[EP3.3] [Executable] Sell ETH to USDC

Abstract

This proposal executes a swap of 10,000 ETH into USDC, to ensure ENS DAO has enough to cover operating expenses for 18 - 24 months.

Motivation

The DAO currently keeps almost 100% of its spendable treasury in ETH. While ENS generates protocol revenue in ETH, having so much exposure to a single volatile asset places the DAO in a vulnerable position.

This is a proposal to convert 10,000 ETH into USDC through a Cowswap swap.

10,000 ETH is approximately 25% of the total amount of ETH held by the ENS DAO (wallet.ensdao.eth) and register controller (controller.ens.eth) as of January 18, 2023.

It is hoped that this sale will generate in excess of $13m in USDC. The goal is to ensure that the DAO has enough USDC to cover operations for the next 18 - 24 months.

Specification

Call withdraw() on controller.ens.eth (0x283af0b28c62c092c9727f1ee09c02ca627eb7f5)
Call deposit() on WETH9 (0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2), sending 10,000 ETH
Call approve(<milkman>, 10000 ETH) on WETH9 (0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2)
Call requestSwapExactTokensForTokens(10000 ETH, <WETH9>, <USDC>, wallet.ensdao.eth, <uniswap v3 price checker>, <price checker data>) on milkman (0x11C76AD590ABDFFCD980afEC9ad951B160F02797)

Price checker data is configured to check the swap against the Uniswap v3 pool and limit to 2% slippage. It is generated using the below code:

import { ethers } from "https://cdn.ethers.io/lib/ethers-5.2.esm.min.js";

function getCheckerData(slippage, path, fees) {
  return ethers.utils.defaultAbiCoder.encode(
    ["uint256", "bytes"],
    [
      slippage,
      ethers.utils.defaultAbiCoder.encode(
        ["address[]", "uint24[]"],
        [path, fees],
      ),
    ],
  );
}

const checkerData = getCheckerData(
  200,
  [
    "0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2",
    "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
  ],
  [5],
);
console.log("checkerData:", checkerData);

Addresses:

0xfe89cc7abb2c4183683ab71653c4cdc9b02d44b7 - wallet.ensdao.eth
0x283af0b28c62c092c9727f1ee09c02ca627eb7f5 - controller.ens.eth
0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 - WETH9
0x11C76AD590ABDFFCD980afEC9ad951B160F02797 - milkman
0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 - USDC
0x2F965935f93718bB66d53a37a97080785657f0AC - Uniswap v3 slippage checker

start

January 31, 2023

11:09 PM

end

February 7, 2023

8:48 AM

Voting

on-chain

Voting type

basic

Voters

189

Votes

2,335,270

Final Votes

closed

Against

229.9K ENS

9.85%

For

2.1M ENS

89.51%

Abstain

15.1K ENS

0.65%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

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Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%

[EP3.3] [Executable] Sell ETH to USDC

Abstract

Motivation

Specification

Placeholder title of a dao proposal

Lorem ipsum dolor sit amet

[EP3.3] [Executable] Sell ETH to USDC

Abstract

Motivation

Specification

# [EP3.3] [Executable] Sell ETH to USDC