LIP35: Establish Routine Process for ETH Mainne Treasury Fund Transfers to OP Treasury

Title: [Establish Routine Process for ETH Mainne Treasury Fund Transfers to OP Treasury] Authors: [DrSamo] Date Created: [2023.12.5]

TL;DR

Establish the process of transferring funds from ETH mainnet treasury to the OP treasury on an as-needed basis for contributor distribution as a regular procedure, following last month’s successful implementation.

Background

LXDAO community members have long been concerned about the high costs of distributing funds on the mainnet. Despite over 60% voting in favor of a proposal to transfer treasury funds to OP with no opposition, it unfortunately did not reach the 70% consensus threshold due to some governance participants being inactive.

https://snapshot.org/#/lxdao.eth/proposal/0xa069017823aa4aada2ee8ffa3bc9f669ca69587dcba2721ae6c5072ee3ad8d18

However, the voting results showed strong approval for the proposal. We changed the process to transfer all treasury funds on-demand and successfully tested OP distribution in the last round of contribution rewards. The proposal discussion received unanimous community approval.

Proposal to start small-scale fund transfers to OP for mass distribution testing General

Therefore, I formally propose to establish the October 17th test process as a regular procedure: each month, the budget for that period will be transferred from the mainnet to the OP treasury by a trusted executor, and then distributed by the same multi-signature guardians as on the mainnet.

Duration

This process will continue until a new governance system is launched, as discussed in the following post: https://forum.lxdao.io/t/lip32-add-to-dao-haus-and-the-establishment-of-a-system-of-representative-councils-draft/1229/5

Execution Process

1. The mainnet treasury (0xB45e9F74D0a35fE1aa0B78feA03877EF96ae8dd2) will transfer the required expenditure for the next period to the trusted executor’s EOA account.
2. The trusted executor will transfer the funds to OP via cross-chain or CEX.
3. The executor will then transfer the funds to the OP provisional treasury (0x2C6360a6a376111fe004F50086b05D0d1596F24F).
4. The multi-signature guardians will officially begin distribution from the OP’s Safe wallet.

Test Record

Executor Marcus has received funds from the mainnet treasury and transferred them to CEX:

https://etherscan.io/tx/0xc3c893ecf3e87bbc7a68a3aa040678dca571ca777c2b59852077e3636d8bd785 (10U)

https://etherscan.io/tx/0x9aa93ccbb3dddfca5d019f76e449b1c6f75eb364224a1b23313ae501de863c4b (33035.2U)

Executor Marcus’s record of transferring funds to OP via CEX:

https://optimistic.etherscan.io/tx/0x0420a374a06668a1fe30d6960535f939a4b0393f6668abfd98316e29e3b090e9 (10U)

https://optimistic.etherscan.io/tx/0xfdc2abe82e200be2b098ad4c1f2ab4e969c949f524ec87f17041ca3b8e7f63f7 (33035.2U)

OP Treasury History Record:

https://app.safe.global/transactions/history?safe=oeth:0x2C6360a6a376111fe004F50086b05D0d1596F24F

If you wish to discuss any details, please click on the link below to enter the forum discussion.