[Proposal] Take a MTA position to redirect rewards to Balancer Pools

we talking December 6th I suppose? Should be doable, seems there is good support for a 20k BAL swap. 30 day smooth moving average seems good to me (easy to calculate).

just need to iron out the exact start/end time (we require minimum 3 days of voting). Maybe start 7am EST Dec 6th, end 7am EST Dec 9th.

and who will be responsible for settling the price at vote close. Maybe @LuukDAO can handle that from our side since he already has a chat going presumably?

Chiming in a bit late here, but for some context we’ve used VWAPs as a project for working out token price over time for internal matters so it was just our default. No issue with a 30d average too as @LuukDAO suggested as it achieves the same thing.

Regarding timelines, we can sync the start end time with you so that they conclude at the same time to reduce uncertainty. We’ve usually got vote windows for a work week, would you be opposed to a longer vote window?

We can loop in our DAO catherders to help with handling the execution price from our side and to coordinate the snapshots for voting.

Excited for this folks :muscle:

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longer works perfectly fine :slight_smile:

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Hi guys,

m09 from the mStableTreasuryDAO here, and happy to see such a fruitful and collaborative discussion here!

Since the RFC in our forums has gained a lot of positive traction, we’re currently writing up the formal proposal for this, which we can hopefully get out today, so we could have the Snapshot vote go live on the 6th of December and and resolve on the 10th of December, but happy to adapt to your own voting times as well.

I also think that a 30 day average works out fine, though I would mention that it’ll probably make sense that either side does the calculations for both tokens, and then lock in the numbers in a joint effort, as to avoid slight discrepancies if we use different sources etc…if that is fine with you all?

Regarding the formal draft, we would need to know the multi-sig address where we would send the tokens to, to have included in our specifications before we can push it to the repo and forum, and confirmation that the above calculation strategy is the one we’re going with, to also include in the specs.

Really looking forward to this collaboration with Balancer, and wishing you a Happy Friday!

Hey @LuukDAO @DavisRamsey

We’re drafting officially the TDP, please find below a summary of all we seem to have agreed upon, feel free if there is something missing / you’d like to correct. We would need as well to know Balancer multi-sig address where we would send the tokens to finalize the TDP

  • 20K BAL swap against the equivalent USD value of MTA
  • 30 days smooth average for the pricing method. Feel free to take the lead on this, we would then cross-check the numbers.
  • Timelines: mStable vote would on the 6th of December, resolved on the 10th. Balancer vote would start 7 am EST Dec 6th, end 7 am EST Dec 9th, and could extend it till the 10th so that both protocols have the same vote window
  • The time window for the 30-day average calculation would be [ 30days before the end of both votes ; End of both votes ] i.e period from the 10th of November till the 10th of December
  • Swap execution: tokens could be swapped on-chain from Dec 13th onward

On a side note, our community suggested ideas to utilize the swapped BAL. Would you consider it acceptable for us to LP single-sided in the 80/20 BAL WETH Pool? You would be able to do the same with MTA. Happy to hear your thoughts about this

Thanks a lot for putting this together, looking forward :slight_smile:

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yes, at the time the votes end we meet in the chat to settle the price.

0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f is our new multisig for holding treasury assets. if you can provide the address we’ll be sending the BAL to, I’ll include that in our vote.

yes, I think that is an acceptable arrangement. The only remaining point around this is both sides committing to holding for at least 1 year, though I’m sure neither side is going to sell anyway. We’ll likely use the MTA to vote in your gauge system

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It seems both sides are okay with the amount being 20K BAL matched with the same value in MTA based on the 30-day average from November 10th till December 10th.

Providing single-sided LP to the BAL/WETH pool should also work.

From Balancer’s side - I think providing it to the MTA/WETH pool and staking that in the mStable gauche would be the most staked in option, any objections to that @TheofromStable @mZeroNine?

If not we can update the agreement doc with the latest info and have it ready for voting to start next week.

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Thanks for all the updates, much appreciated!

I confirm 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f is the address we put in our TDP, and to which we will send the MTA tokens.

The BAL can subsequently be sent to our Treasury Asset Management subDAO 0x67905d3e4fec0C85dCe68195F66Dc8eb32F59179 where they’ll be custodied.

