In light of the recent KUJI liquidation cascade and current risk of Ghost accruing bad debt, combined with general market corrections in the last few days, we are proposing the following contingency plan for MantaDAO to reduce leverage and risk of liquidation for MNTA positions. This is an emergency text proposal, to grant the Ops multisig the authority to execute the below plan on the behalf of the DAO. Given time sensitivity, we won’t be waiting for the 6-day governance period to start executing: assuming a clear support appear from the votes, we will move forward before the end of the voting period. As part of the plan, the Ops Multisig will: 1) Add 25m MNTA of collateral to the USK mint position, bringing down the LTV from 24.2% currently to 12.1%. 2) Add 5m MNTA of collateral to the USDC Ghost loan, bringing down the LTV from 21.4% currently to 10.7%. 3) Add 5m MNTA of collateral to the USDC.axl Ghost loan, bringing down the LTV from 21.4% currently to 10.7%. 4) Withdraw the remaining ~260k USK currently lending on Ghost, just as a precaution to mitigate risk they gets trapped in ghost insolvency. We might not be able to withdraw it all depending on utilization of the Ghost pool at the time. 5) Repay ~50.9k USDC debt in the MNTA/USDC levered LP, bringing down the LTV from 44.6% currently to 9.6%. This will be accomplished by the following actions: 5.1) Withdraw ~$150k of wETH from the wstETH/wETH LP. 5.2) Transfer the wETH to the single-signer Ops wallet PM used to use before we got the Ops Multisig (kujira192wtay852g79vdhu05v3z9zcg0m20tqpx962t9). 5.3) PM to IBC transfer the wETH to Mars Protocol on Osmosis, deposit as collateral on Mars and borrow ~50.9k USDC (~33% LTV). 5.4) PM to IBC transfer the ~50.9k USDC back to Kujira and send to the Ops Multisig. 5.5) From the Ops Multisig, chain the following transactions in one tx (to be executed in the same block): 5.5.1) Repay ~50.9k USDC from the MNTA/USDC levered LP (will be ~15k USDC debt remain). 5.5.2) Withdraw ~50.9k USDC from Ghost, from what just got free up in the previous step (Amit confirmed this would work). 5.5.3) Send the ~50.9k USDC back to PM single-signer Ops wallet. 5.6) PM to IBC transfer the ~50.9k USDC to Mars Protocol on Osmosis, and use them to repay the debt on Mars and free the wETH collateral. 5.7) PM to IBC transfer the wETH back to Kujira and send to the Ops Multisig. 5.8) TBC: Re-deposit the wETH into the wstETH/wETH LSD BOW pool, if possible (might not be possible because of the pool being totally imbalanced – PM could actually take the opportunity to bridge the wETH to Ethereum and swap for wstETH before sending back to Kujira, in order to rebalance the pool; we can discuss that later). 6) Repay ~15k USK debt in the MNTA/USK levered LP, bringing down the LTV from 9.9% currently to 0%. This will be executed from the Kujira team Ops wallet which is second admin of the CW1 holding the levered position as this position is a bit messy to handle (split between idx because of some difficulties encountered by Mike at the time of setting up the position via nested proposals in the CW1). Once the LP will be delevered, it will become transferable and will no longer need to be hold in the CW1; it will be transferred back to the Ops Multisig and will become visible in MantaFi. This proposal will also refund PM's 100 USK deposit from the test veto proposal (A3).