Notes: Treasury Task Force (Weekly Calls)

2021-11-16 Treasury Task Force
Meeting #1

  • T DAO treasury will start with 1 bn tokens

  • Four questions to address

    • Liquidity needs
      • Fei & Ondo
        • Vault w/ T tokens and FEI and Ondo
      • Tokemak
      • Olympus Pro
    • Income & Revenues
      • Fees from apps
      • Fees from LP positions
    • Expenses
      • Employees
      • Grants
      • Guilds
    • Treasury Diversification & Investments
      • Stables
        • Is USDC acceptable?
        • Is DAI preferred?
        • DAO should OTC to stables
        • How much of our stables should we lend?
          • Is half reasonable?
  • What is our target yield?

    • Daily, weekly, quarterly liquidity needs?
    • How risk averse is the DAO?
      • We should target 2 yrs (24 months) liquidity
  • Next steps

    • Target integrations with Ribbon & Maple
    • Execution is difficult
      • Technical considerations, what do we need?
        • Treasury controlled by a multi-sig
        • Multi-sig can delegate a ‘budget’ to a multi-sig
      • We need something like a committee to have some autonomy to avoid front running.
    • Start with high level allocations
    • What resources are we working with?
    • Need to figure out what 2 years of liquidity is.
  • Schedule for these calls

    • 830-930AM ET Tuesdays
  • Two open questions

    • How do we get value to the T token?
      • Buyback and Make article - smart Pool
2 Likes

2021-11-23 Treasury Task Force
Meeting #2

  • Technical features required
    • A budget mechanism
      • Each guild has a multisig and the multsig gets sent a budget
    • Fei Ondo could be easy liquidity
  • Will takes lead on guild structure and budgeting
  • East takes lead on liquidity
  • Jake takes lead on governance
    • Targets:
      • MStable - Long Term Governance?
      • Curve + Bribe
        • How to bribe w/o getting front run
        • Governance guild
      • Saddle - Long Term
        • Continue rewards?
  • How are budgets allocated?
    • Monthly allowance
    • Quarterly/annual budget
3 Likes

2021-12-07 Treasury Task Force
Meeting #3

  • Threshold USD updates (Agoristen and Ben)
    • Proposal is making progress with task force
  • Liquidity Needs (Eastban)
    • Eastban working on Alchemix, KeeperDAO, MStable, Balancer
    • Looking for other protocols that uses the buyback and make
  • DAO-to-DAO Governance Updates (Jake)
    • No updates on that front
    • Need to update on MStable, Curve, etc.
    • Target assets are ones that: (s/o Will)
      • We’re bullish on / like
      • Advantageous from a governance perspective
      • Farmable (is a major plus)
      • Consideration: Token swaps can be dangerous unless they are trusted
    • Maple would be a good staking partner to approach
    • Let’s start presenting this on a weekly basis if possible
    • To talk about at next community call:
      • Are we ok with delegating responsibility to a company to exercise an open market acquisition of another project’s governance tokens?
      • This will prevent us from being front-run (on an open treasury process), but we can still mitigate risk by allocating a budget.
  • Budgeting for Guilds (Will)
    • Best way to do budgeting for guilds is streaming budgets with independent multi-sigs
    • How to decide funding size:
      • Community driven decision
    • How to distribute tasks for the various guilds?
      • Suggestion: For marketing guild specifically:
        • Monthly meetings to decide tasks for the month
        • Do a bankless dao bounty system
      • Thoughts on this proposal:
        • East: Agreed
          • Could also add a “tipping pot”
        • Jake: Agreed
          • Could be helpful for thUSD
      • Will setting up call with coordinape
  • What would it take to set up a bounty board? (Will)
    • Naxsun has started figuring this with Bankless
    • Should each guild manage their own?
      • Let’s start out with the marketing guild
    • Open question: is there KYC required?
    • Jake: Long term I think we want one board for all guilds, but to start we want to have a relatively small test (e.g. marketing).
    • This could potentially fall under the treasury responsibilities
    • Board is an opportunity for anyone to get involved - Will & Ms. Nu want to be a part of this or take lead
  • What returns should we be targeting? (Jake)
    • The inflation rate is 10%, this should serve as a standard annual hurdle rate.
    • The more pressing issues are liquidity and incentives (bribes, etc.)
    • Once we have that figured out we can focus more long term on yields and investments.
  • Lead on Olympus Pro - Billiboi
  • Jake to introduce Ondo contact to Eastban
3 Likes

