Hey everyone,
Just wanted to update everyone about the current migration process so we stay as transparent as possible.
Migrating Existing Liabilities
The Foundation has borrowed 10M FRAX with the intention to market make with it. Given we have not used this yet as multi-collateral is so close (we were originally going to sell to USDC and then convert back to FRAX later one) we are simply going to transfer this to the new market making entity multisig
Migrating Existing Positions
Our methodology was as follows:
- We will migrate a list of wallets to the Market Making Entity
- We will then reimburse the Foundation through using PERP and a 7d TWAP price
This means that we don’t need to close any positions and reopen them.
Wallets
The full list of wallets is as follows:
- 0x1F06556c88f66981AD77d89D8006c4E0F562619F
- 0x030058aC851BA6F282eC0e717A7eD577d09dfF0B
- 0xb3208f9F07B129B825f0d00d5BB79eEC69Db5126
- 0x148824400a454DC00093E6604b6B9A6A208BF3cf
- 0x6E7aa93AABE2d0019E2a096D227e56E3392b8ec5
- 0x26cb31fde1015080ce5Cc9B0866219fD6153aCC7
- 0x283c280EF8c42E2775D12aA804F5e053475D5397
- 0x1CB769D547280Ddca69c932b1A822d51eca58B3d
- 0x675e328b73e15CD41acD2828B83B417687C36BBA
- 0x94934851b2C6a066f9E5aCb353Bce4bc7FcDCdbD
- 0xe77dD81813Bd06d74a30d1B2c07418906456498E
- 0x70332De459D5554a9A310a7c4F7C6069C73604f9
- 0x3478d1Ba5BC6c0e662DEc109C70C0065dAd5f5Be
- 0xD8bCd1E2f0E96A3402fD678B0B2eAceb80e1c226
- 0x5366910021b3a66E84f9B974415Ce2C067729c04
- 0x6fE5c2B4A4c9268d4e08510Fbfd042eBdf47fF81
- 0xfF05618995E03dFfd32c6fF819D1C74b2fF04FA9
Additionally, we had a total of 862,383.33 in FTX
Raw Balances
After checking all the on chain balances we get the following.
| USDC | ETH | oETH | PERP | sPERP |
|---|---|---|---|---|
| 4,648,379.65 | 0.32 | 18.11 | 227,660.17 | 301,870.66 |
TWAP Prices
If you check CoinGecko you can then get the following TWAP prices:
- ETH: 3051.15
- PERP: 4.15
Final Amount
Finally, if we calculate the amount to send over it’s USDC value is 6,902,165.67, or a total of 1,663,172.45 PERP.
Transactions
To facilitate this we have done the following transactions:
- Unlock 2M of the 20M PERP: Ethereum Transaction Hash (Txhash) Details | Etherscan
- Send 10M FRAX to the Market Making Entity: Ethereum Transaction Hash (Txhash) Details | Etherscan
- Pay 1,663,172.45 PERP to the Foundation team: Ethereum Transaction Hash (Txhash) Details | Etherscan