SGTM 001: Converting $5M GTC to Stables

We are asking for $5M in GTC from the treasury to swap into stables and put back into the treasury to be prepared for the next bear market.

We’ll repeat this cycle with additional proposals once the cycle from this proposal has been completed. We aim to lay the tracks for a longer Gitcoin runway.

Full Post:

https://gov.gitcoin.co/t/passed-sgtm-001-converting-5m-gtc-to-stables/18583

Updates - 02 May

Change in Execution Method

• We are moving away from using Coinbase for direct execution. Instead, proposing establishment of a new 3/5 multisig wallet.

Revised Community Voting

• Reflecting the change in execution strategy, the updated voting option will be: “Yes, fund the $5M and transfer it to the newly established diversification wallet.”

Given the current state of the market, we’ve missed the current window but will be ready to execute when favorable market conditions arise - once the funds are in the MS. I still intend to engage partners in a Phase 1/2 of the diversification, however want to make sure we’re not losing steam in the interim.

I appreciate everyone’s feedback on this post! There are some great learnings, and I’ll endeavour to breakdown more context (like platforms we can/can’t work with as a Cayman entity) and partners/strategies we’re evaluating. I’ll also use the initial post to track these proposals and partners in the future.

https://tally.xyz/gov/gitcoin/proposal/60225368338297727261583532911424543542153518785240435016486916291626334186357