Agenda and Minutes for Weekly Meta-Gov Meeting, Jan 31st, 2023 @ 7PM GMT
Google Meet link: meet.google.com/ihz-hdvb-bbq 3
Stewards: @katherine.eth, @nick.eth, and @simona_pop
Agenda
A) MetaGov Working Group Funding Request (Question, Comments, etc)
B) Proposal to sell 10k ETH
C) Endowment proposal from Karpatkey
D) Reserved for Open Discussion
Minutes for Weekly Meta-Gov Meeting, Jan 31th, 2023 @ 7PM GMT
Attendance:
184.eth, 3402, 5pence, Coltron, Dan Wu, David Galindo, Daylon, elbagococina, El Diplo, Fabio Anaya, Friendly Fren, Greg Skriloff, James, Katherine Wu, Marcus Martinez, Nick Johnson, santinomics - Karpatkey, Sebastien Derivaux, Simona Pop, Tomas, Vincent
Minutes and call notes transcribed by @daylon.eth* and @katherine.eth
Notes
A) MetaGov Working Group Funding Request (Question, Comments, etc)
Social vote has passed, and will now go on to an executable vote to fund all three working groups. Should go live on Tally in the next 24 hours.
Here is what the executable proposal will look like:
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B) Proposal to sell 10k ETH
Separate initiative from the endowment. This is the proposal to swap ETH for USDC to ensure funding for the next 24 months.
Nick tested the Cowswap protocol option using Milkman. Went through just fine and did not require any intervention and would be comfortable with this as an option to swap.
As a note, discussions have been favorable for a DCA option but due to complexity + security (ie the MG stewards having custody of 10k ETH), swapping all at once is best option at the moment.
If the proposal goes live today, there will be 7 days to vote, followed by 2 days to execute.
Executable proposal: [EP3.3] [Executable] Sell ETH to USDC - ENS Documentation
Forum discussion (historical): [Draft][Executable] Sell ETH into USDC - #31 by James
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C) Endowment proposal from Karpatkey
This is a separate topic, funds, and part of treasury from the Sell 10K ETH proposal. As we all know this has been a big topic with lots of robust discussions.
Katherine: One of the things I want to continue to flag (as I gathered from the forum post discussion here: Endowment initiation - #27 by nick.eth) are the concerns over deployment pace and risk management.
Elbago:
We are hiring a dedicated team for the endowment. I shared some contacts in the telegram group.
We have a risk management team, tech team, and are hiring more full-time people.
We need to know to deployment timeline because we are creating a team.
Santinomics (Re: deployment pace):
Delaying the decision by the proposed amount of time, we don’t see how it will improve the results. There may be a misconception about the way it works. The endowment is solely owned by the DAO. We are never touching those funds. It is a very simple and risk-averse strategy. The funds are in the control of the DAO at all times and can be withdrawn at any time.
Katherine:
One thing I can see in favor of a longer strategy would be in consideration of the need to activate a contingency plan should something go wrong, for example, a de-peg. My read is that people might feel uncomfortable because we don’t have a contingency management section outlining that plan.
James:
What is your opinion of doing the 6-month timeline?
Elbago
We can discuss that and we can adapt, but we need to know what the plan is.
Santi
We are thinking long-term, so in the end it won’t change a lot. There is an opportunity cost for the DAO if we don’t get started.
[Long discussion over performance fee, namely, delegates having an issue with taking a weekly performance fee (as opposed to a month), or that Karpatney’s performance fee style is not proportionate with the passive management style]
Nick:
Proposed to possibly hold performance fee for a 6-month trial period, after which time the full fee would be back paid.
Katherine:
I want to see the proposal be in the best condition to pass. We can only talk so much before we need to just make it happen, but a lot of what I would consider a well-formed and good proposal is still missing. Would like to see a revised version/ draft for an executable proposal.
D) Reserved for Open Discussion