Quick update from the Grants team.
We have a completed a second Over-The-Counter trade to convert DYDX into the last of USDC needed for existing funding commitments. The team converted 125,000 DYDX to 438,342 USDC. Below are details on the execution:
Order Type: Time Weighted Average Price (”TWAP”)
Order Period: 05/04/2022 12:25 PM ET - 05/06/2022 12:25 PM ET (48 hours)
Volume: 125,000 DYDX
Proceeds: 438,341.51 USDC
On this occasion, the team opted for a 48hour TWAP to impose even less impact on the market given the already choppy conditions. As previously mentioned, we will always be disclosing trades post-execution to prevent any front-running of our executions.
This should be the last of our conversion, however, with sufficient USDC funding to cover all committed payables.
All the best! 🦔