0xe26d78c6…260fsent to0x6f3e6272…223d·#24,936,799·0xb4b37036…cc3d4f
+1
> One Noun, Every Day, Forever.
0xe26d…260f
All memos sent from and to 0xe26d…260f.
0xe26d78c6…260fsent to0x6f3e6272…223d·#20,069,190·0x99be168d…615298
# Claim STRK Token Allocation
The [v1 treasury](https://etherscan.io/address/0x0BC3807Ec262cB779b38D65b38158acC3bfedE10) has received a grant of 43,200 STRK tokens due to its past stETH holdings. This proposal claims this token allocation to a Starknet account, which will trade the STRK into ETH and bridge it back to Ethereum for deposit to the Nouns DAO treasury.
The deadline for claim of these tokens is June 20th.
Solimander
H/T Maty
0xe26d78c6…260fsent to0xf790a5f5…1365·#19,586,594·0x0aedc55d…ab872b
proposal-nouns-feature-documentary-mint-world-premiere-and-global-distribution
0xe26d78c6…260fsent to0xa1b73d8c…e617·#18,729,684·0x5d2f7718…b39c73
ipfs://Qmdf1AkP9w1nPXMxAqpKEftpm3yo6QbrdJ7gc7vT2EUceD<p>An open round where artists and builders are encouraged to propose any idea inspired by BasePaint. Everyone is welcome to propose. The proposals with the most votes will get awarded BasePaint Builders’ pfp. If you have any questions, please reach out to the community.</p>
0xe26d78c6…260fsent to0xa1b73d8c…e617·#18,729,631·0xaeb17349…1195d5
ipfs://QmSZRyiq78dGZ5a63yvXaZvWbgqiiYT4vYfFrt6RZFdNeT<p>An open round where artists and builders are encouraged to propose any idea inspired by mfers. Everyone is welcome to propose. The proposals with the most votes will get awarded mfers builders’ pfp. If you have any questions, please reach out to the community.</p>
0xe26d78c6…260fsent to0xa1b73d8c…e617·#18,729,610·0x28bf5304…10ae10
ipfs://QmebWFcMjTi51oWQ1Z4DVEKKdse4sYVK75WXsqtkTu9SU5<p>An open round where artists and builders are encouraged to propose any idea inspired by Nouns Esports. Everyone is welcome to propose. The proposals with the most votes will get awarded Nouns Esports Builders’ pfp. If you have any questions, please reach out to the community.</p>
0xe26d78c6…260fsent to0xa1b73d8c…e617·#18,729,597·0xae66917c…4e19d0
ipfs://QmU4PBxGpyvHjveGrL2nrgAiLR2sQvdSGbz2Qgm9tNb5h2<p>An open round where artists and builders are encouraged to propose any idea inspired by Nouns. Everyone is welcome to propose. The proposals with the most votes will get awarded Nouns Builders’ pfp. If you have any questions, please reach out to the community.</p>
0xe26d78c6…260fsent to0xa1b73d8c…e617·#18,729,500·0xa804405e…5e5873
ipfs://QmZgbaeBBY8FrojTtrExxXeneeddaXDfLSorij2HM3W9Nb<p>An open round where artists and builders are encouraged to propose any idea inspired by Purple. Everyone is welcome to propose. The proposals with the most votes will get awarded Purple Builders’ pfp. If you have any questions, please reach out to the community.</p><p><br></p>
0xe26d78c6…260fsent to0xa1b73d8c…e617·#18,729,415·0x20021347…bcd100
ipfs://QmRPjf9QDDUBF9CRpDqF38SGmwmXkZ4WyuTDn59WD7Yw94<p>An open round where artists and builders are encouraged to propose any idea inspired by CrypToadz. Everyone is welcome to propose. The proposals with the most votes will get awarded CrypToadz Builders’ pfp. If you have any questions, please reach out to the community.</p>
0xe26d78c6…260fsent to0x6f3e6272…223d·#18,314,302·0x6057a726…6fd643
For those wanting to verify that the art is unchanged: https://codepen.io/_solimander_/pen/wvmgRMP
0xe26d78c6…260fsent to0x6f3e6272…223d·#18,289,407·0x28571c8a…f6b4dd
# Update the Descriptor to Reduce Auction Settlement Gas
## Summary
This proposal resolves a storage creep issue in the Nouns' Descriptor contract, which has caused the gas required to settle an auction to increase with each added batch of traits.
