MTA <> BAL Treasury Swap

This proposal appears on Balancer's forum and MTA's forum.

Hi, Balancer community,

I’m Théo, core-contributor at mStable.

mStable is a Decentralised Stablecoin Ecosystem composed of a capital-efficient AMM and a high-yielding savings account product. I am reaching out today to discuss a partnership opportunity arising from the upcoming launch of our Emission Controller.

Context

mStable is about to release its version of the Gauge controller, inspired from Curve’s, which will dictate rewards distribution over the next 5 years (~35m MTA).

As we speak, two Balancer pools are receiving MTA rewards:

One on Mainet [MTA / WETH Balancer pool] One on Polygon [MTA/WETH/WMATIC Balancer pool] Balancer & mStable have been maintaining a long-standing relationship: mStable was one of the first user of Balancer in August 2020 and had the biggest pool at some point there.

Opportunity

We thought it would be highly beneficial for Balancer to take on an MTA position and vote for those pools, thus directing higher rewards that will inevitably attract more liquidity to the pools.

This is an opportunity to go a step further with shared governance and treasury diversification while bringing significant extra TVL to Balancer. It is also a nice way to do a joint marketing campaign highlighting both protocols

Specification

a) Swapped amounts and origination

-20k BAL against the equivalent USD value worth of MTA were agreed upon for this swap -MTA tokens would be sent from the mStable Treasury Asset Management subDAO ( 0x67905d3e4fec0c85dce68195f66dc8eb32f59179 ) to the Balancer -Treasury DAO ( 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f ) -BAL tokens would be sent from the Balancer Treasury DAO ( 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f ) to the mStable Treasury Asset Management subDAO ( 0x67905d3e4fec0c85dce68195f66dc8eb32f59179 )

b) Timeline and swap execution

This proposal will go to a Snapshot vote on the side of mStable on the 6th of December, and resolve on the 10th of December. Balancer voting will start at 7am EST Dec 6th, and resolve 7am EST Dec 10th so both protocols have the same voting window.

Swap execution: Tokens will be swapped on-chain if both votes are approved, and the 1 year holding time will begin at the time the tokens from the transfer enter the wallet of the corresponding DAO.

c) Pricing method and price feeds

It has been agreed to use a 30-days smooth average. The time window for the 30 days average would be from the 10th of November until the 10th of December 2021.

MTA Price feed: MTA/ USD (Chainlink) BAL Price feeds: BAL/USDT (Binance)