2021-12-14 Treasury Task Force
Meeting #4

  • Olympus Pro

    • Form is ready, just needs final discussion to hit remaining points
    • Open Question: What AMMs have they done bonding on? Is Curve an option?
      • @billi will research
  • CRV

    • They do have volatile pairs (that’s an update of v2)
    • Does it make sense to concentrate our liquidity pairs on Curve?
    • What should our pairs start out as?
      • T-ETH pool
      • Roll out tUSD when ready
  • Olympus

    • Start with bonding for T-ETH
    • Then expand to stable pairs
    • 3% fee from Olympus DAO
  • CRV + Convex Open Questions

    • How much sense does it make to own CRV or CVX in the treasury vs using the bribe? Rent vs own
      • Maybe modeling out same buying power
  • Check-in on Threshold USD

    • Still in brainstorming mode
    • Discussion about interest rate
      • Liquity pays issuance fee not interest
      • Ongoing interest rate continues to generate value
  • Follow up on Reflexer (RAI)

    • Adding another token might be a non-starter
  • Summary

    • Will on budget
    • East on research + liquidity
    • Jake on Curve econ
    • Billi on O-Bonds
    • Agoristen + Ben on Threshold USD
    • Need lead on Buyback & Make (Balancer)
6 Likes

2021-12-21 Treasury Task Force
Meeting #5

  • Olympus Updates
    • Follow up on questions
      • What is the flexibility of terms on O-Bonds?
        • Size of bond
        • Bond vesting term
        • Bond control variable
      • Can Curve pools be incentivized?
        • Initial review reveals not just Uniswap/Sushi pools.
        • There are Convex, Visor, etc.
        • One of the inputs you give is the target address
      • Should we do this ourselves?
        • Pros of Olympus Pro
          • Visibility
          • Liquidity
          • Management
        • Cons of Olympus Pro
          • Can’t issue custom condition (i.e. require staking)
          • Fees
          • Reputation of the issuer
        • We can (should) do both.
  • Updates on Governance Purchasing
    • Curve vs. Convex
      • Convex is the clear winner here. We can do this in the short term
    • Alchemix & Other Large Holders
      • Explore OTC for better purchasing power
    • Tokemak
      • Explore long term when data comes out
    • Badger
      • Talk about a deal?
    • New KPI
      • Efficiency; $1 in bribes = $X in liquidity
  • Buy-back-and-make
    • MStable implementations shared
    • See docs shared by Eastban
1 Like

2022-01-04 Treasury Task Force
Meeting #6

  • LP for T
    • Maclane
      • TETH pair on Curve
      • Interest in moving Keep rewards over to a T pool to:
        • LP on T Uniswap Pool
        • TETH on Curve
          • Steps to move forward:
            • V2 Pools need to be manually deployed
            • Waiting on this from CRV
            • Plan ahead to do votium or bribe
        • Bribe.crv or votium
          • Might get a lot of new users / different demographics here
          • Michael thinks it is more efficient to bribe
            • Votium is better for quick boosts
            • Crv.bribe is better for mid term incentivization
            • Buying CVX is best for long term
      • Need ETH to LP for CRV
    • Will
      • Need tech support for migrating rewards but it’s possible
    • East
      • Alchemix is buying LP tokens, ETH tokens and CVX tokens with their bonds
      • Want some rewards system/incentives to direct rewards from bond program to prevent selling
        • Coverage pool is one place
      • Simple proposal to to take the KEEP-ETH rewards and direct it to votium
      • Will: Want to consider a phasing approach so we don’t surprise anyone with that
    • Ramuro
      • It’s very synergistic to have the bribes directed to the pool you’re LPing
    • Jake
      • We need a one sided pool to address the concerns voiced by East about providing a yield to prevent dumping
      • Tokemak could be a good solution for this
  • DAO Structure & Ops
    • Will will have will have budget spreadsheet setup next week
  • Ben on MStable Treasury Swap
    • Market cap is relatively small so our voting power would be high.
    • MStable is a good place for tBTC as well
    • Open Questions
      • Terms enforcement:
        • Looking into mStable 12-mo binding
        • Is this technically possible with T-tokens?
  • Next Steps
    • Reach out to Olympus
      • Billi Will
    • Reach out to Tokemak
      • Jake will
    • Follow up on enforcing MStable terms
      • Want people to be able to stake T but not transfer
      • Set up a task force for this
    • Inflation
      • What rate should we use?
2 Likes

