Summary
This proposal aims to deprecate the “DWF Swapper” contract established with DWF Labs as part of Proposal #84 and updated in Proposal 87. Deprecating this OTC contract will simplify the operational framework, reducing oversight and potential overheads. This action is part of a broader housekeeping initiative being undertaken by the Risk Working Group to ensure that any inactive partnerships or contracts are functionally shut down.
Background
Over the course of our partnership, DWF Labs conducted 41 OTC trades, acquiring 9,997.49 INV for 409,700 USDC, per the terms detailed in Proposal #87. Each trade is listed in the spreadsheet linked here. 100% of the funds received by Inverse Finance’s treasury went towards Inverse’s ongoing initiative to pay down DOLA bad debt. No subsequent mint action was performed beyond the initial 10,000 INV brought on by Proposal #84, and the last contract has been depleted since the last transaction, dating back to May 1st, 2023.
Rationale
While the original terms established a ceiling raise of 1,000,000 USDC, market conditions have changed and the terms of the existing OTC contract are no longer a beneficial arrangement for either party. The initiative has achieved its desired goals, and both parties are satisfied with the outcome of the partnership. Future similar arrangements, just as this one, will involve engaging the community and obtaining consensus via governance voting, a crucial process for maintaining trust and transparency.
On-Chain Actions
- Sweep Remaining INV in DWF Swapper
- Remove DWF Address from DWF Swapper Whitelist