A [new descriptor contract](https://etherscan.io/address/0x25ff2fde7df1a433e09749c952f7e09ad3c27951) has been deployed with a simple optimization that reduces auction settlement by 40,000 gas, and prevents future increases as traits are added.
The art in the new descriptor contract is identical to the descriptor that's currently used in production.
## Technical Details
For those who are technical, you can find the full changes [here](https://github.com/nounsDAO/nouns-monorepo/pull/804/files).
Simulations of Reduction in Gas:
- Before: [87,367 gas](https://www.tdly.co/shared/simulation/567299e9-05cc-4f10-ac66-6b71dceb3fcd)
- After: [48,121 gas](https://www.tdly.co/shared/simulation/99ac1499-fb4f-4d8a-99e4-6c115e336f2d)
---
Solimander
0xe26d78c6…260fsent to0x6f3e6272…223d·#18,085,595·0xc2694adc…84cc34
This proposal will fail to execute! Please cancel and re-propose against the new timelock (do not check "Propose on treasury V1") 🙏
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,835,103·0x00077371…e27ca6
Art looks great. The team stepped up when no one else did, and put a lot of thought and effort into the additions.
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,835,048·0x85e3ed93…21da71
A waste of the DAO's time and energy
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,785,074·0xe826bd78…5cf600
# Integrate 8/8 Anniversary Art 2023
To celebrate the two-year anniversary of Nouns DAO, we're proud to submit 8 new heads and 2 new accessories for approval and addition to the protocol.
The 10 traits are creations by Amiyoko, Facu, Goldy, Index, Krel, and Tummlin, a group of six passionate contributors to the noundry community. The group came together with a mission to design, refine, and curate a selection of traits worthy of addition to the Nouns collection.
We propose to continue the tradition of adding to the Nouns body of artwork on the project's anniversary, August 8. See last year's [art upgrade proposal (125)](https://nouns.wtf/vote/125) for reference.
Below are the final traits as well as a birds-eye-view of the work that went into creating the selection. Additionally, [this Figma document](https://www.figma.com/file/nVsK03C1B1CjmbipYqiIGY/Noundry-2023-curation-board?type=design&node-id=0%3A1&mode=design&t=Z1HLZIrpLKF0Ei9E-1) functioned as the heart of ideation and alignment throughout the process.
**The Heads**
**The Accessories**
**The Heads (Playground Generated)**
**The Accessories (Playground Generated)**
**The Design and Refining Process**
**Troubleshooting**
**Colour Correcting**
**Final Palettes**
**Assets prepared for deployment**
**Playground Testing**
⌐◨-◨
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,529,298·0x4e6528ca…c4e815
I'm supportive of an exploration into educational content for children, especially considering the strong initial viewership
0xe26d78c6…260fsent to0xdaec0919…f3f1·#17,493,560·0xb58b13bf…e591ef
Excellent work on the client. It's making a meaningful, positive impact
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,493,501·0xc696e27f…af9bf1
reVoteWithReason from seneca.eth
> Big proponent of empowering in the know folks like Adam & Joshua to do their best work on the ground. Make us proud!
*sent from voter.wtf*
*sent from voter.wtf*
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,481,082·0xb09bca2b…f1d455
createStream(address,uint256,address,uint256,uint256,uint8,address)# Verbs Team Six Month Extension
## Table of Contents
* Recap of the current term, with a primary focus on DAO V3.
* Retro thoughts, e.g. we should over-communicate our decisions and status.
* New projects we’re excited to work on next, including:
* **Nouns Governor**: An NFT-first governor contract that includes granular delegation, removes snapshot block confusion, and enables a more secure DAO fork flow.
* **Collaborations**: Collaborate with leading crypto teams to create innovative projects, such as L2 voting and private voting mainnet POCs.
