Modify DAO ETH Sell Ladder
Author: diddly (15560) Quorum requirement: 20% (9M) Vote duration: 14 days
The objective of this proposal is to modify the previously accepted DAO ETH sell ladder (https://vote.aavegotchi.com/#/proposal/0xc4a1181fa1d6ede81e71c195aab84a21c1431f8a8b28221100e42720b84c2df3), both due to significant underperformance by ETH since then, as well as a need to keep to conservative targets as a DAO. This proposal has two options for updated sell targets:
Option 1:
- Four equal tranches of 300 ETH sold at $5000, $5500, $6000, and $6500 values of ETH in $USD.
Option 2 (slightly more conservative):
- Five tranches:
- One tranche of 150 eth sold at $4500 ETH.
- Three tranches of 300 eth sold at $5000, $5500, and $6000 ETH.
- One tranche of 150 eth sold at $6500 ETH.
DAO Treasury wallet for reference: https://debank.com/profile/0x53c3CA81EA03001a350166D2Cc0fcd9d4c1b7B62
Execution Strategy:
- Execution strategy remains as defined in the first proposal, however I would like to add clarifying details to increase the likelihood of successful execution:
- Spot held ETH should be sold first, followed by Lido staked ETH, followed by rETH. The modification here is to sell Lido ETH before rETH, due to a higher risk profile of Lido.
- When ETH $USD value reaches within 10% of a target, the ETH amount for that tranche shall be made ready for sale (withdrawn from staking if necessary and/or conversion to WETH) and a limit order placed on Cowswap set to execute at the target value. This should occur within 24 hours of reaching the 10% threshold.
- The limit order must be closely monitored to ensure its successful execution; DEX limit orders are not guaranteed to be filled. Should the case occur that a limit order is either not filled or only partially filled upon reaching a sell target, the sale shall be manually completed within 24 hrs.
- CYA edge case scenario: should ETH $USD value reach a defined sell target and the limit order fail to fully fill, and the ETH $USD value falls below the target before the sale is manually completed, the sale should proceed as soon as possible as long as ETH $USD value remains above $3000.
Due to the additional execution details potentially having a significant impact on profit, there are 5 options to vote on:
- Ladder option 1, ACCEPT new execution details.
- Ladder option 1, REJECT new execution details.
- Ladder option 2, ACCEPT new execution details.
- Ladder option 2, REJECT new execution details.
- Reject this proposal.
On passage of this proposal, anyone who may be in a position to execute the tranche sales must shortly familiarize themselves with the Cowswap limit order system to be prepared in advance.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x06b4...c03D99 | 431,877 | 100% for Ladder opt 2, ACCEPT new exec |
 0xB3e2...47ee53 | 277,638 | 100% for Ladder opt 2, ACCEPT new exec |
 0xa532...461035 | 268,081 | 20% for Ladder opt 1, ACCEPT new exec, 20% for Ladder opt 1, REJECT new exec, 20% for Ladder opt 2, ACCEPT new exec, 20% for Ladder opt 2, REJECT new exec, 20% for Reject proposal |
 0x2b29...c5d65a | 231,278 | 100% for Ladder opt 2, ACCEPT new exec |
 0x2e21...CaED32 | 210,628 | 20% for Ladder opt 1, ACCEPT new exec, 20% for Ladder opt 1, REJECT new exec, 20% for Ladder opt 2, ACCEPT new exec, 20% for Ladder opt 2, REJECT new exec, 20% for Reject proposal |
VOTE POWER
Proposal Status
- Sat January 11 2025, 10:41 pmVoting Period Starts
- Tue January 28 2025, 10:40 pmEnd Voting Period
Current Results
1-Ladder opt 2, ACCEPT new exec
5.54M
2-Ladder opt 1, ACCEPT new exec
1.407M
3-Reject proposal
700,161.013