Summary:

Olympus DAO is opening a 3-day solicitation period to bid for 443,674 AURA. Bidding to begin at spot price (USD 1.07 as of this writing).

Motivation:

In line with the ongoing task of full consolidation of the treasury, Olympus is seeking to sell its AURA holdings via an OTC transaction. A public auction with bidders on the forum is the most fair and transparent way of proceeding.

Proposed Process:

  • Contributors from the AAVE DAO have indicated interest for the AURA at spot price (pending governance); as such, Olympus is seeking bids from other counterparties at or above that level.

    • Spot price is USD 1.07 as of this writing using an ETH price of USD 1742.
  • Only bids for the entire amount of AURA will be considered.

  • Bidders should disclose details around any necessary governance hurdles and provide assurances as to their ability to close.

  • Bidders should use the format: Price - Contract holding DAI in the amount to cover bid

  • In the event that a bidder cannot settle in 48 Hours, Olympus may award to the next highest bidder.

  • Minimum overbid of USD 0.015 (ie, the subsequent bid must be at least USD 1.085)

  • Bidding will conclude on Thursday, August 31, 2023 at 1600 UTC.

  • Citizens and entities of OFAC banned countries are excluded from this solicitation

Execution:

  • Olympus to receive payment in DAI.

  • At the conclusion of the bidding period, the bid will close and graduate to Snapshot for a formal ratification with the winning bidder.

  • If the vote passes and the bid is awarded to Aave DAO:

    • Aave DAO governance will vote and, upon passing, Aave DAO will deploy an On-Chain Escrow Contract. (Template)

    • Olympus and Aave DAO will fund the Aave DAO Escrow Contract with AURA and DAI respectively, in the amounts qualified in the Snapshot.

    • Both parties will execute the contract and be funded.

  • If the vote passes and the bid is awarded to an alternate party:

    • Olympus will deploy an On-Chain Escrow Contract.

    • Olympus will fund the contract with AURA

    • Alternate party will approve the contract for the exact DAI amount qualified in the Snapshot.

    • Alternate parties will call swap() to finish the transaction.

I understand this proposal stems from a need to consolidate the treasury, but I would love to propose an alternative use case for the AURA if this proposal does not go through.

Jones DAO can help Olympus generate growth and active participation through these $AURA tokens.

By depositing the tokens into Jones' jAURA strategy, the treasury will be earning market-leading yield in the form of more vlAURA, allowing them to participate in Aura governance through Jones. The jAURA strategy stacks vlAURA, using an autocompounding and auto-voting mechanism, to make the most efficient AURA compounding tool available.

This strategy has helped Jones become the majority holder of vlAURA over the last 3 months. I urge you to consider depositing instead of getting rid of these wonderful purple tokens.

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