* **Rank-Choice Proposals**: Allow proposers to offer multiple variations in a single proposal, hitting optimal DAO<>builder agreements faster.
* Ongoing Projects: Ensure the completion of DAO V3, private voting wrap-up, and a frontend for fork DAOs.
* Asking for $450K + 18 ETH, the same budget as [our previous 6-month term](https://nouns.wtf/vote/192).
Your support allows us to keep innovating for Nouns DAO. We invite you to read our full proposal for comprehensive details.
## What We've Done During This Term
We spent most of our time and energy (by far) on the upcoming [**DAO V3**](https://twitter.com/eladmallel/status/1661510219342524417?s=20) upgrade:
1. Designing [Nouns Fork](https://mirror.xyz/0x10072dfc23771101dC042fD0014f263316a6E400/iN0FKOn_oYVBzlJkwPwK2mhzaeL8K2-W80u82F7fHj8).
2. Merging it into the original V3 scope.
3. Testing this version and getting it audited by [Spearbit](https://spearbit.com/) and [code4rena](https://nouns.wtf/vote/302).
Other projects:
* Led the [private voting research mandated round](https://prop.house/nouns/private-voting-research-sprint), which we believe so far to be successful in making Nouns interesting to other Ethereum and zk folks; we hope to preserve this momentum in the near future.
* Shipped [Nouns Streamer](https://twitter.com/davidbrai/status/1625215669582147585).
* Landed on an Airdrop design through [a Snapshot vote](https://snapshot.org/#/nouns.eth/proposal/0xebe4aec5b96dc5c008902da341bcd4936f5aa09baf73daaa545259183b203089).
* Gave [a talk](https://www.youtube.com/watch?v=rw_GU6Gs81o) at ETH Denver.
For even more context, [see our previous proposal](https://nouns.wtf/vote/192).
## Retrospective
### On Communication
**TL;DR: We should over-communicate our decisions and our status.**
Working for the DAO means addressing diverse stakeholders and their varied views, and dealing with new members unfamiliar with past discussions or decisions. While it's impossible to appease everyone, we aim to strike a balance between involving voters and maintaining autonomy to execute tasks efficiently.
In our current term we revived [our Snapshot account](https://snapshot.org/#/nouns.eth/) and involved the DAO in choosing its favorite "airdrop" design, and in confirming our sense that most Nouns wanted the fork to get shipped ASAP. We will continue to use this communication channel whenever we identify a decision important enough to ask for such attention.
Despite our intention to keep the DAO informed, we've heard that some feel out of the loop, and some are concerned about how and why decisions were made.
Moving forward, we'll prioritize frequent communication about our projects, rationale, and key decisions. We'll use varied formats like blog posts and Twitter discussions to update and receive feedback or ideas to optimize our service to the DAO.
### On Organization
Decentralization, or resilience, seems very important to the DAO. Many voters want to ensure Nouns does not have a single point of failure anywhere, so Nouns may live long and prosper forever(ish). And we've heard some concerns saying we could be doing more on this front.
So we've been wondering: how might we get more talented builders creating software for/with Nouns? How can we have more parallel processing in areas like smart contracts and other infrastructure needs, much like the success we've had with the governance clients and private voting mandated rounds? And how can we design process and tech to become more resilient and unstoppable?
We don't have a fully worked-out answer to these questions, but we're curious to try different ideas in this vein. Some questions on our minds:
* How might we better incentivize multiple autonomous teams to contribute smart contracts to Nouns?
* How might we create more collaborations with top crypto teams?
* What should be the future of nouns.wtf? Sunset or maintained as an important reference client? and if maintained, by whom?
* What are distributed work practices we can adopt from others like the Ethereum Foundation and its collaboration with the various client teams?
We believe figuring all this out can be instrumental in positioning Nouns as a leader in the Ethereum space, and one of the most attractive places to join as a Nouner, builder, delegate or fan.
## What's Next
We expect technical work to continue taking up the vast majority of our time and energy; this term we plan to spend more time than before on proliferation of Nouns tech and collaboration with more tech teams.
### Technical
We're sharing below our current plan, and emphasizing again that it's absolutely subject to change as we learn more doing the work, or if community members share ideas that are worth changing priorities for.
