PIP-76 Expand Excess Stablecoin usage to purchase ETH

Abstract

PIP-20 allowed the JPEG’d DAO to spend 15m of excess stablecoin to purchase ETH. This proposal suggests to use another $5m of stablecoins (USDC or USDT) to buy more ETH.

Background

JPEG'd DAO is run very lean and has relatively low overhead compared to it's excess stablecoin balances. With $9m stables and a profitable business the runway for the DAO is many years. The DAO has used up the 15m balance authorized in PIP-20 to buy ETH. We believe we could add another $5m of of the excess stablecoins to purchase ETH. Like for PIP-20, the purchase time and total amount would be up to the discretion of the multisig.

Specification

Allow the spending of ETH using $5M of the excess stablecoin to buy ETH. The purchase time and total amount would be up to the discretion of the multisig.