RFC: Transfer $SACKS LP position to Gitcoin Governance Timelock

Hi Gitcoin Community,

Currently the $SACKS/ETH LP position is held in the Gitcoin Grants Multisig. This allows for greater flexibility for using some of the LP assets to fund grants matching rounds. On the other hand, this flexibility could be a negative if users were less willing to hold $SACKS due to uncertainty over liquidity - there might be less value to use for grant matching overall.

I’d like to gauge community sentiment on asking the multisig to transfer part or all of the LP position to the Gitcoin governance timelock. This creates an ~11 day delay between submitting a proposal to remove liquidity and actually having it removed (2 day proposal delay period, 7 day voting period, and 2 day timelock). Maybe this added confidence will help the Gitcoin community keep $SACKS value from falling back to the ground?

** Note that vote choice will be publicly visible, and only accounts that have reached level 1 (basic user) or higher will be able to participate. In my experience this helps avoid brigading and sybil attacks, but happy to hear feedback on these poll rules.

Should the Gitcoin Grants Multisig transfer $SACKS/ETH LP to the Gitcoin Timelock?
  • Yes, transfer the entire position
  • Yes, but transfer less than 100% of the position
  • No, keep the LP in the grants multisig
  • Abstain

0 voters

Next Steps:

This poll will remain open for participation for the next 3 days. If a majority of voters support transferring the entire position, I’ll more forward with a token weighted vote to this effect in the GTC Snapshot space. If a majority of voters support transferring only a portion of the LP position, I’ll organize an additional forum poll to gauge sentiment around the desired percentage to transfer. If no option reaches more than 50% support (excluding abstain votes), or if a majority support keeping the LP in the Grants Multisig, no further action is required.

Cheers and happy voting :beers:

4 Likes

Hey @monet-supply thanks for putting together this proposal, as a happy holder of $SACKS I would vote for it.

3 Likes

Love how quickly this proposal came together, I was actually originally going to vote but then I realized I shouldn’t weigh in too hard on this. Excited to see the results!

Just a procedural note, if we have a clear path from the Discourse poll we should put a Snapshot vote together as well just to formally ratify, feel free to send a DM if you need any help with that.

2 Likes

I support this proposal as a SACKS holder!

1 Like

Support this proposal, the community will become stronger and stronger!

I’ve closed the forum poll, and it looks like a decent majority of users are in favor of transferring the entire $SACKS/ETH LP position from the Grants Multisig to the Governance timelock. Here’s a snapshot poll to gauge wider support of GTC token holders.

Support this proposal. I would vote for it.

The Snapshot poll has finished, and it looks like an overwhelming majority of voters are in favor of transferring the SACKS/ETH LP from the grants multisig to the GTC governance timelock. Thanks to everyone who voted or participated in the discussion!

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2 Likes