Interesting set of feedbacks so far on the votes. Let me first anticipate the vote: in favour.
The issue addressed here, to me, is broad: is about weaponizing some assets that we have in the treasury (eth) + have an environement with less friction in the dao to pay SP in stables (conversion of arb in stables), something that we failed a couple of times already. Plus at the same time find yield strategies for these assets idling, which are the stables and up to some degree the arb.
I can kinda agree here. This is not necessarily treasury management at full scope, but is a management of a subpart of assets, with just a certain consciousness of DAO spending (regen reports) and no DAO budget yet. It tries to address some needs that we have, plus create yield on some assets doing, effectively, nothing for now.
So again: is it treasury management satisfying all the needs we have in term of spending, risk, yield etc? No. But we don’t have these info, and to me is a very good way to start.
It tried to go for low hanging fruits such as eth staking, stable convertion and some yield. Already with this, in the environment (our dao) that we have, historically quite resilient to these initiative, we see a decent opposition.
I think instead is good that we start exactly here, and evolve into what we need: in 6 months we might have the opco, likely another more aggressive type of market regime, we will have hopefully some insight into timeboost revenue, and other iniative laid down that will tell us if we will have to increase/decrease size, risk, type of assets, etc.
Now let’s go on doubt, margin of improvements and others.
I don’t have an opinion as strong as this one but can understand the rationality. At the same time, I can understand the rationality like entropy said of the two buckets being run with different skillset in mind.
I think the effective answer is a mix of both: there could be different people in the operation of both buckets, but there should be a single overview to always have a tab on what is effectively happening from a risk standpoint. I think, for now, the current setup is good enough, and hope that in 6 months, at renewal or under opco, it will be instead made more cohesive.
Another big improvement part in future will be STEP: it necessarily has to converge in these initiative. While it also add a somehow very specific growth nature, even more so on a BD and advertisement level since it was also about attracting institution in our DAO, we don’t have to forget how in the end the goal of that initiative was to have stables deployed in RWA to produce yield for the DAO. In 6 months it should converge into whatever we will have here, and any phase 2 for step, if started in the meantime, should be setup with this merging goal in mind.
On a final note on the people involved and the process so far proposed.
I can honestly say that this makes a lot of sense as a general approach, but not always. As usual, devil is in the details, and we are a DAO in which we tend to try and have a say in everything, always.
In this very instance we have a topic that is both extremely complex (treasury management), requires a lot of expertise and so specific figures, and a history of the DAO not finding right away the path (remember the karp/gauntlet proposal was on discussion i think in july, almost 5 months ago). The fact that we need to move toward some sort of treasury management, the fact that in 6 months this will likely be revised, and the fact that Entropy made the DD on all candidates, to me is more than enough to support this initiative. And I hope others will see, more than the imperfections of it, the important step forward that it will be for the DAO, knowing that we will be able to adjust it along the road.