Yield ops call #004 - 19 April 2022

DAO Working Groups Yield Ops
1

Previous call

Yield ops call #003 - 5 April 2022

Agenda:

  • TriCrypto2 move
  • Check-in on our transparency/etc

Attendence

  • Renfield
  • Sabobi
  • Thomm
  • Wes

Meeting notes

  • How much do we put in tricrypto?

    • Wes: we want to make a good move and not not appear to be too risky by diversifying too much
    • Renfield: Can also put everything in it and pull some out later if we need to
    • Sabobi: can agree on 3 different models which we can vote on, then sign offline
    • Enough outstanding questions that we cannot move now given that not everyone is on the call
      • How much to deploy 50%/70%/100%?
      • Max was paying for gas but is not here, how do we prevent this in the future?
    • Do not want to make a decision on allocation when not everybody is on the call
    • Will do a vote on the allocation, then sign offline at our earliest convenience

  • Gas payments

    • Max has been paying for gas
    • How do we do this going forward? We can get the gas costs from the renBTC in the Safe
    • Thomm has some ETH in his signing account which can be used for gas right now
    • Some options to deal with this going forward:
      • Top up 4 out of 7 multi-sig addresses (likely need a few thousand dollars in ETH to make sure we can make moves)
      • Have most of our ETH earmarked for gas in the Safe, and only a little bit in 4/7 addresses. When we need to make a move we send some of the ETH in the Safe to a signer address to pay for the gas
    • We don’t want to appear like we are just dishing out ETH to signers
    • On the other hand, we also need to have ETH ready for gas as quickly as possible for security reasons (e.g. to pull out asap on a security breach)

  • Catalog as yield option

    • We like this as a consideration but will need to seek approval first through an RIP
    • Multi-sig likely not supported on Catalog/RenL1, will need to make this part of the RIP to allow a single signer to take custody of the funds

  • Transparency

    • When we make a move we want to be as transparent as possible about this and the transactions we perform
      • The Safe address is public but not very user friendly for most
      • Zapper allows public notes which could make this a very good option
      • We were going to have a spreadsheet but Zapper might be the better option here
    • How do we announce moves?
      • Main announcement channel?
      • Treasury channel?
      • A living message/post that we update whenever we make a new move?

Action items

  • Renfield: summary of call in the chat and start vote on allocation to tricrypto
  • All: execute on the tricrypto allocation
  • Tom: look in to Zapper with public notes as a way to track and document our moves

Tentative agenda next meeting

  • Gas payments
  • Transparency - how do we announce moves?
  • How should we as a group come to decisions?
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