eIP 57 Euler Foundation Operational Funding

Summary

This proposal requests $400k in USDC and 5,000 EUL to fund a multisig overseen by the Directors of the Euler Foundation to cover operational expenses of the Euler Foundation for a period of 12 months.

Motivation

In order to improve operational efficiency of the Foundation, and minimise voter fatigue, the Foundation is requesting the DAO fund a multisig, controlled by the Foundation Directors, to cover expenses related to the operation and administration of the Foundation for a 12 month period.

The multisig is a 3 of 5 multisig. The Directors will account for 2 of the signers. The other signers will be agents of the Directors and/or Foundation contractors, appointed at the discretion of the Directors.

USDC Request

The Foundation is requesting $400k USDC.

The funds are expected to be used to cover the payment of day to day operations and service providers that provide services related to the operation and administration of the DAO and/or the Euler Foundation.

Examples of expenses incurred by the Foundation, based on the past 12 months, include but are not limited to:

• Legal services
• Professional Directors
• Professional service firms
• Technical infrastructure providers

Where USDC in the multisig is withdrawn to a fiat bank account, the Foundation will attest to quarterly statements and provide these attestations to the DAO.

EUL Request

The Foundation is requesting 5,000 EUL.

Distributions of EUL will be made in the interest of facilitating governance participation and activity within the Euler DAO.

Specification

Fund the multisig 0x967B10c27454CC5b1b1Eeb163034ACdE13Fe55e2 with the following: 400k USDC 5,000 EUL