Nouns DAO (legacy) - treasury-management (Q5067): Difference between revisions
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possibly? i think it could be interesting to refine a dao perspective on macro and potentially explore ways of opportunistically driving revenue to the treasury. arbitrage/writing premium are the primary ways i know of doing this, but imagine there may be other ways people in this space make fear their friend... for example if sub-2k eth pushes some alts (& nfts?) into 'deep-value' territory; do we care? are there revenue ideas out there not centered around finance/trading? | |||
| Property / Question & Answer: possibly? i think it could be interesting to refine a dao perspective on macro and potentially explore ways of opportunistically driving revenue to the treasury. arbitrage/writing premium are the primary ways i know of doing this, but imagine there may be other ways people in this space make fear their friend... for example if sub-2k eth pushes some alts (& nfts?) into 'deep-value' territory; do we care? are there revenue ideas out there not centered around finance/trading? / rank | |||
Normal rank | |||
| Property / Question & Answer: possibly? i think it could be interesting to refine a dao perspective on macro and potentially explore ways of opportunistically driving revenue to the treasury. arbitrage/writing premium are the primary ways i know of doing this, but imagine there may be other ways people in this space make fear their friend... for example if sub-2k eth pushes some alts (& nfts?) into 'deep-value' territory; do we care? are there revenue ideas out there not centered around finance/trading? / qualifier | |||
Answer: There is no direct answer to the question about exploring ways of opportunistically driving revenue to the treasury or revenue ideas not centered around finance/trading. However, there is a discussion about treasury management, diversification, and staking ETH across multiple products/protocols. | |||
Revision as of 21:07, 7 July 2023
A Nouns discord channel.
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Nouns DAO (legacy) - treasury-management |
A Nouns discord channel. |
Statements
<@603240181050638346> seems to have a very good handle on the practical side of implementing various proposals.--If we were to go in the direction of staking some eth would it be best to perhaps stake 1% of treasury (or even just 0.01 eth) as trial? Or would stand protocol be to just vote on the end final result rather than in stages?
Based on the conversation, it seems that the idea of staking a small percentage of the treasury as a trial was discussed, but no definitive answer was given. The conversation included suggestions for different percentages and potential risks, but no clear consensus or final decision was reached.
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<@910382387983179797> would you trade your noun for a noun in the first 50? First 20? First 10?
Noun 19/Cookie Nounster#3464: <@910382387983179797> would you trade your noun for a noun in the first 50? First 20? First 10?--Answer: Probably not.
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Also I’m confused how can new members join the dao forever, don’t daos have to be capped at some #?
GuyZalaxy#1925's question about whether DAOs have to be capped at some number was addressed by Noun 12#8966, who explained that there is no cap on DAO members and that there are hundreds of DAOs with more members/public keys than 200. They also mentioned that Nouns DAO benefits from a constant refreshing supply of new members and that the cadence of auctions can be changed in governance.
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Are the economics of sETH not expected based on making ETH2 not tradable until after the merge? Looking at crypto, wouldn't one expect that the first thing that would happen would be the creation of a derivative, and that the nature of liquidity would make that derivative winner take all? It seems like hopium to expect that something else would have played out here (reminds me of soulbound nfts tbh). Does this problem not go away on its own once beacon chain withdrawals are possible?
Yes, as soon as the conversion is liquid the peg will restore. The problem is expected to go away on its own once beacon chain withdrawals are possible.
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are we planning on transferring/buying the nouns.eth domain into the DAO?
Yes, there are plans to transfer the nouns.eth domain into the DAO. 4156#9052 mentioned that the domain is currently in the foundation's multisig and that they will ask the board about transferring it to the DAO directly.
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By investing in other NFT projects, aren't we just giving those owners exit liquidity and possibly transferring our goodwill to their project for a not so great return?
By investing in other NFT projects, aren't we just giving those owners exit liquidity and possibly transferring our goodwill to their project for a not so great return?--MikeMcDonald#3707: We're absolutely giving them exit liquidity. The hope is that this works as effective advertising to have people who believe in that project believe in our project.
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can’t one just do it through a CEX? Sell DAI for fiat, send fiat to bank account. -Are you concerned about the slippage when converting to fiat?
Yes, one can sell DAI for fiat on a centralized exchange (CEX) and send the fiat to a bank account. The concern about slippage when converting to fiat may not be significant, as stablecoin/USD trade fees might be low enough on exchanges. It's worth double-checking on exchanges like Coinbase for less sophisticated users.
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does one get sETH in secondary market or from depositing with lido?
Yes, one can get sETH in the secondary market or from depositing with Lido. Islandprime59#9223 mentioned that the market is pretty efficient it doesn't really matter but yea probably deposit.
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for any given auction do not exceed 20% of average settle price of the last three (3) auctions Should this be 120%? When would we expect a Noun to go for that far below the most recent 3 auctions?
Yes, the intention is 120%. It’s an edge case some were vocal about pricing people out of a stellar Noun since the treasury can effectively net 0 on its winning of the auction. So a somewhat arbitrary percentage was chosen to address it.
