USDT and USDC Acquisition for the Treasury
2 years ago
Executed
Following the discussion, where most of the feedback was that the amount was too small, I have doubled the DOT amount and added the acquisition of USDC. This will convert 3.4 million DOT into a mix of USDT and USDC over the next year.
Comments (2)
Proposal Passed
Summary
0%
Aye
0%
Nay
Aye (238)0.0 DOT
Support0.0 DOT
Nay (9)0.0 DOT
Based on the referenced proposal doc and the XCM Transact calldata, the USDT and USDC are sent from HydraDX to the account
14xmwinmCEz6oRrFdczHKqHgWNMiCysE2KrA4jXXAAM1Eogkon AssetHub. The proposal doc states that this is the main treasury account, however, looking into the asset-hub runtime the treasury account is derived from the idpy/trsry, which results in the address13UVJyLnbVp9RBZYFwFGyDvVd1y27Tt8tkntv6Q7JVPhFsTB. Apparently the address differs from the main treasury address mentioned in the proposal and the address contained in theTransactcalldata. Why do those addresses differ?Another seemingly strange configuration seems to be that to my understanding, the scheduled periodic task to send an XCM to HydraDX to transfer 5k USDC and 5k USDT to AssetHub is configured to be executed during the next 7.82 years. The DCA schedule parameters (as per proposal doc) state that the DCA happens over a time period of 336 days (0.92 years). Why is there such a big difference?
@sea212
It is converted based on its location with parent.
That does seem rather large to me, but it ensures there's nothing left over at the end and can be easily cancelled with another referendum.
While this proposal has already been passed and is being implemented, I would like to raise a point: the treasury burns 1% of DOT every 24 days, and this proposal will lead to circumventing the burning mechanism.
Do we need to apply this burning mechanism to acquired USDC and USDT as well?