I will be voting FOR this proposal in Snapshot as I believe that diversifying the DAO’s treasury with minimal volatility assets is generally a positive action. Regarding other delegates’ comments on a lack of evaluation of STEP’s first iteration, I think the Dune dashboard and the STEP Monthly reports are enough to consider the current STEP iteration as a successful program, achieving mitigation of risk and promoting the growth of the on-chain RWA ecosystem.
About the overlap of functions with the Treasury Management Committee (TMC) and Growth Management Committee (GMC) I share the sentiment that clarity and structure are essential for smooth governance. However, given that these committees are still in process of being fully established and that it will take time to develop their processes and resource efficiency, it makes more sense to maintain a proven program like STEP, which is already delivering positive outcomes for the DAO. When the TMC is running as intended, then we can revisit whether to transition the program under their oversight. For now, keeping STEP as it is strikes me as the right balance to continue supporting ecosystem growth and safeguarding the DAO’s finances trough diversification.
I also think expanding beyond US Treasury bills could be a good idea. The program could look into other conservative, yield-generating RWAs such as corporate bonds or similar low-risk instruments. This would further expand diversification and support a wider variety of RWAs in the ecosystem. Of course this has to be done by taking a measured approach, evaluating risk, liquidity and compliance.