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Gm everyone! Catching up on discussions while having my morning coffee. Love the thoughtful comments!--I think there’s a strategic decision to be made by NounsDAO with regard to treasury management:--A. ETH-only -B. staked ETH - a low-risk, conservative and passive strategy-C. DeFi yield generation - actively managed yield generation --I would argue in favour of A or B given the early stage NounsDAO is at. This could be a decision that we take for the next 365 days and revisit it annually. --Let me explain the reasoning. As much as I love yield generation, and hate to see the treasury ETH “just sitting there” I think we should be mindful about where we direct our attention and efforts. --What we should consciously avoid at this stage is “incrementalism” in our thinking and this is exactly where strategy C will lead us. Should we get 5% more here or there? Is that farm 20% safer or riskier? Every new person joining will have their own theory about yield generation. None of them will materially move the needle. --By deciding that for the next 365 days we decide *NOT* to have any yield generation discussions (outside of staking ETH) we focus ourselves on core 10x innovations NounsDAO is uniquely positioned to introduce. Yield management is not one of them. --Just a quick pulse check on what other think of it. Which strategy should we focus on for the next 365 days?
Based on the conversation, the question about which treasury management strategy NounsDAO should focus on for the next 365 days was not directly answered. However, there were opinions shared in favor of staking ETH (option B) and some discussions about other potential investments like BTC, NFTs, and ERC-20 tokens. It is suggested that a small and elite committee could be formed to make recommendations on financial strategies for the organization.
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I am probably one of the least experienced on this front, I am DeFi genius compared to my IRL friends but an absolute noob in the private channels of this discord, so I’ll mostly just listen and learn from these conversations but here’s one thing that occurred to my brain that may or may not be helpful to say:--Most noun owners know how to grow wealth, that is how they got to afford a noun. Most noun owners could certainly be (and probably are) putting their personal treasuries to work via yield earning. --What is the appeal of nounsdao? What is the UVP of being a member and investing capital here as opposed to elsewhere?--I don’t believe it’s that you can pool your ETH together to participate in the same yield generation activities that you already can on your own… The opportunity here is the model created where the feedback loop of spending on proliferating nouns, driving value to the NFTs, bootstrapping community and all the good stuff that spending the ETH in novel and experimental ways can bring.--Is attention/focus/time the scarcest commodity in crypto? And are some of nouns greatest assets the brains, experience, and connections of the nouners themselves? --My fear is that every minute nouners spend thinking and debating traditional treasury management measures like yield generation is time not spent engaging in the unique opportunity this project presents us, and therefore kind of… a waste. Could be done elsewhere, way more efficiently, where attention is not so split and votes aren’t required and it doesn’t have to be balanced out with the greater vision which is facing a different direction.
The appeal of NounsDAO is the unique opportunity it presents for its members to pool their resources and invest in novel and experimental ways that drive value to the NFTs, bootstrap community, and create a feedback loop of spending on proliferating nouns. The focus should be on the cultural capital and clout of the organization, rather than traditional treasury management measures like yield generation. The project aims to create one of the most sought-after memberships, status symbols, and cultural artifacts in the world by using the treasury to increase demand.
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is coinbase fee flat or %?
Coinbase fees are a percentage, with a 1.49% fee mentioned for converting USDC to DAI in the conversation.
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Is there some way that the swap and send can be triggered by the searchers such that a naive nouner or builder doesnt need to do anything except watch the funds get converted and transferred?
Yes, there is a way for the swap and send to be triggered by the searchers so that a naive nouner or builder doesn't need to do anything except watch the funds get converted and transferred. The idea discussed involves allowing the searcher to pay through a priority queue, passing the funds through one of the DAO's contracts for accounting purposes, and then having the funds flow to the builder. This would involve paying out outstanding debt before topping up the reserve.
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I thought it was all eth have we sold to stables ?
Yes, if a proposal requires USDC, they sell ETH and forward USDC.
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it sounds like your priority would be to protect the ETH so that Nounders can continue to draw from it to invest in/build their vision, eg spending ETH on creative/viral marketing projects to in turn generate higher auction prices? & that this is the best risk/reward strategy for the DAO full-stop?
The question was whether the priority is to protect the ETH so that Nounders can continue to invest in/build their vision, and if this is the best risk/reward strategy for the DAO. The conversation suggests that the current priority is to collect as much ETH as possible and that the treasury value will be important in the future. The focus is on growing the treasury to fund more projects without eating into the principal as much. There is also an emphasis on attracting new members and increasing the treasury's size to achieve differentiation and attention. However, there is no direct consensus on whether this is the best risk/reward strategy for the DAO.
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Oh so if the prop requires usdc we sell and forward usdc ?
Yes, if a proposal requires USDC, they sell and forward USDC. In some cases, the proposers had to convert after the DAO sent the funds, but they are working on a new model.
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out of curiosity, is the lack of clarity around the tax implication the main reason you voted against prop22?
The main reason Noun 12#8966 voted against prop22 was due to the lack of context and clarity in the proposal. They mentioned that the proposal didn't explain what was learned from the 1 ETH experiment, didn't discuss the tradeoffs in participating in Lido, and wasn't comprehensive enough for treasury management. They wanted a clearer and more articulated proposal for managing large sums of money.
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possibly? i think it could be interesting to refine a dao perspective on macro and potentially explore ways of opportunistically driving revenue to the treasury. arbitrage/writing premium are the primary ways i know of doing this, but imagine there may be other ways people in this space make fear their friend... for example if sub-2k eth pushes some alts (& nfts?) into 'deep-value' territory; do we care? are there revenue ideas out there not centered around finance/trading?
There is no direct answer to the question about exploring ways of opportunistically driving revenue to the treasury or revenue ideas not centered around finance/trading. However, there is a discussion about treasury management, diversification, and staking ETH across multiple products/protocols.
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