Treasury Management
During May, additional capital was injected into the TM portfolio from several sources. The onchain proposal to move 6K ETH and ~$150K in stablecoins from the treasury into the portfolio was executed in mid-May. Moreover, ~$1.3M idle stables were consolidated from the D.A.O. grants initiative, while ~$1.7M USDC previously overseen by the active manager was moved back into the main portfolio address.
The aforementioned stablecoins were all deployed by the first week of June. The DAO’s syrupUSDC position was increased by ~$2.8M, ~$8.1M was deployed into USDai, and ~$3.2M was added into Spark’s sUSDC. Covered calls on ETH were not rolled in late May, given unattractive volatility conditions, with implied volatility having decreased to lows not seen since the beginning of 2024. The strategy will be restarted as conditions improve. The OAT has also approved a suggestion to convert 12.75K ETH into etherfi’s eETH as part of an ecosystem growth initiative, and the deployment should be expected to be finalized shortly by the Arbitrum Foundation.
Incentives: DRIP
Partnership talks are still ongoing for DRIP Season 2, our team hopes to be able to share more in the coming weeks.
Ecosystem Data
Arbitrum GTM Support:
- Social Media Campaigns:
The Data Team:
- ArbOS 60 Research: Supported Offchain Labs with dynamic pricing elasticity analysis to help inform fee parameter design on the network.
- Delegates Module: Launched a public delegate tracker on arbdata.com, giving delegates and the broader industry visibility into voting power, share of quorum, voting patterns, and the top delegators behind each delegate.
- Security Council Module: Added Security Council tracking to arbdata.com, providing transparency into council composition and activity within Arbitrum governance.
- arbdata.com - Offchain Proposals Module: Expanded governance coverage to include offchain proposals, giving a complete view of voting activity and participation across both onchain and offchain governance.
Governance Operations & Other Initiatives
Watchdog
Entropy recently posted a slightly longer update for the Watchdog program. In May, the reviewing committee wrapped up its remaining investigations that were in relation to the historic incentive programs. On May 11th, the new time-frame restriction for new reports went into effect. Entropy, along with the AF and Ministro, are continuing to work alongside OpCo to help the transition occur smoothly. At month end, the working budget of the program was ~476,546 ARB (assuming an ARB price of $0.10).
Stylus Sprint
As shared last month, the committee has wrapped up its initial review of all milestones and the final payments are now pending with the AF. In May, OCL marketing released blog posts for both Moving Stylus and Syndicate. Unfortunately, at the end of May Syndicate announced that they would be winding operations. At the time, payments for 2 of their 5 submitted milestones, totaling 90k ARB, had already been paid out. Lastly, the program’s retrospective is still in review with OCL and the AF.
Requests from the DAO
Please continue to reach out and pass along requests to Entropy Advisors, or visit our bi-weekly office hours on Tuesdays at 1:15pm EST. Our team is always open to input from DAO members and encourages delegates to use this time to ask Entropy questions regarding any initiative.