Withdraw idle USDC from deprecated GMI pool

Governance
1

Squad: Treasury department

TLDR:

  • 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

BACKGROUND

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.

SPECIFICATION

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.

NEXT STEPS

  • 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.

POLL

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

0 voters

1 Like
2

Is there a plan for what to use those fund for after they’re withdrawn?

3

Yes. The treasury dept is discussing some options Discord

4

MoneyShowMeTheReceiptsGIF

6

Based on the July Quorum Threshold this is a patch:

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image1580×822 63.1 KB

This proposal will be going to snapshot by Wednesday!

1 Like