TL;DR
Proposal to start small-scale fund transfers to OP for mass distribution testing, aiming to save on treasury execution costs and transfer costs for contributors.
Background:
With the rise in Ethereum mainnet Gas, the cost of treasury mass distributions has also rapidly increased. Reviewing the last treasury mass distribution record, when Gas levels were at 10, the distribution cost was around $25. Currently, the market’s regular Gas maintains around 30, meaning the cost of a single USDT transfer could be around $3, and both the treasury and the recipient need to pay this much for each transfer. This situation will worsen during a bull market.
https://etherscan.io/tx/0x5d47faaeb2192c9847a991a30f9677f74c2a426263fd0593dbe07d90bc2448ca
The last attempt to establish an OP treasury was highly approved, reaching about 60% approval with no opposition. However, it unfortunately did not reach the 70% threshold required for consensus-level proposals.
The issue of important proposals not passing due to inactive governance participants is common in many DAOs. LXDAO’s voting rate is already quite high, and although this attempt did not pass, it reflects the community’s strong desire to establish an OP treasury.
Therefore, I suggest starting with a smaller scale of funds for a small-scale test of the OP treasury, such as transferring one period’s fund expenditure to OP.
Preparations Made
We have prepared an OP Safe multisig wallet as a provisional treasury, with the same multisig guardians as the Ethereum mainnet treasury.
Ethereum mainnet treasury: Safe{Wallet} – Settings – Setup
OP provisional treasury: Safe{Wallet} – Settings – Setup
And the governance team has completed a small-scale fund cross-chain test from the mainnet to OP.
Risks in Execution Process
During the testing process, the following issues were discovered:
- Some cross-chain bridges (including the official OP bridge) only allow EOA accounts to interact, while Safe wallets are contract accounts.
- Cross-chain transactions include a time lock, requiring completion within a short deadline, otherwise, they will fail. However, it’s challenging for multisig guardians to complete signatures from 4 or more people in a short time.
- Currently, no multisig solution for EOA wallets has been found. If community members have new information, please provide it for discussion.
Therefore, we may need a trusted executor with an EOA wallet to receive funds, cross-chain them, and then transfer to the OP provisional treasury (0x2C6360a6a376111fe004F50086b05D0d1596F24F).
It’s suggested to select a member with high LXP to execute, using LXP as a guarantee against misconduct by the executor. If there are better solutions, the community is welcome to discuss them.
Specific Execution Process
- The mainnet treasury (0xB45e9F74D0a35fE1aa0B78feA03877EF96ae8dd2) will transfer the expenditure for the next period to the trusted executor’s EOA account.
- The trusted executor will transfer the funds to OP via cross-chain or CEX.
- The executor will transfer the funds to the OP provisional treasury (0x2C6360a6a376111fe004F50086b05D0d1596F24F).
- Multisig guardians will officially start distribution in the OP Safe wallet.
- For
- Against
- I’m not sure
0 voters
