Protect Treasury (down $43M since April)

Since its peak in April, the treasury has gone from $78M to $35M.

People calculate their expenditures in their native currency (typically dollars) and pay people in the same.

Having some bit in USD allows us to protect against massive downside while being able to pay people in the currency they calculate and pay everyone else in.

This was proposed months ago, and ignored - while such action wouldn’t have saved an immense amount of cash, a 10% hedge would have saved ~$4M (which can fund A LOT of cool nounish things).

You might think that ETH can’t go any lower, but keep in mind that it went from $1400 to $70 (-95%), right now we are at (-72%) with -95% being at around a price of $250. That would leave our treasury at $6.5M.

I’m not saying that ETH is going that low, but it’s not out of the question in crypto.

To add, we can always buy the ETH back. We have so much ETH, would it hurt to hedge against the chance of an additional 80% drop?

Do the prudent thing. Protect our treasury. Convert 10% of the treasury to USDT.

I’m not adding a transaction because there are a lot of ways to skin this cat and it may best be done with a TWAP.

https://www.youtube.com/watch?v=wU9Daiu5XoM

~ Honk diddly.