## Summary

karpatkey is seeking approval from the Balancer DAO to be granted limited authority to manage additional treasury positions currently under the purview of the [DAO multisig](https://etherscan.io/address/0x10a19e7ee7d7f8a52822f6817de8ea18204f2e4f). These include:

1. ~152k BAL in **Aave v3**
2. ~40k BAL in **Across v2**
3. ~17k BAL in **Silo v2**

## Motivation

Following the approval of [BIP-103](https://forum.balancer.fi/t/bip-103-karpatkey-balancer-treasury-cu-proposal-update/3895), a decision was made to exclude BAL holdings from karpatkey's management to maintain the voting power of the main stakeholders (as per [BIP-162](https://forum.balancer.fi/t/bip-162-karpatkey-investment-strategy/4220#assumptions-5)). However, the recent [exploit](https://www.coindesk.com/business/2023/07/06/multichain-bridges-experience-unannounced-outflows-of-over-130m-in-crypto/) experienced by Multichain, where the Balancer DAO holds a position of 20k BAL, and the subsequent [announcement](https://twitter.com/MultichainOrg/status/1679768407628185600?s=20) have highlighted the need for a more agile, flexible, and efficient approach to managing treasury positions.

Currently, any action involving the DAO multisig necessitates a BIP and a subsequent vote on Snapshot. This process is time-consuming and slow, which is not conducive to the fast-paced nature of market events.

Given that karpatkey is currently managing a segment of the DAO's treasury in a non-custodial manner, as per [BIP-103](https://forum.balancer.fi/t/bip-103-karpatkey-balancer-treasury-cu-proposal-update/3895), it would be a logical step to incorporate the positions mentioned earlier into this existing setup. This management is conducted in a [Safe](https://app.safe.global/home?safe=eth:0x0EFcCBb9E2C09Ea29551879bd9Da32362b32fc89), which shares identical ownership with the [DAO multisig](https://app.safe.global/home?safe=eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f), facilitated by a [Manager Safe](https://app.safe.global/home?safe=eth:0x60716991aCDA9E990bFB3b1224f1f0fB81538267) owned by karpatkey through the Zodiac Roles Modifier module.

This setup empowers the Balancer DAO to establish in advance the specific permissions to be assigned to karpatkey. Once these permissions are incorporated into the preset configuration, karpatkey is restricted to calling only the whitelisted functions, guaranteeing that only pre-approved actions are carried out.

If this proposal receives approval, these positions will be seamlessly integrated into karpatkey's scope, adhering to the conditions outlined in BIP-103, which encompass a 0.5% management fee based on the assets under management (AUM) and a 20% performance fee calculated from the generated revenue. As of the date of writing this text and taking into account prevailing market conditions, the estimated annual fees for the newly incorporated positions would amount to approximately USD 6,000.

### Requested permissions

The specific permissions to be granted to karpatkey for each treasury position are:

1. **Aave v3**: deposit BAL, withdraw BAL.
2. **Across v2**: deposit BAL, withdraw BAL.
3. **Silo v2**: deposit BAL, withdraw BAL.

As usual, we propose an updated version of the “Preset permissions - Balancer” [document](https://docs.google.com/document/d/1QQjkn6DAqXhdqYag0KSIfqJvdkLilOb6dM4KqaiybXc/edit?usp=sharing) that shows all the permissions granted to karpatkey, including the ones that are being requested now.

## Specification

This proposal will be put to a vote on Snapshot. If it passes, the [Safe](https://app.safe.global/home?safe=eth:0x0EFcCBb9E2C09Ea29551879bd9Da32362b32fc89) multisig holding the relevant assets will execute [this payload](https://gist.github.com/santinomics/bcc196508a496ea15848850c663450cb) to grant the new permissions to karpatkey. The BalancerDAO multisig owners will receive a .json file with the payload, which can be executed via the Transaction Builder app in the SAFE environment.

Upon successful execution of the payload, the DAO multisig at 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will transfer the following tokens and quantities to the Safe managed by karpatkey at 0x0efccbb9e2c09ea29551879bd9da32362b32fc89:

1. Aave v3: "aEthBAL" token (contract 0x2516E7B3F76294e03C42AA4c5b5b4DCE9C436fB8) in the amount of "Total Balance", which at the time of writing this proposal, amounts to 152254022187736434708243.
2. Across v2: "Av2-BAL-LP" token (contract 0xfacd2eC4647df2Cb758F684C2aAAB56A93288f9e) in the amount of 39988733265050088285433.
3. Silo v2: "sBAL" token (contract 0x6f2269797C449bab47f76d095ddAe5ddA4AF98ae) in the amount of 16493235351841203417133.