Proposal to Replenish OTC Contract with DWF Labs

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Summary:

Replenish OTC contract with DWF Labs to reduce bad DOLA debt.

Background:

On February 12th we launched an OTC contract with DWF Labs allowing them to begin purchasing up to $1,000,000 in INV at a 15% discount using daily $10,000 buys and with the resulting proceeds allocated entirely to retiring bad DOLA debt. The proposal executed on that date https://www.inverse.finance/governance/proposals/mills/87 allocated an initial 10,000 INV for the OTC swap which is now exhausted and needs to be refilled as the $1,000,000 swap commitment has not been completed.

To-date, DWF has helped narrow the spread of the INV token on Coinbase to within 50bp and their team has begun to make introductions to new centralized exchanges.

Proposal

Replenish existing OTC contract with DWF Labs with an additional 10,000 INV. 100% of USDC generated from this contract will be applied to reducing bad DOLA debt.

On-Chain Actions

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Seems like a good and needed proposal.

1 Like
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Question actually. How much of the $1,000,000 has been completed so far? And was there a particular reason that DWF did not complete the swap during the previous otc contract ?

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409,700 USDC to date. Not enough INV was loaded initially to give governance more control to approve via voting continuation of the OTC deal when the first 10k INV was used.