Vote Type
Token holder DAO on-chain 7-day vote period
DAO-elected Sponsors
@Eastban, @JohnPackel, @mcitizen42
tl;dr
Claim ~10.5 tBTC from Bridge Redemption Fees and transfer to the Threshold Committee multisig.
Background
tBTC Bridge Redemption Fees
Threshold DAO is accruing tBTC redemption fees as a bank balance in favor of its Governor Bravo Timelock Controller address as can be seen on the Bank Contract (balanceOf).
In order to use these assets these fees should be claimed as tBTC ERC20 and transferred to the Committee multisig wallet, as was already performed successfully back in July 2024 under TIP-82 and February under TIP-99
Proposal
This proposal includes the transactions necessary to claim the tBTC obtained as redemption fees and transfer them to the Committee multisig.
Transactions to be included in this Governor Bravo governance process:
- Execute the authorization to use the bank balance: increaseBalanceAllowance method (this function: https://etherscan.io/address/0x65Fbae61ad2C8836fFbFB502A0dA41b0789D9Fc6#writeContract#F6)
- Execute the Mint: TBTCVault.mint from the GB address (this function: https://etherscan.io/address/0x9C070027cdC9dc8F82416B2e5314E11DFb4FE3CD#writeContract#F11).
- Execute the Transfer from Governor Bravo to the Committee multisig: TBTC.transfer (this function: https://etherscan.io/address/0x18084fbA666a33d37592fA2633fD49a74DD93a88#writeContract#F10).
Steps involved in the Governor Bravo governance process
1 - Initiate the vote by: Proposing these 3 transactions through the Threshold Network TokenholderGovernor contract. (0xd101f2B25bCBF992BdF55dB67c104FE7646F5447)
2 - After vote finalized: Queue claim operation in the GB Timelock contract
3 - Execute claim after 48h delay.
Timing
A Threshold Committee member will queue this transaction and post a link to voting via Tally. When the 7-day vote concludes, we will queue for execution after the 48-hour delay.