Poseidon [RFC]
This document is in a draft state and is open for comments from the community
Last updated
This document is in a draft state and is open for comments from the community
Last updated
Poseidon is a Program created by the PsyFi DAO Contributors in an effort to make Treasury Management more accessible to DAO participants. Before Poseidon there was no simple way for a DAO participant to create a Treasury Management proposal. With Poseidon, DAO participants can now easily propose swapping a token their treasury holds for another token. A tutorial on how to use Poseidon can be found here.
Github Repository: https://github.com/mithraiclabs/serum-remote
Example: Like many Treasuries across the crypto industry, your DAO Treasury is mainly composed of your projects native token. While this can be extremely beneficial during bullish market conditions, it is not prudent to be dependent on the performance of one asset. To change this, and ensure your DAO has runway to continue operations no matter the market conditions, you propose selling 10% of the PSY treasury holdings for USDC if and only if the price of PSY is above $00.25
With a direct integration into the Solana Realms UI, any member of a DAO can propose to trade a treasury asset. The above image shows a DAO looking to trade their Bonk for USDC. To set this up with the Poseidon program the user must enter the following parameters:
Destination Token: The token the DAO wants in exchange for their current assets/
Amount: The amount of the source asset the DAO wants to trade with.
Trade Expiration: The time when Poseidon will block trade execution and allow assets to be returned to the DAO.
Limit Price: The minimum conversation price between the two assets.
