Transfer all funds from the Common Pool (313,454.57 WXDAI at the time of writing) to sDAI.
This proposal suggests moving the entire balance of the Common Pool into sDAI, a token that generates yield from all the DAI in Gnosis Chains’ bridge being deposited in Maker’s DAI Savings Rate (DSR) – currently 5% – and passing the yield to sDAI holders in Gnosis. Because there’s more DAI in the bridge contract than deposited in Gnosis sDAI, the yield ends up being higher than the DSR’s on Mainnet. As of now, the APY on Gnosis sDAI is 7.524%.
This would provide an estimated additional 1,965.3601539 DAI per month to the TEC.
It’s important to note that sDAI is a non-rebasing token, meaning that it will continuously go up in price as it accrues the yield, we’ll need to have its price into consideration when making proposals.
Additional information to add
Gnosis sDAI frontend (for those with concerns about Agave, they’re just the first UI, but this is a project coming directly from Gnosis)
How does this proposal benefit the community and/or the field of Token Engineering?
Funding the Commons has always being a concern. By using sDAI we get a fairly low effort and low risk way to earn yield on the DAI we already hold.
Amount requested (Only for Conviction Voting)
How will these funds be used?
By the time I can take this proposal onchain I’ll know if we can do this vote directly with a EVMCrispr script or if we need to set up a multisig to do the movements.
What does success look like?
Success for this proposal would be achieved when the funds from the Token Engineering Commons’ Common Pool are successfully moved to sDAI, and the additional yield generated from the DAI Savings Rate on the Gnosis Chain starts accruing for the benefit of the Commons.
How will you share progress?
Project information (if applies)
I’m putting this proposal froward as myself. The Gnosis sDAI is a project carried out by GnosisDAO and audited by a few firms.
load aragonos as ar
set $token.tokenlist https://tokens.honeyswap.org
set $tecGarden 0x1fc7e8d8e4bbbef77a4d035aec189373b52125a8
set $savingsXDaiAdapter 0xd499b51fcfc66bd31248ef4b28d656d67e591a94
ar:connect $tecGarden disputable-voting.open agent --context "Migrate WXDAI from Common Pool to sDAI" (
set $commonPool agent
set $funds @token.balance(WXDAI, $commonPool)
exec @token(WXDAI) approve(address,uint) $savingsXDaiAdapter $funds
exec $savingsXDaiAdapter deposit(uint256,address) $funds $commonPool
I simulated the vote execution using EVMcrispr + Tenderly, and sending 307,468 WXDAI ($306,307) from the Common Pool, the DAO receives back 301,585 sDAI ($297,884 in Gnosis, but $309,799 in Mainnet).
I don’t know why the sDAI price in gnosis and mainnet is different and if sDAI on gnosis is just a bridged token or is there something else. Please be aware of that the price is fluctuating but it should not affect to the amount of sDAIs received when executing the vote.
sDAI on Gnosis is a completely different token than sDAI on Mainnet. They deposited all DAI in the Mainnnet bridge (except for a $1M buffer) on Mainnet’s DSR, so the bridge is holding sDAI, but all the yield is directed to the Gnosis sDAI contract, which is pretty much just a WXDAI wrapper.
And because there’s less WXDAI in Gnosis sDAI than there is on the bridge, the APY is just higher.
Coingecko is getting the quote from the open market, which isn’t very liquid yet. Folks can go directly to the contract to unwrap gsDAI at the real price (currently ~1.02 usd per gsDAI); liquidity should be ramping up very soon though, there’s already incentives in Aura for the sDAI/EURe pool.
About the Optimism migration, it’s a single vote and will give us more money than what we currently get from the ABC. Any penny we can get from now till we move to OP is a very welcomed penny imo.
Doing this directly through the gsDAI contract should incur in no slippage at all.