, will go to snapshot for DAO wide approval.