After successfully creating and funding the Funding subDAO last month, and a successful internal motion, the mStableDAO would like to now propose the creation of an Asset Management subDAO committee that will exist within the mStableDAO signer group.
The intention is to strike a solid balance between decentralization and efficiency for managing idle treasury assets in the DAO’s custody, with a smaller signer group that can be more responsive to opportunities.
The Asset Management subDAO will consist of 3 signers from the mStableDAO, and be a 2/3 multisig. A new Gnosis Safe will be deployed for this subDAO, and all asset management requests from the ecosystem will be handled by it going forward.
mStableDAO Asset Management SubDAO
Signer 1 - 0x4B37BbC8CAb32aade27Ce8b1bb2A9E614de81E03
Signer 2 - 0xba0E104fF9a400089cc4882f976094fde14AC5E3
Signer 3 - 0x9afF049B4F2E0269F5ae07F3FBf0414ef600Fb0e
Gnosis Safe - 0x67905d3e4fec0C85dCe68195F66Dc8eb32F59179
Funding for the subDAO will be handled in the monthly mStableDAO signer calls.
The current Cat Herder will provide a short summary of activities for the Asset Management subDAO in each signer call, so the wider mStableDAO signer group can stay up-to-date on the committee. The Cat Herder will also be responsible for assuring that all on-chain activities related to these asset management activities will be executed in due time and with proper diligence to maximize the potential of said assets, and one signer from the subDAO will be chosen to liaise with the Cat Herder to handle transactions.
As an initial funding request, it is proposed to move the entire allocation of BAL tokens (ca 13,210) & DAI tokens (ca. 422k) from the mStableDAO treasury into this new Safe in order to deploy liquidity on the Balancer Finance incentivized pools, as well as the Convex Finance platform. The exact farms are to be determined in a separate governance vote pending successful creation of the subDAO.
We seek to create this subDAO committee in order to alleviate voter fatigue for the main signer group, and to expedite the ability to act on opportunities and compounding strategies for the mStableDAO.
- More responsive deployment of treasury assets to opportunities
- Agile compounding strategies are possible with a lower signer threshold
- Communication between the mStableDAO and Metanauts is further streamlined
- Lower signer threshold reduces security of funds
- Added complexity to the mStableDAO’s processes
We’ve been pursuing opportunities with our treasury for some time now, with plenty of positive feedback and options highlighted by the community. We are excited to move this discussion forward to a formal vote, and are looking forward to the input and feedback from Meta Governors before we submit this proposal to Snapshot.
Pending no significant objections, this proposal will be taken to a public Snapshot vote on the 16th of August 2021 and will remain open for 5 days to give adequate time for a concurrent discussion here on the forum.