#### Follow-Through
We hope these items won't take up much time, but making it clear that as long as these items need our attention, they are top priority.
1. **Art storage compatibility break**: in the next Ethereum upgrade [EIP-3540](https://eips.ethereum.org/EIPS/eip-3540) should go into effect. This change means our current art contract will not be able to store new art, while it can still read existing art. We will come up with a plan to handle this change.
2. **DAO V3**: monitor this version on mainnet, be around for questions and any bug fixing that may arise.
3. **Fork DAOs frontend**: for forks to have UI for governance and auction, a minor modification of the nouns.wtf code.
4. **Private voting**: help the DAO crystalize learnings from this prop house round, and decide how to proceed.
#### High Priority
These projects get us really excited. We would start on these as soon as V3 is live and the above musts are in good shape.
1. **Nouns Governor**
Nouns DAO was launched as a fork of Compound Governor Bravo, and to this day remains similar in key aspects. Since then a lot has changed, the DAO landscape has evolved, and here specifically at Nouns we're hitting some walls continuing to rely on the original design. It's time to go back to first principles.
The foundation of this new governor design is using NFT-based voting. In today's design voters have a numeric votes balance, an inheritance from Compound's ERC20-based DAO. A Nouns design would be NFT-based, where NFTs are the voters rather than wallets. Some of the benefits of NFT-based voting:
* No more snapshot block confusion.
* Granular delegation, one Noun at a time.
* Fork V2 (see below).
* Token owners can override their delegate's vote.
* and more.
Other changes we're considering are too raw to articulate here; they will be part of our preliminary research, and will be communicated to the community as soon as possible.
2. **Collaborations with other teams**
We'd like to work with leading teams in their fields, to help move the needle for Nouns and the DAO ecosystem. Key examples are:
* **Private voting**: work with leading zk teams (likely from the first mandated round) towards building experimental private voting governors on mainnet.
* **L2 voting**: collaborate with leading teams to experiment with voting on L2.
We will explore additional collaboration opportunities as well, including other teams building governance smart contracts.
#### Medium Priority
Big projects:
1. **Fork V2**
The full scope of improvements requires further research. We can say we're hoping to mitigate the current flaw where a majority can follow a forking minority into their fork, making the fork DAO yet another bad environment for the forkers; a solution we have in mind involves NFT-based voting, or other technical approaches that were out of scope for this first version.
2. **Rank-choice proposals**
A long-standing favorite of ours we deemed less urgent so far; it can enable builders to offer multiple variations of their project in a single onchain proposal, hitting more optimal DAO<>builder agreements faster.
Smaller projects:
3. **Tip governance clients**
We're super excited about this one! the idea is for the DAO to send ETH to governance clients' wallets the more they generate votes and proposals onchain, to better incentivize them to create the best UX and features for voters and proposers, and have long-term sustainability.
5. **Undo vote**
Like Gmail's undo send shortly after you send an email, only for votes, to help people fix their voting mistakes (yes, they are still happening).
#### Low Priority
1. AuctionHouse V2: mainly introduces a new onchain price history feed. The project is already coded, next we'll need to run more tests and get it audited.
2. [Airdrops](https://snapshot.org/#/nouns.eth/proposal/0xebe4aec5b96dc5c008902da341bcd4936f5aa09baf73daaa545259183b203089): we would follow the DAO's choice to build a Nouns Buyer contract.
3. DAO-controlled multisigs: a Gnosis Safe extension such that multisigs created for Nouns proposals will include the DAO as an admin that can execute arbitrary transactions from those Safes.
4. Streamer frontend: a web client showing all streams created by the DAO, allowing recipients to view and withdraw from their streams, and allowing Nouns voters to propose to cancel any open stream.
### Proliferation & Collaboration
We would like to do more in this area than we've done so far, while still dedicating the vast majority of our time to the technical projects mentioned above.
Some examples on our mind:
* Github repo house cleaning, for forkers and community members to easily use
* Initiate new collaborations with well-known teams, as mentioned above.
* Create more compelling content about Nouns tech, e.g. by working with Nounish.
