[BIP-17] Request BAL from treasury for June 2022 Balaries

Introduction/Abstract

On April 18th the funding of the Balancer DAO for Q2 was ratified [1]. As part of the proposal 21,250 BAL and $127,500 USDC was requested for contributor compensation. With the recent market downturn the ops multisig does not have sufficient BAL to pay the expected June Balaries (See here how discounted veBAL compensation is calculated [2] ). The proposal is to:

  • ops subDAO Multisig [3] swaps its remaining USDC (expected to be 76892 USDC) after USDC Balaries for June with the treasury for the additional BAL required to pay out June Balaries in BAL (expected to be 22805 BAL ). This amount of BAL was calculated based on a BAL price of $3,66 on June 18th. After June has commenced the remaining BAL in the ops subDAO multisig will be sent back to treasury.

Motivation

Preservation of USDC available for the Balancer DAO can be the prudent choice in the current market conditions. Therefore a swap of BAL (from the DAO treasury) <> USDC (from the ops subDAO Multisig ) with the Balancer DAO treasury would retain USDC on the DAO’s balance sheet and manage to pay the Balaries for June for people who are looking to get their Balary as discounted $veBAL.

Risks (if applicable)

  • While the ops subDAO made best efforts to poll contributors for their expected Balary, the official determination will happen at the end of the month via our monthly health-check.
  • BAL price falls below 3,66 by the end of the month and a new proposal needs to be voted on to request the additional $BAL due to the decreased price of $BAL.

Specification

  • ops subDAO ( 0x166f54F44F271407f24AA1BE415a730035637325 ) sends 76892 USDC to Balancer DAO treasury.
  • Balancer DAO treasury ( 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f ) sends 22805 BAL to the ops subDAO multisig.
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https://snapshot.org/#/balancer.eth/proposal/0x4ddd290617b42c91844e91c372f34d702292c7874b25667652c092b84a0b1bdc