OIP-40: Increase ETH allocation target to 33% of Treasury RFV

Proposal

We propose increasing the ETH target to 33% of Treasury RFV (from current 10%). As of today, this would mean accumulating around 50M$ of ETH in total, and this number will increase as Treasury RFV grows. We would follow the same strategy as currently implemented by OIP-28 using a 45-day moving average.

One thing to keep in mind is that Treasury RFV is an extremely conservative metric: At the moment, the market value of our Treasury is $670m, $11m of which are reserve ETH.

Finally, considering this increasing exposure to non-pegged assets, the Policy team is working on a proposal to shift from minting solely against RFV, by also incorporating quality (i.e. censorship-resistant, decentralized) non-pegged assets in the calculations. You can expect more on this soon.

Note: ETH mentioned in this proposal is actually wETH (wrapped ETH).

Additional context, explanation and discussion of this proposal can be found on the forum:

https://forum.olympusdao.finance/d/262-oip-40-increase-eth-allocation-target-to-33-of-treasury-rfv

Vote

For: Increase the ETH target to 33% of Treasury Risk-Free Value

Against: Do nothing