[1IP-06] Donation of 1inch DAO Treasury Funds to support Ukraine’s humanitarian crisis

Summary

1inch Network was founded on core values of decentralization and open financial freedom, with a goal of improving the human condition for everyone on the planet. As one of the leading dApps in the DeFi space, it is in a unique position to extend additional assistance to people in a time of need.

With that said, this proposal seeks to donate 1 million USDC of 1inch DAO Treasury funds to support humanitarian aid within the country of Ukraine.

Abstract

Since inception just over 3 months ago, the 1inch DAO Treasury has been highly successful in growing its total capital. It has accumulated close to 7 million USDC to date from a steady income stream of swap surplus funds. This proposal aims to donate 1 million USDC of these accumulated funds to provide critical humanitarian support within Ukraine’s conflict zone.

Specifically, these funds will be converted into USDT via 1inch v4 protocol, then transferred to the official wallet of Ukraine, as outlined here. These funds will then be distributed as needed to civilians for repairing infrastructure, supporting health facilities with medicine and equipment, and supporting families with food and hygiene items.

Motivation

1inch Network is a global project which brings together extraordinary minds from all over the world. Both users and contributors alike are negatively affected by the recent war-time events unfolding this week, and it is the absolute duty of 1inch DAO to provide support to civilians within the conflict zone in every way possible.

Specification

1. Swap 1,000,500 USDC to USDT within multi-sig on 1inch app
2. Transfer 1,000,000 USDT from 1inch DAO Treasury multi-sig wallet to the official humanitarian wallet of Ukraine

Due to exchange rates, a slightly higher amount of USDC is required to receive 1,000,000 USDT when swapping

• 1inch DAO Treasury address: 0x7951c7ef839e26f63da87a42c9a87986507f1c07

• Donation address: 0x165CD37b4C644C2921454429E7F9358d18A45e14

Rationale

This donation address has been verified by the crypto community as legitimate, and has been identified as having a direct impact on the humanitarian crisis currently unfolding in Ukraine.

Considerations

With the 1inch DAO Treasury’s historical rate of growth, the donation amount of 1 million USDC will have minimal impact on the DAO’s ability to fund future developments of 1inch Network. At the same time, this amount will have a significant impact on the humanitarian relief efforts for Ukraine and its citizens.

For accountability, a screenshot and link to the transaction will be added to this proposal once the transfer of funds is complete.

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Link to Phase-3 temperature check vote.