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MetaTrekkersMetaTrekkersby0xf2b308323E88C9413089c13521D404f551A4b6660xf2b3…b666

Convert up to 50% of DAO's Ethereum into permissionless staked nodes

Voting ended over 2 years agoSucceeded

Proposal: Convert up to 50% (170 Ethereum) of the current eth held by the DAO (340) to Eocketpool rEth in order to secure a ~3-4% native yield.

Reasoning: As we have covered in previous proposals, liquid pooled staking of Ethereum can be a decentralized, permissionless, and passive method of earning more Ethereum into the treasury of the DAO. A core critique of which, was that the execution and conversion of Mana would be a risky and speculative decision. Thanks to the recent Eth received into our treasury, we have a chance to revisit this without the downside of converting Mana.

On Smart Contract Risk: Smart contract risk is not zero - However rocket pool has been thoroughly battle tested as a permissionless way to achieve pooled staking. As a decentralized metaverse, we should seek to enable ourselves through equally decentralized protocols. For this reason, I believe the lowest risk possible is to avoid other pooled staking solutions even as a hedge. While useful, we cannot risk that they are not locked as a permissionless smart contract or have custodian aspects (i.e. Lido/stEth)

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On Execution: The current multi-sig signers should feel comfortable with a one-time conversion to rEth, as this does not require any price action timing, since rEth merely represents the current Ethereum available to be un-staked. This can be done via the Rocketpool website (https://stake.rocketpool.net/). The multi-sig signers themselves should feel free to address this directly if necessary or if it is considered not a feasible request of their duties.

Closing Thoughts: Permissionless pooled Ethereum staking is a stable and innovative way of earning low-risk yield on our treasury’s Ethereum, the compounding effect may be the difference between us having a significant Ethereum treasury or not, all without selling a single token of mana.

Off-Chain Vote

Convert 0% of Ethereum Held
0 MT0%
Convert 10% of Ethereum Held
2 MT100%
Convert 25% of Ethereum Held
0 MT0%
Convert 50% of Ethereum Held
0 MT0%
Invalid question/options
0 MT0%
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Discussion

MetaTrekkersConvert up to 50% of DAO's Ethereum into permissionless staked nodes

Timeline

Sep 06, 2023Proposal created
Sep 06, 2023Proposal vote started
Sep 06, 2023Proposal vote ended
Oct 26, 2023Proposal updated