This proposal is to authorize the Treasury Management and Diversification Committee (TMDC) to:
Summary
The current Shapeshift DAO treasury’s available holdings of FOX amount to 125 M FOX (Shapeshift DAO Treasury Zapper Link )
Sablier stream income to the Shapeshift DAO Treasury amounts to 162.5M Fox streaming through June 2, 2024 (Meaning total DAO Treasury holdings of FOX not managed by the TMDC now and through June 2, 2024 amount to 287.5M FOX)
The TMDC was established for a trial period in SCP-36 in Nov 2021 and subsequently continued on an indefinite basis by SCP-62 in Feb 2022. SCP-36 authorized the TMDC to advise over the initial 60M FOX tokens to carry out its mandate. Upon nearing the exhaustion of the initial allotment (60M FOX; SCP-36), SCP-77 requested a renewed, similar allotment of 60M FOX tokens (with the new total of 120M FOX tokens under TMDC allocation) to carry on its mandates.
The TMDC may again exhaust its allotment of FOX from SCP-36 and SCP-77. Consequently, the TMDC is requesting a renewed, similar allotment of 60M FOX tokens to carry on its mandate. This would bring the amount managed by the TMDC to 180M FOX.
Abstract
If this proposal is passed, the TMDC will be authorized to advise on the allocation of an additional 60M FOX tokens in the Shapeshift treasury. This would bring the total allocation under TMDC advice to 180M FOX.
Motivation
This document summarizes the TMDC placements and outcomes since inception TMDC FOX Allocations - Google Sheets. As can be seen from the “TMDC FoxAllocations” tab, From the TMDC inception (October 2021) to the middle of July 2022, TMDC made placements currently amounting to 86.76M FOX of the 120M FOX allocated.
Most notably, the placement of FOX into the Olympus bond programs has resulted in the following benefits to the DAO:
With 33M FOX of the 120M FOX tokens remaining and available for TMDC management, from SCP-36 and SCP-77, the TMDC is now asking for additional assets to advise placement on. If it is to be able to continue to fulfill its mandate and accrue stablecoins, a new allotment of FOX is needed.
Authorizing a new allotment of 60M FOX will enable the TMDC to advise on the deployment of the additional tokens to acquire stable coins to meet monthly payments and to build resilience in the DAO treasury.
Benefits
Drawbacks
Votes
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