It is suggested to purchase 3 to 5 $SACKS (7500 to 12,500 mUSD at the time of writing) in order to allocate a small portion of treasury funds towards public goods in a novel way, to make $SACKS more usable in the ecosystem, and hold the remaining $SACKS ourselves for treasury diversification purposes.
The mStable community mentioned that we ought to do more for the public goods space on Ethereum with our treasury, so after this successful temperature check, it is suggested to do just this and allocate a small portion of our treasury towards buying 3 to 5 $SACKS from the open market.
We would kick 1 or 2 $SACKS back to GitcoinDAO to use freely as they see fit to further the Gitcoin project, kick a further $SACKS to Atlantis World to use for a tighter integration in the Atlantiverse, and retain the remaining $SACKS for the mStableDAO Treasury in perpetuity as a provable scarce asset on the blockchain.
The suggested method of purchase is to market buy 3 to 5 $SACKS from Uniswap (around 1.8 to 3 ETH at the current market rate) from the Asset Management subDAO’s surplus DAI that got generated between the resolution of TDP26 and now, and send them to the respective recipients via multi-sig transactions.
The treasury has not yet allocated any meaningful funding to Gitcoin this year, and I feel that with this purchase, we would be able to do so in a novel way that also benefits the treasury and the ecosystem as a whole in the process.
It would also be the hope that we would inspire other DAOs and individuals to join this effort to kick back $SACKS to Gitcoin and other protocols that weave together and maintain the ecosystem, and in the process increase the value of $SACKS. The GitcoinDAO can then use them as they see best fit, while also helping the donators have their Hackey Sacks appreciate in value.
- Diversify the treasury with a provable scarce asset (only 247 $SACKS left in existence) and judging by a similar token, $SOCKS have performed very well in the past
- Indirectly fund public goods by allocating a portion of purchased $SACKS back to Gitcoin and also help integrate them in a novel way via Atlantis World
- Be a good example of how other protocols could follow suit to help the Gitcoin ecosystem in a cool & efficient way
- Nice publicity opportunity when kicking the $SACKS around to their new owners
- Might not be as efficient as directly donating to the matching pool
- Could be seen as too gimmicky
It is suggested that the community comment on this RFC in the coming days, and bearing no significant opposition or change in ideation, I would move ahead with this RFC in the coming weeks and create a formal draft proposal on Github to be used for review.
Meta Governors are encouraged to provide as much feedback as possible until then, so we can create the best possible outcome for mStable and its users.