How should we use our farming rewards?

The Main Treasury has been deployed in the following allocations:

• 33% of MIM deposited for lending on Banker Joe
• 33% deposited as USDC for lending on Banker Joe
• 33% staked in the StakeDAO Passive Aave USD Strategy

This strategy makes around $3k per day.

We need to decide what to do with these rewards.

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Based on the discussions held on our Discord, there were 3 popular ideas:

• Add the rewards to the treasury, increasing and diversifying our backing.
• Allocate these farming rewards to the innovation fund.
• Buyback and allocate the $MAG for the DAO, removing $MAG from circulation.

Let’s detail a little about each.

(1) Compound back into the treasury

The rewards from our farming would come in the form of $MIM, $USDC, 3CRV ($USDC / $USDT / $DAI), $JOE, and $AVAX. These could remain in the treasury. The stablecoins would remain staked and accruing APY, growing the treasury. Any $JOE and $AVAX would be staked by the team for further farming and increase our treasury and the backing of $MAG.

(2) Allocate towards the innovation fund

The rewards from farming could be added to our innovation fund and utilized for future projects as funding or to help with liquidity needs. If added to the innovation fund we could keep the assets as is, farming them for increasing yield.

(3) Buyback $MAG for the DAO

The rewards from farming could be sold off and used to buyback MAG from the open market. This $MAG would then be added to the DAO wallet for future projects. It could be used to reward for bounties, pay DAO salaries, etc. If the DAO chooses it could be used to burn and reduce the total supply as well.

*** The vote ***

This three-way vote will be determined by the top selected option.