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| type | entity_type | name | domain | status | parent_entity | platform | proposer | proposal_url | proposal_date | resolution_date | category | summary | tracked_by | created | source_archive |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| decision | decision_market | MetaDAO: Swap $150,000 into ISC? | internet-finance | failed | metadao | futardio | @Richard_ISC | https://v1.metadao.fi/metadao/trade/Gp3ANMRTdGLPNeMGFUrzVFaodouwJSEXHbg5rFUi9roJ | 2024-10-30 | 2024-11-03 | treasury | Proposal to convert $150,000 USDC (6.8% of treasury) into ISC stablecoin to hedge against dollar devaluation | rio | 2026-03-11 | inbox/archive/2024-10-30-futardio-proposal-swap-150000-into-isc.md |
MetaDAO: Swap $150,000 into ISC?
Summary
MetaDAO proposed converting $150,000 USDC (approximately 6.8% of its $2.2M treasury) into ISC, a Solana-native inflation-resistant stablecoin. The proposal argued that holding USD exposes the DAO to devaluation risk (17.8% loss since 2020) and that ISC's basket-collateralized design (20% each: cash, commodities, treasuries, bonds, equities) provides better value preservation. The proposal failed.
Market Data
- Outcome: Failed
- Proposer: @Richard_ISC (ISC team member)
- Treasury Context: MetaDAO held ~$2.2M USDC at proposal time
- Proposed Allocation: 6.8% of treasury
- Execution Plan: DCA order on Jupiter (10 orders over 10 hours, $15K each, price range $1.70-$1.90)
Significance
This proposal represents an early test case for DAO treasury diversification into alternative stablecoins through futarchy governance. The failure suggests either:
- Market skepticism about ISC's value proposition relative to USDC
- Risk aversion to allocating treasury to a smaller, newer stablecoin
- Concerns about the proposer's conflict of interest (ISC team member)
The proposal included a reciprocal governance commitment: ISC would use MetaDAO futarchy for its own governance decisions (removing freeze authority, basket composition changes), positioning this as a potential partnership rather than pure treasury management.
Relationship to KB
- metadao - treasury management decision
- MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions - relevant to understanding market participation patterns
Full Proposal Text
Source: futard.io, tabled 2024-10-30
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