Execute on TCD 51

[sajanrajdev]

The following amounts are required to fullfil the approved Badget for Q2 2024:

Note that the Q1 Variance represents the leftover amounts from the Q1 budget, resulting from the variance on the projected.

In order to fulfill the request, FRAX and USDT will need to be swapped for USDC. The treasury vault currently holds 434,731.92 USDC, 372,978.79 FRAX and 1,086,640.7 USDT. An additional 527148.08 USDC is required. The full FRAX amount will be swapped for USDC and the remaining from USDT. This last one should be swapped so that the vault ends up with equal amounts of USDC and USDT.

• FRAX to swap for USDC: 372,978.79 (Totalling 434,731.92 + 372,978.79 = ~807710.71 USDC)
• USDC required from USDT: 961,880 - 807710.71 = 154169.29
• USDT leftover after swap: 1,086,640.7 - 154169.29 = 932471.41 (half is 466235.705, which is the additional to be swapped for USDC to end up with equal amounts).
• USDT to swap for USDC: 154169.29 + 466235.705= 620404.995
• Leftover USDT: 1,086,640.7 - 620404.995 = 466235.705
• Leftover USDC: 434,731.92 (current) + 620404.995 (swapped from USDT) + 372,978.79 (Swapped from FRAX) - 961,880 (ask) = 466235.705

Therefore, the steps should be:

• [x] Swap 620404.995 USDT for USDC
• [x] Swap all FRAX for USDC
• [x] Transfer ask amount of USDC to the payments multisig 0x1c2C8b6B5EcFFdF242158Eb21366c48B4A2164Fa
• [x] Transfer ask amount of BADGER to the payments multisig 0x1c2C8b6B5EcFFdF242158Eb21366c48B4A2164Fa

Finally, we agreed to divest from DAI to USDC to consolidate stables in fewer flavors.

• [x] Swap all DAI for USDC

NOTE: The payments multisig currently holds a higher amount of both of these assets than that denoted in the variance. The reason for this is that part of the current holdings are already earmarked for Q1 expenses that are yet to be paid.

[gosuto-inzasheru]

i think there was some talk of using frax as the first stablecoin to divest from.

[sajanrajdev]

i think there was some talk of using frax as the first stablecoin to divest from.

You are right, will adapt the calculations from above to include the FRAX divestment.

[sajanrajdev]

FRAX: https://etherscan.io/tx/0xfae3c29efc6f40b217c2c324ddaab3225b1c074e9669aa278082b61a8d657bf1 USDT: https://etherscan.io/tx/0xc765f57253c08485af739eaba03b0f4c28699b6d1a1d9eb29671b1ba6cacaf8c

[sajanrajdev]

BADGER transfer: https://etherscan.io/tx/0x7594511920fa3a84eec8a47af5546dee4d8e4267a2eef7d9b5fe15538fd1a577

[sajanrajdev]

USDC Transfer: https://etherscan.io/tx/0x0adfa382fbb8c1df0c99113be05c68b465f5d3dee3f0f9fe43a7eb625dbffb10 DAI swap: https://explorer.cow.fi/orders/0x857d7525ac62160e44bbbbd3a0223c6d2594064893a31f21787a2f38bd3957d0d0a7a8b98957b9cd3cfb9c0425abe44551158e9e66197f78?tab=overview