Proposal: Issue over-collateralized bond to raise 50,000 USDC

Background

Given the current market circumstances, it’s not ideal to sell $NATION. Even more so knowing that GSR became the official $NATION market maker and might start work on increasing market liquidity soon. In other words, it would seem that the DAO selling $NATION should be postponed until a further price and liquidity increase.

But in the meantime, there are multiple proposals that have passed and are denominated in USDC. Those commitments currently amount to 90k USDC over the next few months.

Proposal

Sell a bond with the following terms:

  • Amount to raise: 50k USDC
  • Maturity date: 90 days
  • Collateral: 150 $NATION (roughly 300% collateralization ratio)
  • Platform: PWN

In PWN, once the offer to sell the bond is posted, buyers can publish their counter-offers stating their desired interest rate.

The Meta Guild multisig will be responsible of receiving the collateral, creating the offer in PWN and accepting the best counter-offer. The best counter-offer shall be the one with the lowest interest rate that can cover the desired amount, proposed during the first 48h after the bond is posted.

After the USDC is received by the Meta Guild multisig, it will send the funds back to the DAO. Once the DAO has USDC to pay back the bond, a new governance proposal will be needed for the DAO to send funds to the Meta Guild multisig, for the amount to be paid back.

Actionable proposal

{
  "spec": 1,
  "discussion": "https://forum.nation3.org/t/proposal-issue-over-collateralized-bond-to-raise-50-000-usdc/725",
  "content": {
    "kind": "custodial-treasury-management",
    "transfers": [
      {
        "chainId": 1,
        "from": "0x336252602b3a8a0be336ed942228305173e8082b",
        "recipient": "0x7fFf737ae9FdDD6E28Fe8B8F0F4dE69Bb8e7a885",
        "token": "0x333A4823466879eeF910A04D473505da62142069",
        "amount": 150
      }
    ]
  }
}
2 Likes

Collateral: 150 $NATION?

Well spotted, just edited :smiley:

Sounds great to me :+1: