It is proposed to purchase between 3 and 5 $SACKS (7,875 to 13,250 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 to 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 proposed to allocate a small portion of our treasury towards buying 3 to 5 $SACKS from the open market.
After the purchase, 1 or 2 $SACKS will get kicked back to GitcoinDAO to use freely as they see fit to further the Gitcoin project, while a further $SACKS will be handed to Atlantis World to use for a tighter integration in the Atlantiverse, while the mStable TreasuryDAO will retain the remaining $SACKS in perpetuity as a provable scarce asset on the blockchain.
The treasury has not yet allocated any meaningful funding to Gitcoin this year, and 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 anticipated that other DAOs and individuals will join this effort based on this initial idea 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 for everyone.
The suggested method of purchase is to market buy 3 to 5 $SACKS from Uniswap (around 1.77 to 2.95 ETH at the current market rate) from the Asset Management subDAO’s additional DAI that got generated between the resolution of TDP 26 and now, and “kick” them to the respective recipients via multi-sig transactions.
The SACKS for Atlantis World will be kicked to this address.
The remaining $SACKS will then be kicked to the mStable TreasuryDAO.
Pending no significant changes to its content, this proposal will be taken to a Snapshot vote on Monday, the 20th December 2021 .
Voting will be open for a 5 days window to give adequate time for a concurrent discussion. Governors can change their vote at any time should the discussion sway their decision. We look forward to hearing what MTA token holders have to say and seeing how they cast their votes.