m3taversal
1073c231c8
Co-authored-by: m3taversal <m3taversal@gmail.com> Co-committed-by: m3taversal <m3taversal@gmail.com>
3.4 KiB
| type | title | author | url | date | domain | format | status | tags | event_type | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| source | Futardio: Swap $150,000 into ISC? | futard.io | https://www.futard.io/proposal/Gp3ANMRTdGLPNeMGFUrzVFaodouwJSEXHbg5rFUi9roJ | 2024-10-30 | internet-finance | data | unprocessed |
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proposal |
Proposal Details
- Project: MetaDAO
- Proposal: Swap $150,000 into ISC?
- Status: Failed
- Created: 2024-10-30
- URL: https://www.futard.io/proposal/Gp3ANMRTdGLPNeMGFUrzVFaodouwJSEXHbg5rFUi9roJ
- Description: If executed, this proposal would convert $150,000 of MetaDAO's treasury into $ISC, a Solana-native stablecoin
- Categories: {'category': 'Treasury'}
- Discussion: https://discord.gg/V4TSWuCc3X
Summary
🎯 Key Points
MetaDAO proposes to swap $150,000 USDC (approximately 6.8% of its treasury) for ISC to hedge against dollar devaluation and encourage other DAOs to adopt similar treasury strategies.
📊 Impact Analysis
👥 Stakeholder Impact
This move aims to protect MetaDAO's treasury value while potentially benefiting other DAOs through the promotion of innovative governance structures.
📈 Upside Potential
Holding ISC may help maintain the value of MetaDAO's treasury over time due to its inflation-resistant design.
📉 Risk Factors
The proposal carries risks such as the potential for ISC to lose value against the USD, given its nascent stage and smaller market presence compared to USDC.
Content
Type Operations Direct Action
Author(s) @Richard_ISC
Overview
MetaDAO has approximately $2.2M in USDC in its treasury.
This poses a risk to the DAO given that the US Dollar has been losing value at an increasing rate. The dollar has lost 17.8% of its value since 2020. Due to the debt situation, we don’t expect this to be resolved soon, if ever.
$ISC was built specifically to solve this issue. ISC is an inflation-resistant stable currency built on Solana. It was launched at the Solana Hacker House in HCMC on 2023-03-17 at a price of $1.545. It is now trading at $1.81.
Not pegged to USD, ISC is collateralized by a basket of financial assets. This basket consists of 20% cash, 20% commodities, 20% treasuries, 20% bonds, and 20% equities.
If the proposal passes, MetaDAO will swap 150,000 USDC of its treasury (~6.8%) for ISC.
Details:
MetaDAO would execute a DCA order on jup.ag using the following parameters:
Amount: 150,000 USDC To buy: ISC Every: 1 hours Over: 10 orders Min price: 1.7 Max Price: 1.9
The ISC team would encourage other DAOs to use MetaDAO Futarchy for similar treasury swap proposals. This could easily turn into a win-win-win.
Once the ISC DAO is set up, ISC would commit to use MetaDAO for part of its governance. Example proposals that we have in mind:
- Remove Freeze authority
- Changes in the basket
Potential advantages:
- MetaDAO maintains its treasury value over time
- Promotes other new Solana-native projects
- Showcase a simple Futarchy proposal for other DAOs to follow
Potential pitfalls:
- ISC is still small and early compared to USDC
- ISC could lose value to the USD
Raw Data
- Proposal account:
Gp3ANMRTdGLPNeMGFUrzVFaodouwJSEXHbg5rFUi9roJ - Proposal number: 8
- DAO account:
CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9 - Proposer:
proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2 - Autocrat version: 0.3
- Completed: 2024-11-03
- Ended: 2024-11-03