Treasury Allocation: October 2021

Summary

The core team seeks approval by the DAO to allocate funds of the multisig to diversify its treasury. Currently the HatDAO holds 56.47 ETH. This proposal suggests allocation for a total of 50% if approved.

The proposal uses approval voting. You can vote for any number of options that you approve of. The team suggests approving all options.

Allocation

Allocation #1: OHM / OlympusDAO (15%)

We suggest allocating 15% of the Treasury to staking $OHM. OlympusDAO generates a steady staking income by compounding yields automatically. Read more about the protocol here: https://www.olympusdao.finance/

Allocation #2: NFT Fund (17.8%)

The team has started buying select NFT pieces that we consider a long term investment for the DAO. One recent purchase was the McDonald's inspired bktrio called "Macci" (OpenSea Link)

With this allocation we suggest using 10 ETH (17.8%) to create an NFT fund for the expressed of purchasing and curating a collection of high-quality NFTs. Purchases made by the DAO in other collections generate visibility for the HatDAO as the team will tweet and interact with communities of other collectors. We expect this "cross-pollination" to generate attention to our own collections.

Note: We are of course aware that most bluechip NFTs are already priced out with this budget. The HatDAO would not say no, if anyone were to contribute an ape, axie, or punk - or for that matter any fitting NFTs - to the treasury :) One of our biggest supporters and OG @notsofast has already done so with J48BAs a while back. https://twitter.com/them_af/status/1440035856526442496

Allocation #3: DeFi Fund (17.2%)

Lastly we suggest creating a DeFi fund with another 17.2% which we'd like to deploy to a few protocols under the advice of some experienced community members. (E.g. one of our multisig signers is advising us in regards to allocating to the Barnbridge Protocol).

Specification

Proposed actions upon confirmed vote:

Allocation #1: OHM

Trigger necessary contract calls through the multisig to either buy OHM or bond ETH for OHM. Immediately stake OHM for stOHM to start generating yield for the DAO. (Funds constantly under control of the multsig)

Allocation #2: NFT Fund

Create an allowance in the Gnosis multisig of 10 ETH for the team controlled wallet. This will allow us to purchase NFTs and reimburse the purchase price directly each time after sending them to the multisig.

Allocation #3: DeFi Fund

Proceed like allocation #1 where possible. Where unfeasible, create an allowance for the team wallet, in order to interact with more complex products. Note that Barnbridge for example offers a Gnosis module which makes it easy to interact with as a multisig.

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Let's put that money to work! - 0xfff & 666999