Proposal: Fund Public Goods (At No Cost) by Swapping 300K USDC to 300K USDGLO

Shutter DAO DAO Proposals
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Summary

Following up on a Snapshot vote in favor of funding public goods (at no cost) with Glo Dollar (USDGLO), I am submitting this proposal for Shutter DAO 0x36 to execute an on-chain, trustless atomic swap with a member of the Glo ecosystem:

  • Shutter DAO 0x36 will send 300,000 USDC and receive 300,000 USDGLO
  • The counterparty, a member of the Glo ecosystem, will send 300,000 USDGLO and receive 300,000 USDC

Glo Dollar (USDGLO) is the stablecoin that funds public goods. It’s 100% fiat-backed, always redeemable 1:1 for USD and USDC, issued and regulated in the United States, and receives monthly independent attestations. Glo Dollar funnels 100% of profits to charitable causes. By adopting Glo Dollar, Shutter DAO 0x36 is funding public goods. Automatically. At no cost.

Proposal

On-Chain Atomic Swap

An on-chain, trustless atomic swap on Ethereum Mainnet:

  • Shutter DAO 0x36 will send 300,000 USDC and receive 300,000 USDGLO.

  • The counterparty, a member of the Glo ecosystem, will send 300,000 USDGLO and receive 300,000 USDC.

  • All transaction fees are covered by the Glo Foundation.

Low tech description of the atomic swap:

  • A member of the Glo ecosystem (counterparty) will facilitate the swap by approving 300,000 USDGLO to Shutter DAO 0x36’s address.

  • Shutter DAO 0x36 will then initiate a proposal to transfer the USDGLO from the counterparty’s address to Shutter DAO 0x36’s address and send USDC from Shutter DAO 0x36’s address to the counterparty’s address within the same proposal.

  • The swap is atomic because everything is executed in one meta transaction - namely the execution of the proposal.

  • The facilitator has the right to revoke the approval before execution. This would result in a failed execution. Thus no exchange would happen at all.

  • No intermediate contracts are used.

Token addresses:

  • USDC: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
  • USDGLO: 0x4F604735c1cF31399C6E711D5962b2B3E0225AD3

Off-Chain Commitments (no immediate action required)

Shutter DAO 0x36 will use USDGLO as the default currency to pay grants.

Explanation & Motivation

300K USDC is 4.6% of the 6,533,086.22 USDC held in the Shutter DAO 0x36 treasury (as of 25 April 2024): https://app.fractalframework.xyz/treasury?dao=eth:0x36bD3044ab68f600f6d3e081056F34f2a58432c4 .

300K USDGLO is sufficient for Shutter DAO 0x36’s short term working capital requirements and to pay upcoming grants.

Relevant Links

Platform

Fractal (an on-chain transaction will be executed if the vote passes)

Vote

  • Vote “YES” if you support this proposal

OR

  • Vote “NO” if you do not support

OR

  • Vote “ABSTAIN” if you do not have an opinion but want to help the vote reach quorum
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Hi everyone, I’d love to share some relevant news here.

Polygon Labs recently bought $150,000 in Glo Dollars—see our announcement here. We’re really pleased to see more and more leading organizations embrace the case for automatic public goods funding.

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