Restructure Olympus DAO Multisig by redistributing the Treasury Funds Ledger, the Contract Structure Governor and Olympus DAO runway working capital. (Visualization can be seen here: Visualization of Proposed Structure )
When the Olympus Protocol was launched, a set of Gnosis Safes was created to:
Own the Smart Contracts
Hold Treasury Assets in Main Net
Hold Working Capital for the DAO
Manage Policy Parameters
Hold Assets in other chains
The main multisig (hitherto known as the “DAO Multisig”)
(0x245cc372C84B3645Bf0Ffe6538620B04a217988B) was established to be the Governor and manage the treasury so as to provide decentralized protection of its assets.
Additionally, OHM from each reserve bond sold was allocated to the DAO Multisig, providing an operational runway for DAO Operations Protocol-Owned assets have predominantly remained in the treasury contracts along with a network of allocators (Proxy Contracts) that enable deployments into other protocols. From time to time, treasury assets have also been migrated to the DAO Multisig, which acts as both a clearinghouse and temporary allocator as defined by smart contract logic. As a result, the DAO Multisig contains both treasury assets and OHM controlled by the DAO for working capital. The DAO has worked to ensure that these two groups of assets are treated as distinct ledgers so as not to commingle DAO Funds and Treasury Funds.
The Treasury Team proposes that funds be formally segmented into discrete Multisigs such that the on-chain data creates transparent and separate ledgers for each purpose:
- Protocol Treasury
- DAO Working Capital
Signing authority for each of the new Multisig will remain 4/8 and drawn from the same pool of signers that exist today. Mechanically, this will just create a hard fork of our books on-chain.
The Treasury Team also recommends the following recharacterizations
Changes in Nomenclature:
0xa8687a15d4be32cc8f0a8a7b9704a4c3993d9613 - TRSRY
0x245cc372c84b3645bf0ffe6538620b04a217988b - Treasury Multisig
0xF65A665D650B5De224F46D729e2bD0885EeA9dA5 - DAO Working Capital
Transfer / Designation of Assets:
Reason: DAO Liquid Working Capital
Reason: DAO Owned gOHM in Aribtrum Allocator
Reason: gOHM Side of wETH/gOHM Sushi LP is designated as DAO Owned OHM
Reason: OHM Side of OHM/FRAXBP LP in Convex is designated as DAO Owned OHM
Reason: DAO Owned OHM from Original Bond Contract
Reason: Capital for DAO Funded Grants
Reason: Capital for DAO Funded Grants FTE Comp
On 3/2/23, with OOP-1 after governance passed, 200,971 OHM was transferred to the Olympus Association to fund Q2 FY23 Compensation.
In total, at time of writing, this defines the DAO Working Capital as 2,000,451 OHM.
Going forward, assets will continue to remain separated. From time to time, Olympus Association might request funding that will be sourced from the newly segregated Olympus DAO Working capital multisig
The Treasury Team will execute the decisions of the community by interacting with the:
- Treasury Multisig,
- TRSRY (Bophades/Default Treasury Reserve) and
- Olympus Allocator Network.