Use of Proceeds from Next ETH Mint

Background

Per Proposals #QmYpfjx & #QmeYxQK, ETH proceeds from the previous three drops have been used to establish initial stable coin reserves, swap for DG, and add to ETH-DG, MATIC-DG, & ICE-USDC LP positions.

Today, we have ~4.6M DAI in stable coin reserves, ~$7.5M total across the ETH-DG & MATIC-DG LP Pairs, ~$7.2M in ICE-USDC LP, and ~$14.7M in DG in the 'DG Treasury.'

Proposal

For the next drop priced in ETH:

(1) Add ~$2M to ICE-USDC LP; to do this, convert $1M ETH to 1M USDC and pair with ICE. (2) Add remainder to stable coin reserves

Note: Whether the next mint is in ETH has not been announced yet, so this would simply apply to the next mint priced in ETH.

Rationale

(1) Is DAU increases, have substantial USDC LP for ICE is a differentiating factor that stabilizes the ICE ecosystem.

(2) Most of the assets in the DAO (e.g. Matic, LAND) are highly-correlated with ETH and the broader crypto market. It makes sense to have a large hedge against a market down turn. Today, we have ~4.6M DAI out of ~$57M in the Treasury, which is a relatively small percentage of the DAO's assets. It's worth noting that the last conversion of > $4M in ETH to DAI at 1 ETH = $3,200 is looking good in retrospect.

Note: If the vote is 'NO', the DAO would hold onto the ETH until another proposal were passed outlining the use of some/all of the funds.