PR with payload

https://github.com/BalancerMaxis/multisig-ops/pull/1386

Summary

This proposal seeks approval from the BalancerDAO to allocate 250,000 USDT, currently sitting idle in the DAO’s main multisig wallet following the termination of the Fjord fee share agreement, to the karpatkey-managed SAFE. These funds will be used to acquire the GYD stablecoin, issued by @FTL_labs, the creators of Gyroscope. Once acquired, the GYD will be staked to convert into sGYD, unlocking yield-generating opportunities for the DAO's treasury. For more in-depth information, please refer to the original post submitted by @FTL_Labs.

By approving this proposal, the BalancerDAO will tap into a new yield-bearing strategy for its treasury, enhancing capital efficiency and diversifying stablecoin holdings. Moreover, this move will strengthen Balancer's support for a key ecosystem partner, Gyroscope. Gyroscope pools (E-CLPs) have demonstrated strong performance, contributing 8.81% ofBalancer’s volume with only 4.54% of its total TVL.

Motivation

While the rationale behind this proposal is covered extensively in FTL Labs’ original post, this document covers the implementation details and requests the DAO’s approval for new permissions to be granted to the Manager SAFE owned by karpatkey, allowing for the seamless integration of this new position into the managed portfolio.

Permissions to be added to the Manager policy

Once the 250,000 USDT is transferred to the karpatkey-managed SAFE, karpatkey will swap it for GYD on CowSwap and subsequently stake the acquired GYD on Gyroscope. Additionally, karpatkey will integrate the relevant metrics into its risk management framework to effectively monitor the position and respond swiftly to any market downturns or unforeseen events. Backup permissions for swaps on Balancer and Spark will also be added to enhance flexibility.

Permissions to be added in this Proposal:

1. Swap on CowSwap:
   1. Tokens IN: DAI, GYD, sDAI, USDC, USDT, GHO
   2. Tokens OUT: DAI, GYD, sDAI, USDC, USDT, GHO
2. Stake/Unstake (Deposit/Withdraw) GYD on Gyroscope.
3. Swap on Balancer: 3. USDT ⇄ GYD 4. sDAI ⇄ GYD 5. sDAI ⇄ GYD (different pool) 6. USDC ⇄ GYD 7. GHO ⇄ GYD
4. Convert DAI ⇄ sDAI on Spark 8. sDAI ⇄ DAI

Permissions page: https://roles.gnosisguild.org/permissions/eth/Frx9NSvHOTEV4Cgr33W9wKHEvM7CBztRwtFmH1WzrEc Permissions diff page: https://roles.gnosisguild.org/eth:0x13c61a25DB73e7a94a244bD2205aDba8b4a60F4a/roles/MANAGER/diff/Frx9NSvHOTEV4Cgr33W9wKHEvM7CBztRwtFmH1WzrEc?annotations=false

Specification

The Balancer DAO Main Multisig 0x10a19e7ee7d7f8a52822f6817de8ea18204f2e4f will interact with the USDT contract at 0xdAC17F958D2ee523a2206206994597C13D831ec7 and call the transfer function. The recipient address will be the karpatkey-managed SAFE 0x0efccbb9e2c09ea29551879bd9da32362b32fc89, with a value of 250000000000 (equivalent to 250,000 USDT).

Tenderly simulation.

Additionally, the karpatkey-managed SAFE owned by the BalancerDAO will execute the required payload to grant karpatkey the permissions outlined in this proposal.

Tenderly Simulation.