After discussion with the DXdao community, Caney Fork voted AGAINST this proposal for the simple reason that this sale should have been split up in smaller increments over several months aka DCA-ing this sale
In this thread, DCA (or its equivalent) was suggested at least six times (from @AvsA , @Limes @dave-nimi @0x70626a @spencecoin @nic ) but there was no counter argument for why that method (or something similar) wasn’t used. The only criticism of DCA was from Nick:
I’d be supportive of DCAing, and your project seems like a great tool for that - but we can’t be its first user with such a large amount of money at stake, particularly prior to an audit.
This is referring to a specific tool and does not preclude using Gnosis auction (or milkman) in smaller amounts over a longer time period as was suggested by @AvsA
Even if not doing a DCA, I still think the proposal should consider doing multiple sell orders. 10k Ether is a lot of ethers to sell in one single day.
It was even suggested by @5pence.eth that @James would adjust the proposal accordingly
I believe James is planning to re-write this and break it up into several smaller Gnosis auctions as a way to DCA the swap.
DXdao was in a similar situation with a treasury made up of 100% ETH. Over 2021, it executed a series of treasury diversification proposals. It acquired almost $13m of stablecoins through 20+ trades. In our view, ENS should take a similar approach, hence our “No” vote on this proposal.
We support treasury diversification for ENS and are heartened by the use of treasury tools like milkman/Cowswap that allow the DAO to remain sovereign, but we strongly believe this proposal should be split up into smaller amounts (500-1000 ETH) over several months.