HIP: <Number to be assigned>
title: "Deposit Gitcoin grant funds in Proof of Humanity's Treasury"
author: ludoviko.eth
status: "Phase 1"
created: 2022-08-22
Simple Summary
This proposal formalizes a request to have the funds granted by Gitcoin into Proof of Humanity treasury (the Governor). This would guarantee safety and availability of those funds to the DAO.
Abstract
The funds given from gitcoin are allocated into a multi-signature account currently controlled by these addresses:
The proposal will ask that the funds to be moved from that multi-signature into the DAO-controlled treasury.
Motivation
The wallet containining the funds that were deposited from Gitcoin grants are in this multi-signature wallet: 0x99126D641ba3924C8AF4dcA4e3B2C33a41718913. As per @dearmoon.eth original post, that wallet is controlled by him and @clesaege and other unidentified person:
This contract/multisig has some funds that belong to the DAO but there is currently no means for governance to manage them, and there are some transactions in that wallet that show that there were some recent movements to and from it, which makes it difficult for the DAO members to track and audit what funds are actually from the DAO and what funds belong to the multisig owners.
Specification
Send the totality of the funds to Proof of Humanity Governor: 0x327a29fcE0a6490E4236240Be176dAA282EcCfdF.
4.359 ETH
31,770.66 DAI
1,313.80 USDC
200.64 USDT
0.1057 WETH
362 BRIGHT
23.45 MATIC
400.67 PAN
1.18 UNI
45 HAKKA
7917.60 UBI
Rationale
A transfer of funds to the treasury is the most reasonable course of action.
This is not exactly right, the multi-sig has more funds than just the ETH. I would specify that it has:
4.359 ETH
31,770.66 DAI
1,313.80 USDC
200.64 USDT
0.1057 WETH
362 BRIGHT
23.45 MATIC
400.67 PAN
1.18 UNI
45 HAKKA
7917.60 UBI
All those funds should be sent to the PoH DAO Governor, not just the ETH.
The total value of all of the funds comprises around $ 40K approximately.
Since @clesaege and @dearmoon.eth are two of the signers (who is the third one?), this could get done relatively fast with their signatures and a transaction.
Ok! Will edit the HIP to match this specifications. Maybe if they perform the transaction voluntarily, we might not even need a HIP for this. I will wait from their feedback before proceeding.
Just making sure that the Governor has the ability to spend funds… Currently, all the transactions have been inbound.
Remember about zkSync as well!
Token Amount
DAI 12937.4043009595
ETH 5.80942601305299
FRAX 5.393739577
MANA 1.9
PAN 3708.32895
UNI 5.195
USDC 2348.430945
USDT 1817.41741
WBTC 0.000322
Least amount of work for me:
I will initiate a transaction - adding @santisiri to the existing multisig 2-of-3. Then @clesaege confirms and the multisig becomes 2-of-4. Them both of them have full admin control to do the housekeeping.
I’ve initiated the transaction to add santi.eth and the multisig will become 2-of-4.
I’m happy to faciliate the process, make it smooth, I can totally commit to a Zoom call where we make all the necessary transactions. There will some housekeeping involved - many coins and zkSync L2 - I would suggest coming with the execution plan:
Wait for Gitcoin to update the recipient address on the grant (otherwise new funds will land in old multisig, will need to repeat the process)
Withdraw from L2 to L1
Move funds to the new adress
I think this order of execution will minimise the hassle and the gas spent?
This is a good idea, keeping everything that’s stable in DAI and everything that has a risk in ETH makes plenty of sense to me. With the exception of UBI possibly (which I can’t tell lately if it’s stable or volatile :P)
I’m not familiar with the zkSync ecosystem, but happy to follow any recommendations on how we can take care of this with the multisig.
This is pretty wild, a quick back of the envelope calculation shows that we have $26,500 on zkSync… added to the $40k on mainnnet, that’s almost $67,000 in total.
It almost doubles the current available funds that we have on our Treasury!
Thanks PNum for the quick reply and helping us take care of this. Much appreciated.
With @dearmoon.eth we are now in active talks with Gitcoin Support to change the address on Gitcoin to the DAO’s Treasury address. We should get that sorted out relatively soon.
As you mentioned, your org will move the matching fund in the next few days, I would advise you to contact us again once your org withdraw all the matching funds. Reason being is if I change the wallet address in your grant now, you will not be able to withdraw the matching fund.
So… we should work towards moving the funds first and then request Gitcoin to change the address on the treasury.
I was able to access the Multisig and I see that theres a “Confirm” button on the transaction to add me as signer… but somehow that transaction reverts when I click on “Send Transaction”.
PSA: I postponed moving the funds from the multisig since a new round on Gitcoin began today. Let’s wait until this round ends and then we can proceed to moving the funds.
