Title

TEMP CHECK: Treasury Management Temporary Solution: Deposit 3M DAI in the DSR Contract

Proposal

• Convert 3M USDC to DAI
• Deposit 3M DAI to in the Dai Savings Rate (DSR) Contract
• Generate additional 120K DAI per annum (likely more temporarily) for Shutter DAO 0x36

Background / Motivation

A recent Shutter Forum post raised a discussion of treasury management, specifically regarding the opportunity to allocate part of Shutter DAO 0x36’s long term stablecoin assets to earn yield and generate additional resources / runway for the project.

See: https://shutterdao.discourse.group/t/shutter-dao-0x36-discussion-regarding-treasury-management/367

The following temperature check is for a temporary option while Shutter DAO 0x36 continues to pursue this discussion: 

Shutter DAO 0x36 treasury currently holds 6.5M USDC.

The current DSR is over 4%.

Shutter DAO 0x36 could make a simple and safe swap of 3M USDC to DAI, and then deposit the DAI in the DAI Savings Rate (DSR) Contract. We could do this as a single Fractal transaction. Our 3M DAI in the DSR Contract would yield roughly 120K DAI per annum (likely more temporarily).

The DSR is accepted to be safe, and the liquidity makes it simple to redeem.

This would be a temporary solution. As Shutter DAO 0x36 grows over the next 6-12 months, we would codify a more permanent treasury manager and committee.

Dai Savings Rate (DSR) Links

https://blog.makerdao.com/dai-savings-rate https://docs.makerdao.com/smart-contract-modules/rates-module/pot-detailed-documentation
https://docs.makerdao.com/smart-contract-modules/rates-module/pot-detailed-documentation

Forum Discussion Links

Shutter DAO 0x36 Discussion Regarding Treasury Management

Proposal: Issue an RFP for Treasury Diversification

Treasury Sustainability Proposal

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