Tao Vote: Migration to Optimism

🗃️ Archive 🔐 Tao Voting
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As simulated in this script, this is the vote which will freeze the TEC token on Gnosis and will send the DAO funds to a multisig controlled by the Guardians.

This is the last vote required to migrate TEC to Optimism. It will do the following:

  • It will make the TEC non-transferable, allowing the Guardians the ability of changing it back if there is some sort of emergency.
  • A snapshot of gnosis TEC token will be taken, and it will be minted on Optimism. If you hold your TEC on a contract, be aware of that! We are reaching to multisigs and LP tokenholders so they can act accordingly before the migration.
  • It will send the DAO funds to a multisig controlled by Guardians, who will in turn:
    • Unwrap the wxDAI and bridge it to Mainnet.
    • Swap the reserve (~$117k) for ETH and convert it to rETH, keeping the rest as DAI (~$301k).
    • Bridge both DAI and rETH to Optimism.
    • Check that the new Tao Voting DAO is correct (all the tokens are minted, all the permissions are set as in the proposed DAO architecture).
    • Send the funds to the Tao Voting DAO, and activate the Augmented Bonding Curve.

The migration should be finished after one day after the execution of the vote.

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The vote is available to be voted on Gardens.

Since it is a vote that involves two surgeries in order to make the token non-transferable and in order to move all the funds without knowing which is the balance in the moment of the execution, the vote description is quite cryptic, but you can find more info on the simulation I share above (the first link), and I will be available if there is any question or doubt that may arise.

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The vote has passed which means that tomorrow is the MIGRATION DAY!

The migration team (which happen to be the same people as the recently elected Guardians) will receive the TEC DAO funds and send them as DAI into Mainnet (on another multisig controlled by them). From there they will swap ~$117k DAI for RETH on Cowswap (using the TWAP feature to avoid high slippage).

They will send both the remaining DAI and the RETH to Optimism, where it is going to be received by the TEC Guardians DAO. At this point, the Guardians will mint the TEC tokens on Optimism, and when they are done, they will send the funds to both the Common Pool and the Reserve, opening the Bonding Curve at the same time.

You can see more details of this migration in a subsequent forum post about the Optimism Migration Dress Rehearsal.

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