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****# Procedure Brainstorming: Converting ETH to DAI when you have funds in a Multisig

Jamie's Proposal

Given that a CDP requires some monitoring, I would advocate trading on a DEX in periodic work sessions to attain the DAI needed.

  • DEXs will probably require using a single key interact with the DEX as opposed to a multisig.

  • A good approach would be to split up the work/amounts among the a small group of “financial operator” magicians. Each operator has a key of their own to a "trade account" which is used only for the purpose of procuring DAI.

The operators can perform the trade work in tandem, at a scheduled time, over chat or voice (but of course mute when opening keys).

Call it “pair fin-opsing”.

  • At the beginning of the operation, each trade account has a balance of 0. The multisig transfers a predetermined amount to each trade account. At the end of the operation, each trade account (ideally having some bonafide DAI accounted for in the ERC-20) is fully “emptied” back to the multisig. Now that DAI, and any remaining ETH is safely "home".

  • As their trade work is performed, the fin oprs should use a public spreadsheet to record hashes and additional metadata / notes about each transaction. They can check each other's operations, perhaps show they checked in the spreadsheet.

  • Of course, the txn data is viewable via etherscan and on-chain, but much is lost without detailed accounting of each action taken.

****One the work is done, an email is generated to the Operations Ring summarizing what happened.