Based on the feedback received, we are revising the options for the Snapshot to 22.5 million, 35 million and 50 million ARB. The strength of our committee and the process we have designed gives confidence to venture a higher amount in this iteration.
We have seen some comments from @krst , @Sinkas & the L2Beat team on eligiblity and whether this is even genuine diversification of our treasury, given the low amounts involved in proportion to treasury size.
if the snapshot is approved, @GFXlabs is taking lead on drafting the RFP. My current thinking is to keep it crypto-native, in the form of either tokenized t-bills/money market instruments or yield bearing stablecoins, but the final call rests with GFX.
On the size of diversification in STEP 1, we’d like to point out that even if we went with @Aera’s numbers of 5% to yield bearing stablecoins, the current proposal achieves between 0.65-1.5% of this target.
It is worth staggering our treasury diversification to yield bearing stablecoins until we have consensus on the final number and also to simply dollar cost average over multiple proposals rather than all in one.