Proposal - Migrate Diamond Bank from Ethereum Mainnet to xDai Network (Gnosis Chain)
Diamond DAO’s team established Diamond Bank to administer financial contributions received by the DAO (investment, grants, platform revenue, etc).
Diamond Bank currently runs on the Ethereum Mainnet network.
We originally choose to summon Diamond Bank on Mainnet to make the process of contributing capital simpler (i.e. no bridging funds to xDai).
However, the cost of creating, sponsoring, voting on, and processing proposals on Mainnet is significant.
We have spent 3.49 ETH (or $9743) to pass proposals since the DAO’s instantiation. Most of those proposals have been routine payroll proposals.
I propose migrating Diamond Bank to the Gnosis Chain (previously xDai) network to reduce costs and integrate with better DAO tooling that’s only available on Gnosis Chain network.
Process
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Instantiate new DAO on DAOhaus Gnosis Chain network. All financial contributors to Mainnet Diamond Bank will have the same amount of “shares” and “loot shares” in Gnosis Chain Diamond Bank.
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Pass a proposal to transfer all funds (preserving token amounts for the various crypto in the DAO treasury). Process that proposal and move funds in from Mainnet Diamond Bank to Gnosis Chain Diamond Bank.
- We will withdraw funds, in tranches, to bridge them to Gnosis Chain and deposit them in Gnosis Chain Diamond Bank. We will consult with Gnosis and DAOhaus to make sure our process is as safe as possible
- Update the Diamond Operations Inc C Corp (Diamond Bank legal wrapper) to operating agreement to point to the Gnosis Chain Diamond Bank.