0xdcf37d8a…7a19sent to0x8d59e106…2902·#24,305,143·view on Etherscan
@0x327B...cd13
I will reach out to you in Discord. We've had several conversations in the Lils server about how to do this without using a multisig/middleman but could not come to the conclusion that it was doable in a single proposal. It would be nice if you would join those conversations as well.
The reason for converting extra is to ensure that this issue does not arise again next time a proposal requests USDC. We can say people "shouldn't" request USDC all we want, but unless we put clear warnings or prevent them from selecting it, it will definitely happen again.
As Mike mentioned, prop 355 has already been executed so the payer contract is $6700 in debt (~2.2 stETH). This prop would clear that debt and leave $23k (7.8 stETH) in the payer contract for future proposals. This represents around 2.5% of our stETH balance, which is a small sum and a reasonable amount to avoid having to deal with this headache in the future in my opinion. The yield we would miss out on is negligible, and this may actually protect us from the downside should ETH price continue to drop.
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> Well, you can just use the Uniswap router to swap stETH to ETH directly. No middlemen, no drama. Since the pair is basically 1:1, market swings are not really a factor here. Just swap the exact amount you actually need for USDT. Turning 10 stETH into USDT is way too much and honestly makes little sense.
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> > What do you suggest? - We need to finish paying prop 335 which has been partially funded.. So we wouldn't want them to re-propose for steth, and then one day have the payer auto send funds if usdc is ever added. eh?
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> > You saying we should only send the amount needed to complete the payment for 335?
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> > warnings also aren't showing up on .wtf or .camp for proposers .. would be nice to have that or at least have a warning to check the treasury before proposing.
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> > +1
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> > > I’m against it for a couple of reasons.
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> > > First, there are already multiple ways to do this fully onchain without dragging in middlemen.
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> > > Second, the moment ETH hits the token contract, the bot auto-converts it to USDT. Turning ~10 stETH (which is literally paying us yield) into USDT at current market prices doesn’t strike me as a particularly wise move. Feels like volunteering to give up yield for the comfort of a stablecoin and a shrug.
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