* Research ways to onboard more autonomous solidity teams, e.g. incentivize and fund teams to create alternative governor contracts.
We believe a multi-governor future can be exciting, however this vision isn't clear enough yet to elaborate in this proposal. We'd like to continue discussing this vision with other token holders and community members who feel excited about it.
## Compensation & Terms
* 6 month engagement starting August 1, 2023.
* Payment done via streams controlled by the DAO, cancelable via proposal.
* $37.5k per person (2) per month (6) paid in USDC.
* 3 ETH per month to Solimander, for time spent meeting with the team, reviewing designs and code, and supporting audits and rollout.
* Total: 450,000 USDC, 18 ETH.
* Additional funding for things like audits, mandated rounds and other experiments will be requested separately as needs arise.
---
For any questions, we're available on the NCD discord server and on twitter.
[david](https://twitter.com/davidbrai) & [elad](https://twitter.com/eladmallel)
verbs team ⌐◨-◨
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,387,093·0x5d6c05ff…0a88a2
# Fund a code4rena audit for DAO V3
## TLDR
Send 200K USDC to the [Tech Grants Safe](https://etherscan.io/address/0x79095391743e0f017A16c388De6a6a3f175a5cD5) to fund the second audit of the upcoming DAO V3 upgrade proposal.
## Context on V3
A quick summary of what's coming:
1. **Nouns Fork**: a new minority protection mechanism allowing Nouners to exit into a fork of Nouns DAO.
2. **Proposal editing**: allowing proposers to update their proposal's transactions and text description, during the new Updatable period, which starts as soon as the proposal goes onchain, and ends when voting delay starts.
3. **Propose by signature**: allowing Nouners and delegates to pool their voting power towards submitting a proposal, by submitting their signature, instead of the current approach where sponsors must delegate their votes to help a proposer achieve threshold.
4. **Objection-only Period**: a conditional voting period that gets activated upon a last-minute proposal swing from defeated to successful, affording against voters more reaction time.
5. **Votes Snapshot After Voting Delay**: moving votes snapshot up, to provide Nouners with reaction time per proposal, to get their votes ready (e.g. some might want to move their delegations around).
For a longer description of Nouns Fork, please refer to [this post](https://mirror.xyz/0x10072dfc23771101dC042fD0014f263316a6E400/iN0FKOn_oYVBzlJkwPwK2mhzaeL8K2-W80u82F7fHj8). A longer post about the other V3 features will be posted between now and the upgrade proposal.
## Context on how it's audited
Given the complexity of the DAO V3 upgrade, a second audit is necessary to uncover potential vulnerabilities potentially missed in the first round.
* On June 1st we started the first audit with [Spearbit](https://spearbit.com/), using funds Tech Grants already had. This audit is underway and should end around June 20th.
* We're allocating roughly two weeks between the first and second audit for fixes that may arise, and a chance for the Spearbit auditors to review those fixes.
* On the week of July 3rd we hope to start the code4rena audit, which should take 10 days, with an option to pay for a 'mitigations review', which we're likely to want if there are any non-negligible issues that come up in this audit.
## Budget
code4rena's quote consists of:
1. $148K for the audit, out of which $100K are the pool prize going to auditors.
2. $50K for the optional mitigations review.
Comes out to $198K; we're rounding up our request to $200K to have another slight buffer.
Any unused funds will be sent back to the DAO.
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,274,228·0x50cdf90b…079233
Design A, Londrina font ⌐◨-◨
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,267,648·0xab46a9c1…57e213
The better our content, the stronger our brand. It's the sort of stuff that makes people want to join us, whether as nouners, builders, or fans. The work that Nounish delivered in season 1 truly stands out for its quality.
Superior content inherently generates its own momentum. It organically engages viewers, listeners, readers, and sharers, progressively expanding its reach. Considering the high-caliber output from the Nounish team, I anticipate that their content will continue to reach wider audiences, enhancing distribution over time.
0xe26d78c6…260fsent to0x6f3e6272…223d·#17,175,171·0x36c9e913…250ae0
Excited to fund more creative work, especially when it's being released directly into the public domain.
