SIP-12 tSWRV - Treasury Promissory Tokens

Proposal:

This proposal seeks to create a new token that serves as a promissory note from the treasury, isolated from the existing Swerve ecosystem, and that only interacts with the treasury.

1 tSWRV = 1 swUSD (to be redeemed via the future treasury)

tSWRVs will be issued to contributors and can also be issued to voters of proposals to offset gas-fees associated with voting, and even distribute rewards.

The idea is, each tSWRV can be redeemed for 1 swUSD from the future treasury, depending on the availability of funds in the treasury. As swUSD accrues interest by default, hence by extension tSWRVs would accrue interest as well. This would help organise and bootstrap the current development/research/marketing and any other efforts deemed necessary by the community.

It also streamlines the function of the treasury, as it could be inefficient to do individual transactions from the treasury for all contributions. tSWRVs can be issued in batches to various departments who are then free to distribute it to the contributors. This could also merge with the future proposed budgets, where each workstream/team gets a set allocation in tSWRV and are free to spend it as they see fit. This will drastically increase the efficiency of the functioning of treasury as well as other organisational ops.

The mechanism I propose is thus:
The multisig for treasury can be a contract with additional “redeem” feature for tSWRV on top of existing multisig functionality.

However, to shield the treasury, a proxy approach can be taken wherein the main treasury remains a simple multisig, but an additional contract is deployed and funded separately from the treasury to facilitate redemptions.

Should tSWRV be created?

PS: Considering most of the community members have locked their SWRV in preparation for on-chain votes, this proposal uses Block 10,886,360 (same as SIP-10) for SWRV snapshot so everyone can vote the SWRV they held earlier prior to locking.

Options:

  • Yes
  • No

Off-chain Vote:
https://snapshot.page/#/swerve/proposal/QmQdnbhPcmnroFqXN5fpn7hqx9vWQCLvmft4FPR34GhJsP