This discussion is in regards to AIP - 42 which was denied by the special council due to wanting a treasury management firm before diversifying out of APE. Please see proposal here:
My two main concerns with this denial are:
- How many trustworthy Treasury Management Firms are there in web 3?
By the looks of it I see one or two firms at most. Can the DAO trust these firms with millions of dollars? Since this is a nascent industry how can we measure their performance? How long do we wait until a trustworthy treasury management firm gains credibility and is able to be hired? Do they custody the DAO’s money?
Feels like lot’s of unknowns here that may take years to solve.
- How much lower will the treasury go if we stay 100% entrenched in APE COIN?
We are obviously in a bear market now and ALT coins notoriously underperform ETH/BTC during bear markets. APE also earns no yield. It feels like any treasury management firm would recommend longing ETH since it is at the center of web 3. .
The special council should reconsider this AIP at a lower percentage. 5% of the treasury is diversified in stETH?
Would love to understand the community’s thoughts and a reconsideration from the special council at a lower percentage of the DAOs treasury.