Overview

This proposal aims to gain community support for liquidating and distributing the TSYM treasury. Since there is no clear use for the funds today, I suggest returning funds back to members of the TSYM community.

As the community works on a distribution plan, I recommend we first convert the treasury into USDC, requiring coordination between at least two multisig signers.

Motivation

While the TSYM community should live on, keeping the treasury in the community’s multisig isn’t a good use of funds. The treasury has been sitting idle for over a year with no productive plans, and it therefore makes sense to liquidate our holdings and distribute USDC to community members.

Thanks to earlier treasury diversification efforts initially proposed by Julian, the treasury has passively grown by approximately 25% over the past year. It now stands at nearly $50K, consisting of large-cap stablecoins like USDC and DAI, as well as highly liquid Ethereum LSTs like stETH and rETH. For a full treasury breakdown, see here.

Recommendation

There isn’t a straightforward way to liquidate and distribute the treasury funds back to the community due to a lack of accurate records on TSYM members, their total number, and each individual’s initial contribution. For instance, we can’t simply distribute funds to TSYM (Ethereum ERC-20) token holders because Season 3 members were issued Polygon NFTs.

As the community works on a distribution plan, I recommend we first convert the treasury into USDC. This will require coordination between at least two multisig signers, including myself, Jakub, and David.

Links

Dune Dashboard Treasury Address TSYM Token Address Polygon NFT Address