Yield ops call #006 - 17 May 2022

DAO Working Groups Yield Ops
1

Previous call

Yield ops call #005 - 3 May 2022

Attendance

  • Renfield
  • Sabobi
  • Thomm
  • Max
  • Preston
  • Wes

Agenda:

  • Gnosis Multisig monitor bot
  • Citadel allocation/Knighting round
  • REN token purchase RIP
  • General discussion

Meeting notes

  • Gnosis Multisig monitor bot (discussed in chat)

    • Cont. from previous call
    • Its a custom bot by BadgerDao that we would need to fork an host ourselves
    • Would only capture part of the puzzle as it relates to announcements and transparency
    • Priority wise prefer to focus on a Dune dashboard first

  • Citadel allocation

    • Community voted to allocate 15% of the CEF to the citadel launch event
    • Its on us to execute on this so we need to be prepared
    • We are all on board to execute on this, will keep monitoring when this happens, and execute ad hoc as we did before
    • How do we report on this move?
      • Community voted it through so the community already knows about it, now the action just needs to be communicated
      • We can continue to record it in the ledger, but as a community directive instead of a yield ops move

  • REN token purchase RFC

    • REN is down a lot compared to the CEF
    • CEF does not contain any REN
    • Could be a good time to start the conversation on purchasing REN for the CEF/treasury
    • What is the purpose?
      • Diversification
      • Showing confidence in our own token/project
      • Give out grants in REN in the future
    • How?
      • Can set set a time frame to obtain an allocation (e.g. 500K over 6 months)
      • Buy some every month at our discretion
    • Do we expect to sell this later to reap a profit?
      • Consensus is that we do not obtain this to trade, more to get an allocation of REN in the CEF
    • Anyone outside of our community will likely want to be paid in USD/stables, not in REN. So is there really a need to get REN
    • Idea is that this is not a “yield ops” move, so should not be seen in that light and as to gain a profit. More like a strategic allocation of our own project token
    • Should actually not come from the yield ops group but speaking as community member
    • Will move it outside of these calls, continue discussion in chat to form an RFC to the community

  • General discussion on process

    • What expectations do we have when community votes on something that is time pressing. How do we handle this/what is the expectation/how do we announce what/when we do this/something we are not prepared for?
      • If we do not have a call coming up we should be able to organize on chat
      • Agreed it is fine to tag each other if we need to get stuff done (use multisig signer group tag)
      • We already pick things up ad-hoc and it shoould to be sufficient
    • How do we announce such moves/community directives?
      • If we want to post more but not be spammy we can post in the Discord announcement channel but do not tag the whole community
      • We can do this for passed proposals, post announcement without tagging
      • Also for bigger moves (e.g. if we move from Convex to Badger) we can use the announcement channel
        • If movements are starting to become more frequent and spammy we can re-adjust
      • The updates on the forum are also good to show what we are up to
    • What do we do on a malicious vote, do we have the authority to reject it?
      • We should come with a counter proposal.
    • Compensation
      • Usually any board is compensated per call/meeting as it takes time
      • There are pro’s and con’s to proposing this:
        • Pro:
          • More serious optics
          • Could incentivize the community to pay more attention and get involved
          • Good precedent to set for the working group structure within the DAO going forward
        • Con:
          • More will be expected of the group
          • In the current market conditions the optics might not be good as it could look like we are just dishing out CEF money to ourselves
      • If we are expected to be “on call” to quickly react to community directives (e.g. Citadel), this is an expansion of our responsibilities and compensation could be more appropriate
      • Preston volunteered to draft up an RFC to gauge community sentiment

Action items

  • Renfield: continue discussion on/start draft for REN token purchase RFC

Tentative agenda next meeting

  • Prepare to execute on the Citadel Launch event
  • REN token purchase RFC / wider diversification discussion
  • Working Group compensation structures
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