TMC-4: Increase Stonks execution limits

Proposals
1
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 Commmittee’s 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 ‘time the market’ 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.

2 Likes
2

No objections from me, this will improve TMC’s operations

1 Like
3

No objection, higher limits are in line with execution of TMC-1. Would also note that the “trial swaps” have already been administered successfully through the Stonks engine.

4

Approval passed, TMC will aim to achieve TMC-1 by year end

1 Like
5

:rotating_light: Voting Has Started! :rotating_light:

We’re thrilled to announce that voting has officially begun for Vote #181, bringing forward critical updates to operational parameters and treasury management.

The vote is open until the end of the main phase: Nov 28, 15:20 UTC.
Make sure your voice is heard by reviewing the proposals and casting your vote!

Vote #181 includes a proposal to increase the Lido Stonks stETH limit to 12,000 stETH and reset spent amount (items 3 & 4). Resetting spent amount will allow swapping up to 12,000 stETH in 2024, and the limit will be reset again on January 1, 2025, as originally scheduled.

How to Participate
:page_facing_up: Review vote items and follow this guide for instructions on verifying them.
:ballot_box: Cast your vote “For” or “Against” before the deadline.

Let’s collaborate to shape the future of Lido and decentralization! Your voice matters. :herb:

1 Like
6

Vote #181 did not reach a quorum - the vote on the proposal will be rescheduled for December 17.

1 Like
7

Vote #182 has just started!

It is a rerun of Vote #181 with the same set of proposals. Voting is open until the end of the main phase: Dec 19, 14:47 UTC. Review vote items and follow this guide for instructions on verifying them. Let’s collaborate!

8

Vote #182 was enacted :tada:

Kudos to everyone who voted!
Results:

  • Yes — 51547327.3 (5.15%)
  • No — 0 (0.00%)
2 Likes