Gitcoin

tl;dr: As we get closer to launching our protocol, we want to extend our governance participation to a few new partners by exchanging governance tokens with stable tokens. This will put the governance tokens into the hands of strategic partners who can help us improve our protocol while also diversifying our treasury to ensure we can continue our mission in a larger crypto winter.

Details

In January we discussed and agreed that diversifying our treasury to hedge against large market down turns would be in our best interest as it would also invite strategic partners to participate in our governance future. This vote is to formalize that intent and extend governance rights to those partners who have shown interest and are aligned to our mission.

Voting Yes on this proposal will enable us to withdraw $10MM of GTC to be used for diversification of governing ownership. We will use the same gnosis safe from our past vote to diversify our treasury. The signers on that Multisig are:

• Myself (Kyle)
• Annika
• Shreyas Hariharan
• Kris
• Simona
• James / Fire Eyes

The full terms of the diversification can be found in the governance post and links below. Here is a quick summary:

• 17.5% discount on 30day price average
• 1 year lock up with a linear 1 year unlock there after (2 years fully unlocked).
• We will use Hedgey to help facilitate the trade and lock up.

Here are a few links to read more: Snapshot vote for previously passed TD (with gnosis safe details): https://snapshot.org/#/gitcoindao.eth/proposal/0x0eb45cfd31ddd2701af3d74ce38a9e87292fe42a6b40b26812ff9889b07daeb3

Treasury Diversification rationale on the governance forums: https://gov.gitcoin.co/t/gitcoin-treasury-diversification/9698

Update on terms: https://gov.gitcoin.co/t/treasury-diversification-part-ii-welcoming-strategic-partners/9825/4

A No vote would be to reject the terms or the idea of diversifying. This will likely kill the effort entirely as the terms have already been negotiated and I dont think we have any more room to change them.