Treasury management or how to do stonks when you are DAO - Roman Kolpakov | Lido

stage is yours hey everyone is it working yeah hi um I'm Roman I work at laa and today we're going to be talking about Dow treasury management or how to do stons when you are a DA but first of all what is lier laer is ethereum liquid staking protocol that can connects people who want to stake with the people who run own own validator so far we have more than 9 million others take it that means almost 300K validators running next what is Li da Li da was made to operate Lia protocol it made so by uh it made it it does strategic decision uh doing so by voting process um and participating uh on Research Forum so the main Dow process is voting process how we expect voting process to be easy as one to three first of all someone should create a proposal on Research Forum the Second Step uh this proposal this proposal should pass the snapshot voting and the final step this proposal should pass uh Aragon voting this is onchain voting but how it goes in reality it might be very time consuming and unexpectable as a conclusion we have to admit that da is always clumsy but for some operation such as treasury management we need something faster to be in a market uh let's define a problem uh Dow has incomes and expenses and we need to operate that tokens um if da da can do that by voting process but it might take months and so we need something much faster uh what potential Solutions we have right now uh the first one da can select that fast and trustful external owned account uh but when we are talking about this calization uh that was never be an option the second solution if we are not satisfied with EA da can select a specific committee with only one purpose to manage treasury uh that's good solution it works well but it still leaves an an attack Vector on that committee wait we're using a blockchain why can't we just create a smart contract what solves all our problem actually we can um let's start from technical require requirements someone says that uh this fre parameters is not achievable at all but we will do our best let's start from usability we want our solution to be able to respond the constantly changing Market we don't want Dao to sell tokens for outdated price the second one we want to this solution to take as much responsibility as possible to make it very simple to use for an oper operator whoever it would be uh and the last one we want this solution to be able to cancel transaction at any moment if we changed our mind we want to change an order it's possible uh let's talk about functionality we want our solution to support any token payers uh and to use DC uh e to die uh uni tokens to die whatever it be it might not support all token P payers at lunch but should be flexible enough for adding new tokens we want our solution to work with any amount uh for example if th wants to spend 10ks usdc or die for a grant that's possible if if da wants to spend few million dollars on audit for the new project that's also not a problem and we want Da to sell tokens on the average token prices what means we need at least two source of Truth for this price next one security the most obvious one we want to be me protected to defend from Sandwich attacks and front running uh we want our solution to provide some price guarantees this is the trickiest one uh at the moment we create an order uh we want our trade our swap to be at the least tolerant if price goes up or down for a specific per person we want to cancel an order in automatic way and the last one we want our solution to be tight enough uh we want to put all parameter inside of smart contract and fix it forever to mitigate and attack one operator so it might be almost trustful trustless uh with sat down brainstormed a lot and invent invented light tongs uh let's discover how it works first of all uh it uses uh lighta easy track this is optimistic governance framework which Rewards voting process so you need only to vote against if you not agree with proposal uh if you didn't vote The Proposal passed that's easy so we have a set of operations granted to the easy track called motions and one of the motion is extracting assets from the treasury to the specific smart contract so on the first step we use our motion and extract uh assets from treasury to the stone contract at this point ston stons should take prices from the chain link to compute the output amount based on the current balance on the contract so it might be $1 it might be $1 million whatever works after that ston creates a new smart contract called order it uses EIP 1271 for onchain signature um at this moment uh we're already in trade and we should inform Co protocol that we have that trade to be fulfilled um after that call protocol should find the match in their order book for fulfillment and the relayer comes to the order contract and asks permission for the Fulfillment at this moment order contract checks that prices again and if goes up or down for a half a perc we're not satisfied with this fulfillment and we dislin the this fulfillment and if if everything goes okay C protocol charges the assets from the order contract and uh sends all outcome tokens to the treasury uh STS is possible by easy track you can learn more about it on we stalk it's awesome but what are oh what are drawbacks because we buil in all trade parameters to the smart contract that means that we have to have a factory for fine tuning so if we want to change a slipage we should deploy a new smart contract if we want to add a new token we should deploy a new smart contract that means we have a lot of moving Parts uh at least three smart contracts for one token perer and two more technical smart contracts which is factories actually and the last problem we highly depend on third parties such as chain link and co- protocol uh in this case we Defence from the specific price provided by only one operator only one third party but we take risks from the these two uh third parties that's some kind of tradeoff that's it follow our Research Forum and participate do you have any question no okay thank you so much