2022-01-11 Treasury Task Force
Meeting #7

  • Paladin (via Figue)
    • Curve Powers
      • Proposal Power
      • Gauge Weight Power
      • Boost Power
    • Paladin’s focus on boost
      • Raising minimum APY and Maximum APY someone can farm with
      • Paladin’s focus is on Boost
      • On a big pool, you’ll be able to farm 15-45%
      • Platform allows you to chose how much you want to sell/buy veCRV
      • Right now it’s a UTC interface
      • Convex keeps the boost to themselves, Paladin builds on top of that feature, which enables people to maximize their farming
    • About bribing
      • You will never get a constant rate as the bids change every week for bribing on the curve gauge.
      • Need a budget of > $75k / week
      • 5% costs $260k / week
  • MBMDP
    • Numbers to decide on:
      • Manager Pay
        • 200k T / year to committee or council per year
      • Integrations Guild
        • 4 people
        • Monthly budget of 50k T
      • Treasury Management Task Force
        • 6 people
        • Monthly budget of 0 T
        • Annual budget of 10m T
      • Marketing Guild
        • 4 people
        • Monthly budget of 150k T
      • Council Grants
        • 9 people
      • Dev Grant Guild
        • No monthly budget
        • 6m T for year for:
          • Threshold USD & Threshold PFK
      • People’s Guild (HR)
        • 3 people
    • ~2.5% of DAO treasury for Y1

2022-01-18 Treasury Task Force
Meeting #8

  • DAO Loan
    • Status
      • Order complete
    • Next Steps
      • Need to put up a bribe to start earning those rewards
  • Bribing
    • Minimum of $50k
    • Max $6.5m
    • How much to spend?
      • Two approaches to consider
        • Small bribe, feel out the market
        • Large bribe, advertise for the market
          • Preference towards this
          • If it’s very effective, it’s very effective, if not the DAO will get it
      • Bribing is periods of two weeks
      • We should ask Viscante what the social reaction
      • Do we reallocate the 170k~ keep rewards?
    • Decided to spend $300k
      • Expecting $600k in return
      • $400k of that to go back to the dao
  • To bribe early or late?
    • If we’re going for marketing, we should do early
  • Is T whitelisted on votium?
    • Need to confirm
  • Budget - bull vs bear spend strategies
  • Guild funding / grant responsibilities
1 Like

2022-01-11 Treasury Task Force
Meeting #9

  • mStable (Theo Clochard)

  • this will be the first treasury swap for Threshold, so good learning experience on going through this

  • everything that was in the document (shared in the mStable channel) is a good starting position to do the swap

  • something mStable DAO was working on with their treasury that they wanted to share (Theo Clochard | mStable)

    • DAO treasuries historically really exposed to their own native tokens
    • Realizing the value accrued in the treasury, why not position themselves for the long run
    • Starting from this idea, how can you provide a link between current position and future diversification?
    • Current process requires multisig, and this unfortunately creates a lot of friction
    • What is the solution?
      • He analyzed a # of DAOs
      • Track each stable performance and report it back to Treasury
      • He doesn’t know what the stablecoin Threshold DAO currently uses
      • Creating liquidity within a Stable Safe so they can create a rewards that is consistent with the annual burn of the mStable coin
  • Currently the Threshold Treasury is just T, and the goal is to be a mix of coins

    • Wants Stablecoins to be a good percentage of diversification
    • The goal of stable coins, per Theo, is to provide funding for the annual expenses (?)
  • Important question: while stablecoins are important, what are some other aspects of stablecoins can we take advantage of?

    • There are DAOs want to be risk averse (fund the treasury using stablecoin)
    • There are other DAOs that want to take risk and produce the highest returns for DAO
  • Q: How does Maclane / Theo think about how to fund Treasury during times like this in the market?

    • Billiboi noted we should have at least 12-24 months of stables (mentioned in the first treasury call)
    • While you can become aggressive during market selldowns
    • Maclane personal preference – given NuCo and KeepCo are well capitalized – wait for v2 launch of tBTC and if mkt doesn’t fall, then maybe diversifying into stables
      • He has a bias towards taking a bet towards Threshold
      • Mainly driven by Nucypher and Keep Network being well capitalized
    • MAKERDAO (example) – the liquidity engine crashed
      • They had to pay $5mn in liquidation cost
      • They had no stables to fund this
      • They had to sell their native token, which crashed native coin by 40%
      • Right now they have 20% of their treasury in stables
      • Maker/Yearn/Balancer – they own ~5-20% of treasury in stablecoins
        • Usually 30% is usdc / cash
        • Liquidity position in CVX
        • Passive income protocols like mSTABLE
  • Q: Can you share (Theo) the buyback program you have been implementing at mSTABLE?

