Yield ops call #010 - 1 November 2022

DAO Working Groups Yield Ops
1

Previous call

Attendance

  • Renfield
  • Max
  • Thomm
  • RV
  • Woodgast
  • Wes

Agenda:

  • New recurring call time
  • StakeDAO
  • Withdraw Convex rewards
  • Expanded responsibilities yield ops now that we are the ones that need to pay out the grants

Meeting notes

  • New recurring call time

    • Mondays 17 UTC every other week, next occurrence 14th of November

  • Expanded responsibilities yield ops

    • A few options we touched upon:
    • Additional group;
      • In the future we can see two (or more) groups, one that manages the CEF (budgets, running expenses, pay out regular stipends to other working groups, grants, etc). This is separate from the Treasury group which manages yield on idle funds
    • Replace group;
      • At this time two separate groups (CEF ops vs treasury/yield) likely makes less sense as there is not that much work to go around
      • also having different groups and multisigs adds additional hoops we need to jump through when we need to extract funds from the yield ops to pay a grant
    • In future it makes most sense to divide these roles, but currently group can stay the same but will need expended responsibilities to operate as they are, e.g. as the Community Ecosystem Fund operator group instead of simply a Yield ops group
    • Renfield and Max will take charge on drafting up the RFC, others will help out where possible or required

  • Withdraw Convex rewards

    • We can do this asynchronously offline
    • We will get CRV and CVX, and can roll this in to tricrypto

  • Solidly migration to Ethereum

    • Max has burned/bridged the tokens from Fantom to Ethereum
    • Will eventually move the tokens to the Yield ops multisig
    • We will have to do voting each week on which pools to incentivize
    • The tokens we had in Solidex, including the rewards we accrued, are moved to Ethereum and represented in the new Ethereum tokens
    • We might want to cash out some rewards along the way to stables so we can increase the CEF
    • This ties in to the discussion around additional responsibilities of the yield ops
    • We want to consider ways in which we can give the community a voice in the Solidly strategy that will be employed

  • StakeDAO

    • Discussed the current status of this
      • We have this as an option but first and foremost will need community approval to use it
      • Our CEF is rather small, especially in governance tokens as we only have ~8k in CRV and CVX rewards which we do not plan to accrue
    • Since we do not plan to stake any governance tokens we do not see a direct benefit to moving capital to StakeDAO
    • Thomm will circle back to the StakeDAOxRenDAO telegram group

Action items

  • Max sets up RFC draft, Renfield and anyone else interested will collaborate
  • Thomm will circle back to the StakeDAOxRenDAO telegram group with status update

Tentative agenda next meeting

  • Utopia multisig service
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