- Edited
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.