    • This he doesn’t have much info
    • It’s on the more technical aspect
    • SAFEAY (?) – this is how they generate yield on stables
    • The goal is to maintain
    • The way to think about it:
      • Yearly burn rate
      • Figure out what return
      • Take 10-20% in very safe assets
      • Take another 20% or other portion of the treasury to deploy to other strategies

Q: with mSTABLE – how do you diversify currently?

  • Q: How do you determine governance for Treasury

    • The UI is terrible right now
    • It’s slow – so they want to make it a streamlined process:
      • First step is to initiate the transaction
      • They won’t create an extra step to prevent this from happening
      • Start from moment you want to do the deposit
      • Current process is a mess, 10 steps to get the $ funded/traded
    • At mSTABLE: they have a subDAO
      • Asset management DAO (2 signers there)
      • This is still governed by Treasury DAO
      • mSTABLE would be seamless integration between Treasury DAO
  • Q: What do you imagine for the token swap that we have been discussing? What are next steps?

    • On the DAO swap, mSTABLe needs to refresh their emission control (what is the cost of 1% of the reward, and Threshold will need to share what their target)
    • Today Threshold is getting 0.5-1% of the rewards
    • Theo can write the proposal/summary of this and put it in the Discord Chat
  • Votium Status

    • CVX – how do we harvest rewards?
    • What is the governance process in the short term to harvest and use this
    • Billiboiadams:
      • Had a good call with Olympus DAO yesterday
      • They can help us launch a bond program as early as next week
      • Had examples of written proposals
      • Minimal tech lift – Threshold gives some addresses via intake form
      • What we need to figure out as a group: When do we want to launch this program?
    • We should define: WHEN and HOW MUCH to bond with the program with Olympus
      • How much T do we want to purchase TETH liquidity via bonding program?
        • The way it works: T would start off with a smaller pilot bond program
        • From here, over a few weeks, sync up with Olympus on analytics for all the bond programs, tweak iteratively on what the best discount to use is, how long the lock up should be
        • On the amount – T thinking put out $500K emissions (USD). Olympus DAO is okay with anything above $250K USD.
        • They’re really looking for > $1mn USD liquidity w.r.t. pool depth
        • Monthly volumes of > $250K USD minimum
        • Billiboiadams think teth pool should already qualify
      • One thing Olympus DAO recommended (not good) – they don’t like vesting periods beyond 7 days
        • In their experience, the demand for the underlying bond declines pretty sharply with any lockup beyond 7 days
        • Olympus recommending, however only 5-7 days bonding
      • Maclane’s notes:
        • They recommend pilot program (1mth long) – allocating 5-7 day vesting period starting with $250K USD
        • Avg discount across all bond programs is ~8%. Healthy bond programs usually don’t go > 7% discount
        • The successful bonding programs they’ve done generally have pretty strong marketing push from the protocol’s marketing team
        • There is a 3.3% fee to Olympus
        • V2 contract going live in March – the migration is very simple – going from v1 contract run down to 0 and then migrating over to v2
        • If Threshold started a pilot, it would be on the current v1, run it for a month for $250K, analyze the trading data, and then when contracts upgrade to v2, Threshold can choose to move forward from there
  • Q: What is an example of non-successful bonding program?

    • Didn’t ask for an example
    • In general, however, if your variables aren’t set properly (we should be able to tweak after watching for 30 days): i.e. if ROI for bond is negative, demand will be 0
    • If we manage to sell all the T against T/ETH liquidity pools, that would be successful, but we need to decide what discount to use initially
    • From our side (Threshold) – did we want to wait for the Threshold dashboard and staking rewards
    • Right now still on schedule for 1/31 for staking contracts. This should incentivize for folks who supply liquidity to T or buy T to stick around after the bonding program ends
      • T coverage pools – these are a bit further out
      • T staking to run a node should be available immediately
    • The threshold dashboard should be ready as well ~1/31
    • T coverage pool is slated for ~2Q right now (April)
    • Options for T:
      • Staking/node
      • Coverage pool
      • Tokemak
  • Q: the v2 products – should be essentially a white label service that Olympus Pro provides: i.e. have a bond program on our dashboard that people can use

    • It’s unclear as to whether we can have a program run by Olympus for us and on their “bond market place”
    • W.r.t. on bonding pilot program – risk of a $250K getting dumped is small, so a small trial pilot program should be okay. Maclane is supportive of doing this ASAP
  • Q: Assuming pilot for Olympus goes well, when would the next program be? What size would we think about for a larger program?

