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New Arbitrum Sushi LP from the EthTrader Treasury in advance of first ArbOne Donut distribution
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For transparency I will outline some actions that have been taken by myself on behalf of the EthTrader treasury for which there was just a reimbursement of 1.399m donuts in the mainnet multisig.

We are soon to have our first distribution on Arbitrum. It was felt by the multisig members that there should be some liquidity on Arbitrum prior to this or the migration could be seen less favorably(!). Since the multisig had previously been authorized to, but had never enacted, it's own LP position this was taken as an opportunity to do so - the treasury would itself provide some liquidity in advance of the distribution. The required steps/tx are difficult to do from a multisig (you may see why below) so I offered to do them and transfer the resulting LP nft to the Arbitrum multisig before requesting reimbursement.

The steps below were undertaken by me on behalf of the treasury resulting in the new sushi LP position currently held by the multisig on Arbitrum (as of writing 6.925 ETH & 716913 DONUT, 1% fee, full range).

  1. sale of 700k
  2. bridge 7.245 ETH to Arbitrum
  3. on Arbitrum, tranfser 7.243 ETH to cslarson.eth wallet
  4. an approve
  5. create LP nft with small position due to imbalanced price
  6. buy donut to nudge price (0.025 ETH)
  7. buy donut to nudge price (0.05 ETH)
  8. another approval
  9. enter full LP position (7.129 ETH & 677k donut)
  10. refund myself some eth/donut (0.074 ETH, 6936 donut) from sending too much (didn't account for nudge buys)
  11. send the LP nft to arbitrum multisig
  12. reimbursement of donut to cslarson.eth on mainnet

mainnet tx fees were deducted from the ETH from the trade

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Posted
8 months ago