The following reflects the views of L2BEAT’s governance team, composed of @krst and @Manugotsuka, and is based on their combined research, fact-checking, and discussion.
We voted FOR.
We do not have concerns with the 85.1 ETH allocated to the Arbitrum Developer Guild, as this corresponds to revenue the DAO has already approved.
For the remaining 1,614.9 ETH, we think it makes sense to keep putting idle ETH to work instead of leaving it sitting in the treasury. Looking back at the previous 6,000 ETH allocation earlier this year, the June ATMC update shows that those funds were deployed into ether.fi, while the portfolio continued using ETH across strategies such as covered calls.
There is also enough history now to see how some of those positions evolved. In August, the ATMC reported that covered calls on 6.75K ETH expired in the money, resulting in roughly $15.2M in stablecoins for the DAO.
During a governance call, we asked how the new 1,614.9 ETH would be used. The team clarified that the ETH will be kept as ETH and will allow the ATMC to restart the covered call strategy without pushing the portfolio below its 30% minimum ETH benchmark. That gives us a much clearer picture of why the additional ETH is needed.
We also appreciate the acknowledgment that future proposals like this should explain the intended strategy more clearly from the start. With that clarification, we support the transfer.