Voting FOR, with a flag on stablecoin yield that I’d like Entropy to address before the on-chain vote.
The ETH deployment is a straightforward yes. 6,000 ETH sitting idle is an unjustifiable opportunity cost, and the ATMC’s ETH performance speaks for itself, meaningfluly outperforming wstETH. The GMX GLV position’s complexity is worth watching, but the hedge value through ETH’s Q1 decline was real.
On the stablecoins: the ~$150K USDC is small relative to the ETH tranche, but it points to a concern with the existing stablecoin portfolio worth putting on the record. The ATMC’s stablecoin 30D MA of ~2.96% is trailing the 3M US Treasury rate (~3.69% as of mid-March). The IPS benchmarks this bucket against AAVE V3 USDC (1.59%), which ATMC is beating, but that feels like a low bar when risk-free alternatives like T-bill-backed RWA strategies (Sky, Ethena, short-duration RWA funds) are available and have been outperforming. I’d want to understand why the stablecoin allocation isn’t being directed toward yield sources that at minimum clear the Fed rate before the on-chain vote on April 16.