Summary

Discourse link: here

As per the remit of the Treasury Management Fund, decisions made on “whitelisting investable tokens (non-stable)” must be approved via Governance Proposal to the DAO. If successful, this proposal will whitelist BAL as an investable token for the Treasury Mangaement Fund.

A Balancer proposal was recently published within their forum to deploy a ‘vote escrow’ or ‘veBAL’ model for their local governance token. For Tracer’s Perpetual Pool v1 product, minters of Perpetual Pool tokens were incentivised to stake their tokens on Balancer to provide secondary market liquidity. Balancer will be looked to be used again to provide secondary market liquidity for the Perpetual Pools v2 product once it is launched.

In preparation for Balancer’s ‘ve’ model, this proposal will whitelist BAL in the Treasury Management Fund for the following reasons:

1. Strengthen Tracer DAO’s long-term strategic partnership with Balancer; and
2. Allow the Treasury Management Fund to vote for BAL emissions to be directed towards Tracer’s Perpetual Pools v2 markets that are staked on Balancer.

If this proposal is successful, the Treasury Management Fund will purchase a relatively modest but meaningful amount to fulfil the purpose of providing incentives to unlock secondary market liquidity for Perpetual Pools v2. The strategy to execute the exact amount/s and timing of the purchasing event/s will be up to the discretion of the Treasury Management Council for optimal efficiency to mitigate against any execution risks including slippage and front-running.

Additional BAL that is earned by the Treasury Management Fund will be strategically used under the direction of the Treasury Management Council as per its remit (including being used as additional voting power to direct more BAL emissions).

Total traded volume of v1 Perpetual Pool tokens on Balancer to date: $111,775,026 USDC.

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Deliverables

If this proposal is successful, the following deliverables will be executed:

1. BAL will become ‘whitelisted’ by the Treasury Management Fund as an investable non-stable token; and
2. A relatively modest but meaningful amount of BAL will be purchased up to the discretion of the Treasury Management Council.

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Variation and Termination

If this proposal is successful, the DAO may terminate or vary its engagement in accordance with:

1. future Proposals and performance; and
2. the Deliverables specified above.

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Conflicts of Interest

In the context of the Tracer project, conflicts of interest include:

1. Existing Service Providers who are Related Parties; and
2. Existing (vested and unvested) holdings of TCR tokens.

The following conflicts of interest are declared:

1. No conflicts of interest to declare.

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Interpretation

Unless expressly agreed otherwise in writing by an Authorised Representative of the DAO, all terms that are defined pursuant to the Participation Agreement will retain its meaning.

If this offer is accepted as a Proposal under the Participation Agreement, others may more formally document aspects of that Proposal.

The following definitions shall apply in this Proposal:

Definitions

Commencement Date: the date this Proposal is passed on chain and is signed.

Tracer DAO: A decentralised autonomous organisation for Tracer, an open-sourced blockchain-based financial protocol.

TCR Token: A measure of voting power in the Tracer DAO that attaches to a specific Wallet Address, whereby the greater amount of TCR Tokens a person holds in that Wallet Address, the greater the person’s voting power.

Related party: Means, but is not limited to, the Service Provider’s parent company, subsidiary, affiliate, assignee, transferee or one of their representatives, principals, agents, directors, officers, employees, consultants, contractors, members, shareholders or guarantors.

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Copyright Waiver

Copyright and related rights to this Proposal are waived pursuant to CC0.