| TMC-4: Increase Stonks execution limits | |
|---|---|
| Strategy | In order to achieve TMC-1, the TMC would need to reset DAO-enforced EasyTrack limits of 9k stETH and increase the threshold to 12k |
| Objective | Set thresholds and EasyTrack motions to seamlessly transform surplus stETH into stablecoins (DAI/USDC/USDT) to secure enough stablecoin working capital to support ongoing needs without overindexing on stables in the treasury |
| Intended on-chain action | 1. Reset limit on EasyTrack approvals for Stonks deployment 2. Increase limit to 12k from 9k |
| Impact on treasury liquidity | WIll transform stETH holdings to stablecoins for use in grants and funding, execution will be done directly from stETH to DAI without withdrawals |
| Execution complexity | Selling stETH for stables through Aragon will require interactions with venues such as Cowswap. However, Stonks has made this process non-custodial, seamless and automatable (further automation to remove the Treasury Management Commmitteeâs involvement under TMC-2) |
| Maintenance complexity and overhead | Minor |
| Summary of possible risks | Minor risks as no new deployments are needed. Voters are encouraged to check Aragon votes carefully for correct parameter encoding |
| Summary of potential benefits | - Ability to update and maintain stablecoin runway from the surplus generated by the protocol |
| Compliance with Treasury Management Principles | Yes |
| Proposer | Steakhouse |
| Agreement | Pending from TMC poll |
| Perform | Steakhouse |
| Input | Pending from community |
| On-chain execution stage | Proposal |
| Other notes | - Query to see the months of runway based on stablecoins only - Query to see the months of runway based on stablecoins and stETH in the surplus - The amount of stETH to sell will be calculated based on the prevailing stETH price at the time, the TMC will not try to âtime the marketâ but just execute an algorithm to raise greater than or equal to 9mos of runway each time the stablecoin balance is less than or equal to 2mos of runway - This motion does not affect the ability of the DAO to employ other strategies or Aragon votes directly to raise stablecoins |
Poll for Treasury Management Committee Members
End date 16-Oct-2024
TMC-4: Increase Stonks execution limits
- Approve
- Reject
0
voters
If approved, an Aragon DAO proposal will be submitted to enact the new limits in its own payload and is subject to ultimate token holder ratification. If LDO token holders reject the change, TMC-4 will be declared void and existing limits will remain.