TAP-29: AURA Solicitation to Bid

Summary:

Olympus DAO is opening a 3-day solicitation period to bid for 443,674 AURA. Bidding to begin at spot price (USD 0.947as of this writing).

Motivation:

In line with the ongoing task of full consolidation of the treasury, Olympus is seeking to sell its AURA holdings via an OTC transaction. A public auction with bidders on the forum is the most fair and transparent way of proceeding.

Proposed Process:

• Contributors from the AAVE DAO have indicated interest for the AURA at spot price (pending governance); as such, Olympus is seeking bids from other counterparties at or above that level.
  • Spot price is USD 0.947 as of this writing using an ETH price of USD 1635.
• Only bids for the entire amount of AURA will be considered.
• Bidders should disclose details around any necessary governance hurdles and provide assurances as to their ability to close.
• Bidders should use the format: Price - Contract holding DAI in the amount to cover bid
• In the event that a bidder cannot settle in 48 Hours, Olympus may award to the next highest bidder.
• Minimum overbid of USD 0.015 (ie, the subsequent bid must be at least USD 0.962)
• Bidding will conclude on Thursday, August 31, 2023 at 1600 UTC.
• Citizens and entities of OFAC banned countries are excluded from this solicitation

Execution:

• Olympus to receive payment in DAI.
• At the conclusion of the bidding period, the bid will close and graduate to Snapshot for a formal ratification with the winning bidder.
• If the vote passes and the bid is awarded to Aave DAO:
  • Aave DAO governance will vote and, upon passing, Aave DAO will deploy an On-Chain Escrow Contract. (Template)
  • Olympus and Aave DAO will fund the Aave DAO Escrow Contract with AURA and DAI respectively, in the amounts qualified in the Snapshot.
  • Both parties will execute the contract and be funded.
• If the vote passes and the bid is awarded to an alternate party:
  • Olympus will deploy an On-Chain Escrow Contract.
  • Olympus will fund the contract with AURA
  • Alternate party will approve the contract for the exact DAI amount qualified in the Snapshot.
  • Alternate parties will call swap() to finish the transaction.