The purpose of this proposal is for the SPS DAO to begin accumulating stable coins to replenish its holdings by slowly selling some of its Ethereum under specific circumstances which aim to take advantage of potential market uptrends.
If this proposal passes, the SPS DAO will begin converting its Ethereum to USDC as follows:
Each week that the price of Ethereum is greater than $5,000 according to Coin Market Cap the SPS DAO will convert 4 of its Ethereum into USDC.
This process will continue until the SPS DAO has 100 Ethereum tokens remaining in its Ethereum wallet and LPs or the SPS DAO chooses to rescind this proposal with a subsequent vote.
As of the time of writing the SPS DAO is in possession of 296.31 ETH and only 161,733 USDC in its Ethereum wallet.
Please note that this proposal will require weekly action from the SPS DAO Treasurers and the timing is unlikely to be exact. The treasurers should aim to be as consistent as possible in executing the transactions.
Is there a reason why we don't collect interest on these stablecoins? Including HBD??
Maybe we are, not sure. Maybe someone can direct us to the latest DAO statement or something similar
NO VENDER ETH, ACUMULA ETH, BTC, así la DAO tendrá algún valor, Muchas empresas y fondos están comprando BTC Y ETH, PORQUE LA DAO deveriría vender, lo único que tiene que conserva valor, pregunta, porque la DAO no tiene btc en su balance
si tuvieramos btc,eth, en nuestra tesoreria , almenos estariamos correlaccionados con el mercado cripto, no lo que ocuurre ahora que tenemos btc en maximos historicos y sps en minimos, seamos como microestrategy peor no nos puede ir
Sounds like a good plan. I'd love to have it in multiple steps at higher price points as well to have it approved in advance.
Out of 296.31 ETH, We should at least convert 100~150 ETH over various price targets.
Simple could be:
or other way is to put it in a liquidity pool where it auto sells as price goes up and DAO earns a yield, that way it's a DCA out strategy, and we can pull out 30% of liquidity in stables at 5K price, 30% at 7K, 20% at 8.5K and last 20% at 10K ETH.
I like the simple one... but we should plan out multiple price targets instead of single one.
To further clarify, we won't be dumping 50 ETH in one transaction but it can be multiple trasnaction as staed in orginal proposal.
We should still plan out multiple price points so we can sell and any time if it need to be reverted a proposal can be put up by anyone that can skip pre-proposal stage, so it takes only 7 days to process the stoping of it.
Easy yes! ETH will go way higher. Probably best to sell at a higher price. But I'm cool with $5K
I think it is likely to go higher, but we need some sort of structure in place and it has to start at some price target. $5,000 seems like a very realistic target and this essentially allows us to DCA out of the ETH position on the way up.
Still wish it was $6K. But I'm going to vote for this anyway. I'd say DAO needs to DCA out of everything except what's in its ecosystem in bull. We can buy later in bear if necessary. I'm in favor of DAO making trades to improve its holdings.
Maybe use it as colateral and borrow against it?
so after throwing stables in the toilet like paying the developement of rebellion, now dao is running out of stables, unpredictable!
Id personally rather see some ETH being used to buy some BTC. We are also overweight SPL assets Id rather see some sales of DEC, at least $50k.
Feel free to make a proposal if you have a better idea, that said you're going to need to clearly define how we hold that BTC and price targets for buying it. There is not enough support to sell any Splinterlands assets at this time.
I doubt you can find support to sell dec from the dao.
I think this is a good idea to lock in some of the profits from ETH price going up.
Please, can you stop making proposals? Your past proposals have caused the price of SPS to drop. You are hollowing out SPS.
Thank you for participating in SPS DAO Governance @clayboyn!
You can place or monitor SPS Stake Weighted votes for and against this proposal at the link below:
Link to this Pre-Proposal
Updated At: 2024-06-11 23:22 UTC
It looks a good idea, yes. I'm intrigued on the overall holdings and how/why "We spend stables and we are nearly out": Is there any post you can direct me with the SPS last statement/info? Ty
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@sirsmokesalot96(1/5) tipped @clayboyn
Not sure I support this as it stands, I will pponder it.
I mainly just feel we might be selling ourselves short. I kind of like @khan.dayyanz 's idea of a similar course of action with different sell targets.
That said, I have no interest in making a proposal on this topic either.
Hi Clay, I want to support this, but have questions.
Of our holdings, why sell ETH?
Why buy USDC?
I may be a bit of a bitcoin maximalist but I feel we should always own at least one whole bitcoin, so why not do that first?
As a general rule, owning alts with unlimited mints is rarely a good thing, so why not incorporate that into the assessment of which tokens to hold?
If you have a better idea, go make a proposal. As to why, we spend stables and we're nearly out. We have ETH which there is support to sell. We do not have support to pass a proposal to sell any splinterlands assets.
well, my idea is buy at least one bitcoin lol, given we need some stables this seems a good idea in principle but do we really need over one million usdc?
Considering the current situation we find ourselves in, I think it would be prudent to have as much funds locked up as possible. We already dicked around and let tens of millions of dollars turn into like 2 over the course of the last bear market. I get bombarded with all of these random ideas but people don't seem to really take the time to flesh them out.
How do you want the DAO to hold BTC? What buy targets do you want? How do we sell the BTC next time the market is crashing down around us? (I'd hope we don't do like last time and just watch it all evaporate...) Like I said, if you have a better idea and can clearly articulate it, go make the proposal. I'm not going to say you can't do that, but I am going to say "buy a bitcoin" isn't a valid proposal.
Well, as you don't seem keen on the idea, I doubt there is much point at this time, although I would have thought it prudent.
Not sure what you mean by how do i want the dao to hold it, unless you mean in a multisig wallet, which seems wise.
I would say buy 1 bitcoin now asap if asked, and think it is great financial advice (not financial advice, lol), and hodl the hell out of it.
Going back to this, if you think it is a good move, I think we have to respect that judgement.