TIP-18 Switching Balancer Crystals from Sushi LP to GMX GLP

Summary

TreasureDAO is looking to switch requirements for minting Balancer Crystals from MAGIC/ETH Sushiswap LP to GMX GLP (a basket of ETH, BTC, USDC, USDT, LINK, UNI assets) so that TreasureDAO can receive ETH income streams to use in ecosystem funding and prize pools.

More detailed discussion may be found here: https://commonwealth.im/treasure-dao/discussion/7266-tip18-switching-balancer-crystals-from-sushi-lp-to-gmx-glp

Rationale

While our holdings of SLP (MAGIC/ETH) do accrue trading fees, these fees are compounded within the SLP token and difficult to separate and re-allocate for ecosystem funding purposes. GMX GLP receives ETH income streams in a separate stream, enabling us to readily allocate towards: • funding TreasureDAO cartridges and community grants (without having recipients sell MAGIC emissions and introduce additional selling pressure on MAGIC) • funding prize pools for ongoing tournaments and Harvester competitions, and moves us away from unsustainable P2E models.

Benefits

• Income streams denominated in ETH will help diversify the DAO’s treasury funds ETH as prize pools is more attractive to external users who may be curious about the TreasureDAO ecosystem • GLP ETH income comes in a separate stream, which is straightforward for the DAO to reallocate in support of various ecosystem growth initiatives

Proposal: What will happen to Balance Crystals

Balancer Crystals will remain the same, the only thing that changes is that GMX GLP (which can be minted using ETH, BTC, USDC, USDT, etc) is used to mint BCs instead of MAGIC/ETH SLP.

This proposal will approve the team to switch Balancer Crystals from using MAGIC/ETH SLP to GMX GLP.

The team will look to add this to the roadmap and implement it when time permits.