Proposal 099: Sell our remaining $APE, $GRT, $DPX, $rDPX, CrypToad, mfer, Rektguy, and Worldwide Webb Land Apartments.

Thesis: I think we’re quickly figuring out that the DAO’s best investment position is in big, consolidated, long-term plays. There are a few major benefits to this strategy. For one, it removes dependency on speed, which is a weakness of the DAO’s (and all DAO’s inherently). Further, it allows for easier assessment of our theses when we make consolidated bets. Smaller bets become harder to keep or double down on because they take up such small portions of the portfolio. As a result of this meaningless level of exposure, we end up doing very little with the position, and it takes up dead space in the portfolio. Smaller positions also need to outperform the market dramatically to have a meaningful impact on the treasury. Finally, as the DAO looks to build out both our content and revenue arms, bigger bets allow us to allocate more focus to these different initiatives by sparing the time we’d have previously used thinking about and managing smaller investments. Here is a breakdown of each asset we’re selling, and why:

$APE - this was airdropped to us and thus we’re cashing out free money. We’ve spoken at length about how we’re likely net bearish on ApeCoin DAO (apologies, Vulkan) and what they can do with $APE. It’s also unclear what it will be used for at this time.

$GRT - this was a smaller position we entered in near the inception of the DAO. Our investment strategy wasn’t at all thought out and we were simply throwing stuff at the wall and seeing what stuck. In hindsight we likely should have realized that such a small position wasn’t going to do anything meaningful for us.

$DPX, $rDPX - probably the DAO’s least discussed position due to a lack of DeFi knowledge. Position was small and unmeaningful, again the buy probably didn’t make much sense. DeFi in general seems to be lost right now.

CrypToad, mfer - I think these were smart bets to make, and the thesis we laid out at the start has more or less played out. We bought these CC0 assets as a hedge against narrative. We wanted to make sure that if the market suddenly flipped to a CC0 preference that we had that exposure and wouldn’t miss out on a transfer of wealth. We protected ourselves against that possibility which no longer looks likely. Some CC0 plays have done better than these assets like CDB, but only marginally.

Worldwide Webb Land Apartments - at the time we had no Metaverse exposure and thus we liked a small bet on a world that seemed promising. Since then prices have stayed almost exactly flat and the platform doesn’t seem to be gaining much ground. Further, we also have substantial Metaverse exposure at this time through Otherside.

Rektguy - got for free via Degenz (thank you, Kenshiro). Happy to sell it.

Total ETH: 12-14 ETH, approximately.