Withdraw idle USDC from deprecated GMI pool

Squad: Treasury department


  • BanklessDAO has 2,306.9623 USDC in a deprecated Index Coop contract.
  • This proposal is to pull these funds and deposit them into the BanklessDAO Multisig


The Bankless Indices project has launched the GMI index on IndexCoop in season 3 (link)

Since then IndexCoop deprecated the GMI pool due to “not found product market fit or accumulated significant TVL” and flipped everything into USDC (link). Since then we have 2,306.9623 USDC sitting idle in a deprecated Index Coop contract.


The steps would be as follows:

  • BDAO multisig would submit a ‘withdraw’ transaction 1 to collect all the USDC from the deprecated GMI contract
  • The USDC would then be deposited into the BanklessDAO multisig.


  • This proposal has passed Treasury Department’s temp check as seen here
  • Get approval on the forum proposal
    • This proposal is presented as a patch as it does not alter the constitution. Therefore should this proposal reach a quorum of 40 votes with at least 70% approval
  • Take to Snapshot for final ratification.


Withdraw idle USDC from deprecated GMI pool?
  • Yes
  • No
  • Abstain

0 voters

1 Like

Is there a plan for what to use those fund for after they’re withdrawn?

Yes. The treasury dept is discussing some options Discord


Based on the July Quorum Threshold this is a patch:

This proposal will be going to snapshot by Wednesday!

1 Like