[ONGOING] OP-PIP-140: Recover stranded DAO USDC, transfer the treasury to the Pythian Council Ops Multisig, and clarify direct fee repatriation

Proposals
1

Abstract

This proposal aims to do three things together:

  1. Recover USDC owned by the Pyth DAO that is currently stuck in an incorrectly created token account.
  2. Transfer the full DAO USDC balance, including the recovered USDC, to the Pythian Council Ops Multisig under the Strategic Reserve framework approved in OP-PIP-136.
  3. Transfer the DAO’s SOL balance to the Pythian Council Ops Multisig (as approved in OP-PIP-136).
  4. Clarify that the Pythian Council may repatriate DAO-owned Pyth fees directly to the relevant Pythian Council multisig for conversion into PYTH, while continuing to follow the existing execution and reporting rules.

This proposal does not change the DAO’s ownership of these assets, any revenue share, or the prohibition on selling accumulated PYTH.

Realms Proposal: OP-PIP-140: Recover stranded DAO USDC, transfer the treasury to the Pythian Council Ops Multisig | Pyth Governance

Description

  1. Recover the DAO’s stranded USDC

During the repatriation of Pyth Core fees from EVM chains, two USDC transfers were sent through an incorrect Solana token-account setup.

The relevant transfers were:

The DAO treasury wallet is: Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak

Its USDC token account is: 5Unq3fgfSNdyeGjiq2Pu5XAQUJWo2rauKGErbUyxqUGe

The two transfers currently sit in: 3QpXyXjsqDMjME21JjuHzsPPYFQisnQ1hL3myJhu4EM3

The issue is that this account was created with the DAO’s USDC token account as its owner, rather than the DAO treasury wallet itself. As a result, the funds cannot be used normally by the DAO treasury.

The first instruction in the proposal will recover the stranded USDC. Its payload is:

jJclj04kifG7PRApFI4NgwtaE5na/xCEBI572Nvp+FkHAAAAI9F6uInlbWLbRa47/te6ZC4ZDVzyDxS9vuZJHqAxqFYAAcb6evO+2606PWXzaqvJdDGxu+TC0vbg5HymAgNFL11hAABCjT90AA14UKk7yHs9dNdgV+FZ7MBh4xWZmEDKAp30BwABQo0/dAANeFCpO8h7PXTXYFfhWezAYeMVmZhAygKd9AcAAcb6evO+2606PWXzaqvJdDGxu+TC0vbg5HymAgNFL11hAADs+gitWXHeKPjc6NNS2R2Og/mc3k/7gn7Eh0E5AR+1dQEBBt324ddloZPZy+FGzut5rBy0he1fWzeROoz1hX7/AKkAAAEAAAAC

2. Transfer the full DAO USDC balance

At the time of drafting, the DAO USDC account holds: 713,700.296927 USDC

After the recovery instruction executes, the full amount available for transfer will be:

713,700.296927 + 34,375.871282 = 748,076.168209 USDC

The second instruction will transfer the full amount to the Pythian Council Ops Multisig operated through Squads: GAdn7TZhszf5KTfwNRx3A2nP6KCRFEWucZubgdEqbJA2

The second instruction must execute after the recovery instruction.

Its payload is:

Bt324ddloZPZy+FGzut5rBy0he1fWzeROoz1hX7/AKkEAAAAQo0/dAANeFCpO8h7PXTXYFfhWezAYeMVmZhAygKd9AcAAcb6evO+2606PWXzaqvJdDGxu+TC0vbg5HymAgNFL11hAAD3TRhyf9GjRmE3zIMrIxaOjNI7yrereSUSJJiprnk+PQAB7PoIrVlx3ij43OjTUtkdjoP5nN5P+4J+xIdBOQEftXUBAAoAAAAMEXTQLK4AAAAG

The most recent Pyth Pro Douro distribution was sent to the DAO treasury rather than directly to the Pythian Council Ops Multisig, although OP-PIP-136 established the Strategic Reserve process through the Ops Multisig. This proposal moves those funds into the approved execution flow.

  1. Transfer the DAO’s SOL

The DAO treasury currently holds: 880.894539350 SOL to the Pythian Council Ops Multisig: GAdn7TZhszf5KTfwNRx3A2nP6KCRFEWucZubgdEqbJA2

This leaves 1 SOL in the DAO treasury, subject to the final instruction accounting for transaction fees.

  1. Clarify direct fee repatriation to the Pythian Council multisigs

OP-PIP-125 established the framework for repatriating DAO-owned fees from non-Solana chains.

This proposal makes the intended operating route explicit.

The Pythian Council may repatriate DAO-owned Pyth Core, Pyth Pro, Entropy, and other approved on-chain fees directly to the relevant Pythian Council-controlled multisig, including the relevant EVM Safe or the Solana Ops Multisig, where this is necessary to convert the assets into PYTH under OP-PIP-136.

This is a soft governance approval of the operating process. It is not an additional on-chain instruction, an amendment to the Constitution, or an unrestricted delegation of treasury authority.

Implementation

Realms Proposal: OP-PIP-140: Recover stranded DAO USDC, transfer the treasury to the Pythian Council Ops Multisig | Pyth Governance

If approved:

  1. The first instruction will recover exactly 34,375.871282 USDC from the incorrectly created token account.
  2. The second instruction will transfer exactly 748,076.168209 USDC to the Pythian Council Ops Multisig.
  3. A separate SOL transfer instruction will transfer 880.894539350 SOL, leaving 1 SOL in the DAO treasury, subject to transaction-fee accounting.
  4. The Pythian Council will convert the transferred eligible assets into PYTH under OP-PIP-136.
  5. All purchased PYTH will be returned to the official DAO treasury.
  6. Future eligible DAO-owned fees may be repatriated directly to the relevant Pythian Council multisig and converted under the same rules, without requiring a separate vote for each mechanical transaction.
  7. The Pythian Council will continue to publish execution reports and transaction proofs.
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