0xe26d78c6…260fsent to0x6f3e6272…223d·#16,581,385·0xb8999a9b…7f3cb4
Let's work on diversifying our existing stETH holdings before taking on additional risk.
0xe26d78c6…260fsent to0x6f3e6272…223d·#16,581,349·0x43f56298…610fe7
I'm against further increases to the voting delay as it does not yet seem productive.
I will reconsider once there's an improved forum for providing proposal feedback during this period and proposers have the ability to edit based on this feedback.
0xe26d78c6…260fsent to0x6f3e6272…223d·#16,542,570·0x2748dff7…62f64e
Nouns DAO is not an investment DAO, so earning yield should not be a priority. However, I do support the staking of ETH with the bottom third of the treasury as it is passive, relatively low-risk, and aligns with Ethereum. That said, we should consider trading a portion of our Lido Staked ETH to Rocket Pool ETH when possible.
0xe26d78c6…260fsent to0x6f3e6272…223d·#16,199,020·0x21a4ba51…20241a
# Verbs 6 Month Extension
## TLDR
* Asking for the same budget as [our previous 6-month term](https://nouns.wtf/vote/106).
* We have a valuable backlog to tackle [as discussed on Discourse](https://discourse.nouns.wtf/t/verbs-szn-3-ideas-brainstorm/3189).
## What we've done so far
* Nouns [art contracts upgrade](https://twitter.com/davidbrai/status/1553029502216945665), making art much cheaper to deploy.
* [DAO V2 upgrade](https://nouns.wtf/vote/152), including dynamic quorum and voting gas refund.
* Enabled trustless [proposal payments in USDC](https://twitter.com/davidbrai/status/1598623310094688256)
* Enable trustless proposal USDC streaming payments (audit complete, shipping soon).
* [Ragequit deep research](https://docs.google.com/document/d/1v9oUJQxWfkZxIHhBDQvbyWUy29QMySoUjzM2_X1BrXs/edit) (next up: host debates, run a design signaling vote, build what the DAO wants).
* Designed a [conditional objection period](https://hackmd.io/Ml1kPUePTKS1vBKij_Bm1A#Objection-only-Period), will ship in the next audited DAO version.
* Added a price history feed to Auction House (audit coming soon).
## What's next
We have a [chunky backlog](https://discourse.nouns.wtf/t/verbs-szn-3-ideas-brainstorm/3189#backlog-2) recently shared with everyone, and we're planning to work on it starting with what seems most urgent/important first.
At the same time, we're always open to introducing new ideas into our backlog; our north star is working on what's most valuable to the DAO.
The change we're most excited to complete during this extension period is ragequit. In addition to ragequit, we're tracking the following themes:
## Compensation and terms
* 6 month engagement starting Feb 1, 2023.
* Either party can cancel with 1 month advanced notice.
* Payment done via streams controlled by the tech pod.
* $37.5k per person (2) per month (6) paid in USDC.
* 3 ETH per month to Solimander, for time spent meeting with the team, reviewing designs and code, and supporting audits and rollout.
* Total: 450,000 USDC, 18 ETH.
---
For any questions, we're available on the #54-tech-grants channel on the nounish discord.
verbs team ⌐◨-◨
0xe26d78c6…260fsent to0x6f3e6272…223d·#15,984,077·0x2c0752fe…eb0dbb
# Fund Trustless USDC Payments Contract
## Summary
In order to pay builders directly with USDC, we have deployed a contract (`TokenBuyer`) which swaps ETH for USDC on behalf of the DAO.
We propose to fund `TokenBuyer` with 625 ETH in order to acquire a USDC buffer of $500K (there's a baked in volatility buffer; any extra ETH will be used for later proposals or can come back to the treasury).
Future proposals created from nouns.wtf will automatically "top off" TokenBuyer with additional ETH, minimizing the need for additional funding proposals.
## Motivation
Many proposals have costs in USD (or other fiat currencies) and would prefer to request USDC for the DAO instead of ETH.
It is not trivial to swap ETH to USDC at proposal execution time without being subjected to sandwich attacks and getting bad swap rates.
## Solution
The tech pod developed [TokenBuyer](https://github.com/nounsDAO/token-buyer) - a suite of smart contracts that allow permissionless swapping of tokens.
