Modify ETH sell ladder.

Author: CryptoGotchi GotchiID: 8612 Quorum requirement: 7.2M Discussion: https://discord.com/channels/732491344970383370/1426497394081533993

Summary:

This proposal outlines how to adjust our ETH sell ladder.

Current ladder:

For reference, here is the current sell ladder:
Sell 300 ETH at a price of 8,000 USD / ETH
Sell 300 ETH at a price of 10,000 USD / ETH
Sell 300 ETH at a price of 12,000 USD / ETH
Sell 300 ETH at a price of 15,000 USD / ETH

Proposed ladder:

Considering 2 weeks for the sig-prop and 2 weeks for the core-prop, this proposal would - if accepted - conclude on November 13th.

Sell 200 ETH immediately upon conclusion of this proposal (depending on how fast the multisig signers can make it happen) at market value at that time. Let's call that PriceA.
Once this hits, set a stop loss for 200 ETH at PriceA - 1,000 USD.

Sell 200 ETH at PriceA + 500 USD (PriceB).
Once this hits, remove the previous stop loss and set a new stop loss for 400 ETH at PriceB - 1,000 USD.

Sell 200 ETH at PriceA + 1,000 USD (PriceC).
Once this hits, remove the previous stop loss and set a new stop loss for 400 ETH at PriceC - 1,000 USD.

Sell 200 ETH at PriceA + 2,000 USD (PriceD).
Once this hits, remove the previous stop loss and set a new stop loss for 400 ETH at PriceD - 1,000 USD.

Sell 200 ETH at PriceA + 3,000 USD (PriceE).
Once this hits, remove the previous stop loss and set a new stop loss for 200 ETH at PriceE - 1,000 USD.

Sell 200 ETH at PriceA + 4,000 USD (PriceF).

Example with numbers:

To make this easier to understand, let's say that on November 13th, the market price is 5,500 USD:

Sell 200 ETH at market price (5,500 USD).
Set a stop loss for 200 ETH at 4,500 USD.

Sell 200 ETH at 6,000 USD.
Remove the previous stop loss and set a new stop loss for 400 ETH at 5,000 USD.

Sell 200 ETH at 6,500 USD.
Remove the previous stop loss and set a new stop loss for 400 ETH at 5,500 USD.

Sell 200 ETH at 7,500 USD.
Remove the previous stop loss and set a new stop loss for 400 ETH at 6,500 USD.

Sell 200 ETH at 8,500 USD.
Remove the previous stop loss and set a new stop loss for 400 ETH at 7,500 USD.

Sell 200 ETH at 9,500 USD.

Additional Details:

Which stablecoin we sell for (USDC, USDT, DAI, or some combination), as well as where and how we sell, will be worked out in cooperation with our treasurer before the core-prop goes live.