    • We would need to connect with Olympus Pro guys after 30 days and walk away with some takeaways that can inform their decision: expand program or scrap it
    • We can try to get creative – use bonding program to go after single assets (CVX) or expand into other liquidity pools
  • On governance for TTF – we should defer to governance:

    • His proposal is to lower the multisig on the council
    • We should discuss this on Thursday
  • Bribe CRV (maclane)

    • We did $3.5mn T deposit into Votium this past Weekend
    • This was an incentive for CVX takers to signal for the T-ETH gauge
    • Bribe.CRV.finance – similar to Votium:
      • This targets veCRV directly rather than through CVX
      • Votium is the voting mechanism for CVX – the competition on Votium seems to be more intense vs. veCRV
      • The ROI the last few cycles have been more attractive for bribe.crv.finance than Votium actually
      • With bribe.crv.finance – it can be stickier bc there are multiple onchain trxns to change or edit your votes
      • With bribe.crv.finance – it’s an onchain trxn so it will persist until changed. CVX Votium changes every 2weeks
      • Currently the Votium / T-ETH is friendly towards threshold DAO: if we get a big chunk of these T incentives/bribes – we can roll them into the next round
      • Couch/East/Will is supportive of this
      • The voting period ended yesterday. CVX signal
    • We have discussion with KEEPER DAO later today – they have voting power on CVX and the discussion will be interesting (5pm ET).

This is from the Votium Discord – it’s a table of the pool, how much incentives were deposit (rewards), votes were the # of votes weight, and the spend to get each of those votes ($/vote)

Summary:

  • We approve Olympus
  • We approve moving forward with mSTABLE on token swap
  • Will talk about governance on next call
  • Will talk about harvesting next call
  • KEEPER DAO convo @ 5pm
  • DebtDAO – guest on integrations call
4 Likes

2022-01- 27 Treasury Task Force
Meeting # 10

  • Harvesting rewards

  • There was a question about what the frequency was going to be

  • There was ~$40K of CRV/CVX in the protocol liquidity – is this enough to warrant starting this process? Probably?

  • It depends on what we want to do – if we want to do everything thru CVX (1 trxn to claim), then wrap the CRV into cvxCRV, and then stake everything

  • What do we do with the rewards that are for the lender? East thinks we should give the 50% of the rewards to the lender, and let the lender take care of his rewards (3,075 ETH lender – we should give them 50% of the rewards immediately)

    • Do we put the rewards inside the flywheel or give it back to lender?
    • The easiest accounting way is to give the lender
    • How would the lender want to vote with their rewards? Likely TETH?
    • There could be scenarios where people want to vote for other pools (there could be an incentive for voting for another pool)
    • Maclane should connect with the lender and get a sense of how they want to handle 50% of their rewards and what their intention was for staking CVX/CRV/LP rewards
  • Olympus DAO Pro bonding proposal (per Ben’s draft)

  • Do we want to post the proposal today and then wait a few days before holding a snapshot? Yes, we believe this is the plan: the intention is to have the snapshot tomorrow and then have a short waiting period

  • Matt is OOO, so for the time being assume the threshold.eth ENS and do it through that

  • Someone can just buy the ETH, transfer it into the ENS and then get reimbursed later

  • Re: OTC: there’s ~$1.5-2mn (ETH) to purchase

  • We may need to get front end devs to include Keep tab built/included

  • The terms offered will be same as Olympus (7-8%) and staking for 7-day period.

  • A few transactions in the next few weeks for the Treasury:

  • The incentives for CRV

  • The wrapping of Keep to T

  • Voting for the Snapshot – who would be able to vote?