TokenBuyer will allow proposals to request payment amount in USDC.
The swapping of ETH to USDC happens asynchronously, meaning:
If the DAO doesn't have enough USDC on hand, it will register a debt for the remaining amount. As soon as the rest of the USDC is available, it is sent to the recipient's wallet, no user intervention needed. We expect this to take a few days at most, depending on the total amount.
TokenBuyer allows anyone to swap USDC for the ETH it holds. It uses Chainlink's ETH/USD price feed to set the price.
Whenever a proposal requests USDC from the DAO, it will also include a transaction to top up TokenBuyer with additional ETH, proportional to the USDC amount requested.
(*This "automatic top-off" is part of nouns.wtf; other governance clients can choose whether they implement this behavior*)
### Example:
* Builder A creates a proposal that requests 100,000 USDC
* 2 actions will be added to the proposal:
1. Send 100K USDC from the TokenBuyer to Builder A
2. Send $150K worth of ETH to TokenBuyer to swap for USDC
* The extra $50K (50% buffer) is added in case ETH price goes down
* If TokenBuyer already holds ETH, then it will be sent less ETH accordingly
* When the proposal executes:
1. 100K USDC it sent to Builder A
* If TokenBuyer has less than 100K USDC on hand, a debt will be registered towards Builder A
3. TokenBuyer will swap ETH for 100K USDC
4. Any remaining USDC debt to Builder A is paid as soon as it is swapped
### UI preview
This is a preview of a new proposal creation flow for nouns.wtf developed by Brian.
It will go live once it's possible to request USDC.
### Parameters
* `baselinePaymentTokenAmount`: amount of USDC to hold "on hand". Currently set to $500,000.
* `botDiscountBPs`: a price discount to incentivize anyone (probably bots) to swap USDC for ETH. Currently set to 10 bps (0.1%).
### Admin access
* The tech pod & the DAO have an "operator" privilege with permissions to:
* Modify `baselinePaymentTokenAmount`, allowed range is: 0 - $1M
* Modify `botDiscountBPs`, allowed range is: 0-150 (0-1.5%)
* Pause TokenBuyer swaps
* Withdraw ETH from TokenBuyer and send it to the DAO
* Change the operator
* Only the DAO has the ability to:
* Send USDC
* Change the allowed ranges for `baselinePaymentTokenAmount` and `botDiscountBPs`
### Arbitrage bot
* A reference bot has been developed and [open-sourced](https://github.com/solimander/eth-buyer-arbitrage-bot) by solimander. We encourage anyone to run their own bot or improve on the code
* The tech pod will be running the reference bot at the beginning to bootstrap the system
* Anyone can perform swaps against TokenBuyer. If we see low activity, we will increase the `botDiscountBPs` parameters to increase the incentive (e.g. if gas prices become high).
## Auditing and Testing
* The smart contracts were audited by yAcademy. [Audit report](https://github.com/nounsDAO/token-buyer/blob/166ec30ecd5dada8e17b55317ce3823d4c36b35f/audit/yAcademy_NounsDAO_TokenBuyer_review.pdf)
* No "critical" issues were found
* 1 "high" and 1 "medium" issues were found. The "high" issue was fixed, and the "medium" issue was acknowledged as not being an issue for us.
* Prior to this proposal a few rounds of funding and spending using Token Buyer were done on mainnet
## Funding
* Assuming `baselinePaymentTokenAmount` is set to $500K, we would want to fund TokenBuyer with enough ETH to swap for $500K. We suggested adding an extra 50% to account for price changes. At current ETH prices this 750,000 / 1200 = 625 ETH
* The initial ETH amount will be sent to the tech pod multisig
* The tech pod will deploy it into TokenBuyer in chunks while monitoring that it performs correctly
---
Included Transactions:
* Send 625 ETH to: `0x79095391743e0f017A16c388De6a6a3f175a5cD5` (Tech Pod Multisig)
0xe26d78c6…260fsent to0xfb51dcbd…c30b·#15,302,872·0x3b6a5e19…ff1ebf
Happy Nouniversary!
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