JBP-284 - Revoke JBP-186: Launch Treasury Management

Author: filipv
Date: 2023-10-23

Thesis

Revoke the entirety of JBP-186 - Launch Treasury Management.

Motivation

JBP-186 - Launch Treasury Management was approved without a clear path towards or guidelines for its execution.

JBP-188 - Amend JBP-186 - Launch Treasury Management attempted to clarify these ambiguities but failed to pass temperature check.

JBP-264 - Update Treasury Management, a proposal which attempted to rectify outstanding portions of JBP-186, saw some support but failed to reach Snapshot quorum.

Market conditions, as well as the DAO’s circumstances, have changed considerably since JBP-186 was originally approved. Contributors which would have otherwise stewarded such a process are no longer active Juicebox contributors. Juicebox should aim to resolve any outstanding governance proposals.

Specification

• Multisig to unwrap 1,205.31527829 wETH in exchange for ETH.

• Multisig to add the resulting ETH to the balance of the JuiceboxDAO v1 treasury.

• Revoke the entirety of JBP-186 - Launch Treasury Management.

Rationale

JuiceboxDAO’s v2 and forthcoming v3 treasury do not have the balances necessary to support redemption (and as such have redemption disabled). Until a v1 -> v2/3 token migration can take place, the DAO should concentrate the majority of its ETH in its v1 treasury to support redemption.

Risks

Revoking this proposal leaves the DAO with no clear plan for treasury management, which leaves the DAO with high exposure to ETH (and its volatility).

Timeline

Effective upon this proposal’s passing. To be executed within the following 30 days.

---

Discussion Thread | IPFS