The following reflects the views of the Lampros DAO governance team, composed of Chain_L (@Blueweb), @Euphoria, and Hirangi Pandya (@Nyx), based on our combined research, analysis, and ideation.
We are voting YES, Deploy Stablecoin Strategy for the Stablecoin Strategy in the Snapshot voting.
As mentioned in our previous rationale, we believe that Gauntlet, Karpatkey, and Avantgarde are the right choices for managing the DAO’s stablecoin allocations. We appreciated the research conducted by Karpatkey and Avantgarde before the launch of STEP v1, and their broader track record gives us confidence in their ability to handle these assets responsibly.
Regarding their fee model, we would have preferred more partners adopting a performance-based fee structure over a management fee model, as stablecoins can generate superior yields through active management, which should be incentivized accordingly. The current fee structure adopted by Gauntlet and Karpatkey may not optimize stablecoin performance—not due to a lack of expertise but rather a misalignment of incentives within the existing framework. As a result, the deal appears less likely to be a win-win for both parties.