1 Poll Closing March 13, 2025
TMC Recommendation
Summary: This poll asks ARB holders whether they support deploying stablecoin and ARB strategies as outlined here. We strongly recommend voters read the details, because they are complex and involve significant financial risks to governance funds.
Options:
#1 Deploy Both Strategies
#2 Only Deploy ARB Strategy
#3 Only Deploy Stable Strategy
#4 Deploy Nothing
Abstain
Recommendation: Vote #4 Deploy Nothing. We have several problems with this proposal. Firstly, this should have separate polls for ARB and stablecoin deployment strategies. Combining all of them into one poll will, in our opinion, affect the outcome of the poll, and in a way that is negative for governance thoughtfulness.
Secondly, strategies are not being treated consistently. The TMC did not recommend any ARB strategies, yet two are bundled together on the ballot. Are these the only two that were submitted? If not, why are the others not on here? And why are stablecoin strategies also not recommended by the TMC not on the ballot? In our view, the ARB strategy question should be a standalone poll that simply approves or disapproves the TMC determination that no ARB strategy be pursued.
Finally, the stablecoin strategies are not all created equal, and have divergent risk-reward profiles. It is not appropriate to bundle them together – this is not like STEP where delegates were mostly voting on different versions of tbill wrappers with the difference being nuanced and requiring the STEP committee to even identify. In this case, there are significant differences between projected returns, accepted risks, and expenses. Delegates should have the ability to vote in favor of the risk-reward profiles they approve without having to also support strategies they view as inappropriately conservative or risk-seeking.