  • Should be staked Keep

  • Should be staked Nu

  • Treasury shouldn’t vote with their nu/keep

  • Will need to receive ENS from Matt, set it up (multisig transaction) and do the Snapshot on Monday

  • Governance Pending for Treasury

  • This was discussed per the snapshot proposal – we will follow this model and we should be fine

Current To do actions right now

  • Feedback on Olympus DAO Pro proposal
  • Cue up CVX/CRV incentive transactions
  • Getting feedback from v2 with Rusty (Will/Ben/Rusty) next week
    • Internally at Keep, most people understand the plan and supporting v2
  • Spend in 1Q22 is not too high – so we can get the 1Q budget numbers
  • Put together a proposal for feedback process on the budget and vote on it
1 Like

2022-02-01
Meeting #11

  • Do we want to harvest and payout 50% of the rewards to the lender?

    • Snapshot does not support gnosis multisig so we need an eoa for that
    • Ben: Inclined to payout
    • Have to decide if we want to wrap our CRV in cvxCRV
      • cvxCRV gets a high return on convex but is permanent
    • Harvest every 2 weeks
      • Justification: in time for voting rounds
    • Voting must be done by an EOA (can be delegated)
      • Choose someone from treasury guild or council
      • East volunteers
  • Next steps for bribe.crv and votium

    • We should make a document detailing all of this
    • Billi:
      • Curve - vote once and stays until change
      • Votium - every two weeks needs to be determined
    • Even if you’re not aware for votium you are eligible for the bribes
    • Since we have a lot of T, there’s no need for us to claim often
    • Need to make sure the votium rewards do not expire
    • East: We should routinely claim anyways
    • Need analysis to see ROI
  • Question: What is the 50k cvx vs the 536k cvx

  • Should we swap some of the KEEP rewards into ETH?

  • Wen Treasury Guild multisig?

    • And what are their responsibilities?
    • Next steps (should we allocate towards them)
  • How to get ETH

    • TBD, Bond program could help
  • Next step for Bonds

    • Get snapshot setup to approve forum post
  • MStable & Saddle Swap

    • Next steps:
      • MStable swap is pretty much there
      • Saddle needs more conversation
      • Move MStable to forum
  • Debt DAO

    • Next steps:
      • Do people want to get paid for contributions in stables?
        • Preference might be a mix of stables and T
      • Think this still needs some debate and fleshing out
      • Billi: Should be demand driven
  • KeeperDAO

1 Like

February 10, 2022
Meeting #12

  • Curve pool is often becoming unbalanced
    • We could set a threshold to rebalance it
      • Issues with execution
      • Could delegate to an EOA
        • Another multisig with same council members
        • 2/9 execution
    • Opportunity could diminish when Binance listing occurs
    • Need to write a proposal and get funded
  • Gating access to treasury guild
    • Create a new role
    • Have a separate gated channel
    • Want to keep most conversations public
  • How should treasury guild operate?
    • Initiate transactions and propose to council multisig
    • Treasury guild responsible to token holders
  • Popcorn DAO
    • Only available for token participants
    • Yield optimizer and staking platform
      • Stake stablecoins and earn yield
      • Extract a percentage of the fees and direct to the popcorn holders
        • Do ESG with it
    • Partnered with Olympus, Bankless, Klima DAO
    • DAO Treasury Management tool
    • Multichain, polychain, ethereum
    • Pop staking
    • Could do a stable OTC deal, will look into it
    • Would be interested in a swap, will provide info
  • Jake to talk to Maclane about OTC with funds
  • Lending to Byte Trading
    • Terms would be negotiable
    • Risk: Lack of legal proxy
    • Similar to Maple Finance
  • KeeperDAO proposal pretty much finished, Jake to check with Billi
  • Should we do the T deposit in CRV pools and the olympus pilot?
    • T opportunities are harder to predict but possible
    • OTC could make more sense than olympus because we avoid the fee from olympus
  • Single-side deposit to curve will have very little slippage
    • Need to put into a budget proposal to receive the dao mandate, should include:
      • Max spend: $10m
      • Max slippage: 8-10%
      • Timeframe: End of March
2 Likes
  • ETH Loan
    • Should we payback the loan?
      • Pros
        • reduces the risk of IL
        • Increases share of rewards for the treasury
      • Cons
        • Reduces liquidity we could direct elsewhere
      • How?
        • Systematic or opportunistic?
          • e.g. take advantage of a pump
          • 5m T transactions, ~7% above the loan

[information redacted - contact ben or jake for details]

  • Jake has a dao treasury consultant attending the TG call next week
  • KeeperDAO proposal approved and sent