Remove liquidity from Iron Finance and initiate buyback

September 15 2021 Polycat introduced a governance process: https://polycatfinance.medium.com/and-nao-the-dao-ac92a4713c9c

Since then one proposal has been put up for vote (December 4 2021) and implemented.

Multiple FISH holders have expressed their desire to the team to reallocate the treasury, for more than a year now, without any success. The yields generated by the treasury are far below (multiples) what could be achieved with a similar risk profile. Part of the treasury is still deposited in the abandoned protocol Iron Finance.

Polycat currently earns $9 per week which accrues to FISH in the form of buybacks. The total treasury is worth c. $2,000,000. In other words, all the value of the protocol is related to the treasury and not to the DEX and vault functions. Unfortunately the very limited time the dev spends on the protocol, is devoted to the vault functions and not to treasury management.

https://dune.com/maartenp/Polycat-fundamentals

The absence of any treasury management is reflected by the token price. FISH has been trading at 20-35% of treasury value for over a year.

This proposal aims to make a small step in the right direction by improving the treasury management in a riskless way. If implemented successfully, more proposals will follow.

Step 1: remove liquidity from Iron Finance ($293k) Step 2: deploy funds to buyback and burn FISH tokens as long as they trade below backing (significant and guaranteed return on investment)

Vote options: 1: Implement step 1 and step 2 2: Implement step 1 and discuss other deployment options 3: Do nothing