Summary: The following proposal aims at using BitDAO Treasury held xSUSHI tokens to vote in favor of the following Sushiswap Governance Proposal, proposed by Abracadabra Money DAO.
Please note: due to Forum moderation setting the Sushiswap proposal link is posted in the first comment.
Abracadabra proposes to be elected as a BentoBox Strategist to create new strategies on idle Abracadabra-held assets on BentoBox. As the largest protocol deployed on BentoBox with over $115M in TVL from our assets, we are best positioned to ensure the success and security of BentoBox strategies for Abracadabra specific assets.
If the proposal were to pass, Abracadabra would share 5% of all fees earned with the BitDAO treasury, which could become a stream of revenue for BitDAO into perpetuity.
Author: Romy; Abracadabra Core Contributor and DAO Member.
Date: 8th of May 2023
Abracadabra proposes a 35% fee sharing agreement on all strategies involving Abracadabra-developed strategies and Abracadabra-held assets on BentoBox, that will basically turn idle TVL on BentoBox into productive assets for SUSHI holders, while improving Abracadabra efficiency and growth abilities.
This 35% (or whatever amounts will be agreed on on the Sushiswap Governance side) will be given directly to Sushiswap DAO and will inherently benefit SUSHI holders, and transitory $BIT holders as BitDAO treasury is one of the largest SUSHI holders.
In the best interest of $BIT holders, Abracadabra proposes to share 5% of all fees earned, which will come from Abracadabra’s portion of fee sharing. These fees will be deposited directly into the BitDAO treasury.
Whitelisting Abracadabra to create BentoBox strategies would provide Sushi with a partner that has aligned incentives. As Abracadabra has the largest TVL linked to BentoBox, new strategies would be thoroughly tested and assessed before deployment.
To effectively create and deploy strategies, ownership of BentoBox would need to be transferred to a BentoBox owner that allows Abracadabra to add strategies to the tokens mentioned in the proposal; once that happens, Abracadabra would become a core strategy producer.
The Sushi operational safe would still be able to control all other assets parameters on BentoBox and may transfer or relinquish this control at any point in the future.
The implementation of the contract that holds the ownership can be found at the following address: 0x4427a2840a3af9a9495fde28cb5c019585a3a09b.
If this proposal were to be passed, ownership of BentoBox would be transferred to this contract. Audit results can be produced upon request.
If this proposal were to pass, BitDAO would simply need to vote in favor of the Abracadabra proposal whenever the Sushiswap governance snapshot is posted! Consequently, fee sharing would be activated towards the BitDAO Treasury and $BIT holders