Sell our Nitro Cartel Passport - currently 3.9 ETH

Overview of the NC Pass and Arbitrove ($TROVE)

Our treasury owns a Nitro Cartel Passport which is currently around 3.9E floor price. We minted this for .4E. Its gotten some hype with the announcement that $TROVE is coming on February 17th and pass holders will receive $esTROVE which will be non-transferrable for 6 months. After the 6 months, esTROVE can be vested linearly for 1 year OR staked to earn protocol revenue.

$TROVE info and tokenomics here: https://medium.com/@nitrocartel/introducing-trove-the-governance-token-for-the-arbitrove-protocol-8daf0c1ea3d0

According to the article above, Nitro Cartel Passport holders will receive around 800k to 850k $esTROVE tokens, which will be valued at $0.0025 per $TROVE pre-public sale. Their public sale will be conducted using a fair launch, price discovery model, until the hard cap of $2.5 million (equivalent to a fully diluted valuation of $12.5 million) is reached. All participants will pay the same final price for their relative allocation, ensuring equal treatment for all Arbitrove public sale supporters.

Arbitrove is the protocol that will create vaults/indices for people to invest in. These vaults/index tokens will go up/down in price as well as be yield-bearing as they apply strategies to each vault. Think GLP.

$TROVE is the governance token for Arbitrove and will be rewarded 70% of protocol revenue. There are no details yet but I'm assuming protocol revenue will come from deposit/withdrawal fees from vaults/indices and performance fees. They target a 50% APR of "real yield" so I'm assuming rewards are paid out in ETH/USDC and maybe esTROVE.

With the launch of Factor and other protocols like Pentos Finance coming soon, people will be able to create their own vaults/indices and strategies leaving Arbitrove/$TROVE obsolete as people will be able to replicate their strategies themselves.

On the other hand, they've been able to secure partnerships with other protocols such as GMX, JonesDAO, and Camelot. These partnerships could lead incentivized vaults, advertisement of Arbitrove, etc.

My opinion: after the launch of $TROVE, I'm assuming the prices of the NC Passport will tank when people receive their esTROVE allocations unless they make it so that the esTROVE is transferred with the Nitro Cartel Passport NFT. Regardless, from my experience with NFTs, I'm still thinking this thing dumps after the launch of Arbitrove.

My proposal is to try to sell our NC pass now (currently 3.9E floor) and potentially buy one back after the launch of $TROVE, or use those funds to buy $TROVE in their public sale, or whatever the DAO decides.

Please discuss in the Proposal Discussion forum in our Discord or use the link below to go directly to the forum discussion.