That is definitely our goal. 1 year seems like a nice round number, so I’ll add this to our TDP as well if you concur.

Hi Luuk, nice to meet you! :slight_smile:

I think that this arrangement is the best for either side as well. We had also considered a different option to put them on Aave, but since these 2 pools are so similar in nature (same weight / additional incentives in BAL/MTA while holding/staking the token / same ETH diversification) I’d say that it makes sense to add this to the formal proposal as well.

@TheofromStable and myself will finish the draft now, and Theo can send over a final revision for you to cross-check that we got it all correct, and then we can push it forward over the weekend to have ready come Monday morning for a vote.

Thanks once again for the smooth handling and operating this tight timeline, and wishing you a fantastic start into this weekend!

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Hey @DavisRamsey @LuukDAO

Please find here the final proposal.
Feel free to review it, bring any suggestions to the doc, and add the price feed of your choice for the BAL token.
We chose for MTA an MTA/USD price feed from Chainlink.

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looks good to me. I’ll let @LuukDAO fill in the price feed as he will be taking charge of setting the price from our side. I think we used binance’s BAL/USDT in the fei swap.

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Great, BAL/USDT pair on Binance seems good to stick with, I’ll be using that.

Seems everything is ready to submit for vote on Monday, thanks all!

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I’m probably late as well to the party, and I have voted ‘yes’ to everything so far. I believe this is a HUGE opportunity for BOTH protocols. (pssss…for our balancer bros’ we are also going to get their customers from FRAX,shhhh don’t tell anyone, but it’s not a win/lose it’s a win/win/win)

I say we go bigger, MUCH bigger. 60k! Because I believe BOTH projects are legit (rare in the crypto world) and well-run examples of active DAO’s that successfully manage defi.

To add synergy - what If we ask the rewards community to increase the BAL rewards on mta pools internally for a few months (and ask mStable to increase their rewards on our pools as well)

https://vote.balancer.fi/#/proposal/0x6ef03b401d15183bb83c4cc87126cf95579f774b7067e502528b1a37c9af7e05

queued to begin Dec 6th 7am EST end Dec 10th 7am EST

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@DavisRamsey

Up and running on mStable Snapshot
Start date Dec 6, 2021, 9:00 AM
End date Dec 10, 2021, 12:00 PM
https://vote.mstable.org/#/proposal/0x9676c01d7deac3849d09ded4ed1f630a6d6a9f5268a61c0643a853eb0e6d540f

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Going well on our side :slight_smile:

@LuukDAO @DavisRamsey

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Hi @DavisRamsey @LuukDAO and Balancer team,
Hope you’re doing well :slight_smile:

As you probably know, we officially released our Emission Controller yesterday

As we speak, the 2 Balancer Pools previously mentioned in this conversation are receiving MTA rewards and have become dials. Dials represent voting destinations within the Emissions Controller contract, $MTA stakers can determine the amount of MTA which are sent to a dial’s recipient contract.

Our DAO2DAO swap vote seems to be going smoothly and will end tonight. We will then be able to process the token transfer early next week.
The first epoch rewards will start next week, staking the exchanged tokens would give you an early opportunity to vote and redirect MTA rewards towards the two Balancer dials.

We are likely to extend this kind of DAO partnership to other protocols within the mStable Ecosystem but we wanted to give you a prime role for the first epochs as an early partner in this project. Would it be ok for you to be mentioned as such were we to do this?

We would love to see this happening and Balancer being involved in the mStable governance through the Emission Controller

Thanks again for the work achieved here and the level of professionalism everyone has shown. Bullish.

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I think it’s ok for you to mention that BalancerDAO is participating in your emission voting system. Just have to make it clear you are not partnering with Balancer Labs as they are sensitive to that word being thrown around.

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Alright. We’ll be very specific that the partnership is with BalancerDAO

Thanks for your feedback, let’s be in touch for the swap details and votes outcomes.

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@zekraken @LuukDAO @DavisRamsey
FYI thanks to @mZeroNine
The BAL tokens have been successfully received and deployed in the 80/20 BAL/WETH pool and will be held there for at least 1 year, as specified in the TDP

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