MultiSafe Weekly
Discover more from Coinshift Newsletter
MultiSafe Weekly
MultiSafe stats, Select gas limit, Code maintenance, Proposal to remove great YAM wall, and all about crypto treasury.
🌈 Hey MultiSafers,
This week we’re going back to our roots, making it possible that users have the best experience using MultiSafe. What we do, what we will do, are all shared in this newsletter with all the weekly stats.
Latest MultiSafe Stats for this week
Total Users - 86
New Users this week - 04
Payouts - $100k ✅
Total assets - $50 Million ✅
How about sharing the newsletter with your peers or the ones you find would be interested.
Do you know - We spend a lot of time creating the best Treasury management software. And our driving force is your feedback. So reach out to us at - Discord Channel
Every response will be read. ✌️
🔥 This week in MultiSafe
🙌 Select Gas Limit
For faster transaction confirmation, sometimes a gas price setting is required to set the gas price as per the requirement. This includes - Standard, Fast and Instant modes that are similar to that of Metamask. This is super helpful when the users are interacting with their hardware wallets.
Users will be soon to do re-submit the transaction with the higher gas fees to avoid long delays.
An overview of how this will look like on the MultiSafe dashboard -
🙌 Shipping add, remove and swap owners release
Our team is on track to ship the latest release very soon for the users to have the seamless experience of changing owners and thresholds with real-time notifications.
🙌 Code maintenance
We’ve always shared about the new features that we will be adding in MultiSafe, but this time it will be code maintenance which includes creating new abstractions and rewriting certain portions of the code to make it more modular.
This is important as clearing this technical debt will enable us to ship faster and scale better in the long run, ensuring the priority of fixing the most serious bugs to get a smooth experience of using MultiSafe.
🔥 What’s new in crypto Treasury
👉 Proposal to remove The Great Yam Wall
The community members are asking to remove the Great Yam Wall. Removal can be good for the health of the YAM treasury and beneficial for the long-term holders.
This comes after the assumptions that the marketCap should not drop below the treasury value. And the token holders can have the power to raise the token price if the market cap and treasury value are equal. And the YAM wall can be a barrier to it.
YAM Treasury is “community-owned” in which the token holders were paying a tax to the treasury on positive rebases and there was a mechanism to payback these token holders. Still, now the tax has gone, and this mechanism is not balanced yet. Rather, proper management of funds in the treasury should be given to the contributors to build the project.
MolochDAO came up with the term “Ragequit,” which allows members to leave with their funds if they disagree with an investment made. And the same was proposed for YAM and was never implemented because of its flawed mechanism; rather, a Great wall of YAM was an improvement for that.
What can be a potential replacement?
There should be a solution for liquidity and not token price. While an AMM is infinitely liquid, significant selling into a low liquidity pool can cause significant problems and oversized price drops.
Set a threshold in which additional vested YAM rewards to this pool attract long-term supporters to LP in exchange for juicy APRs.
Many LPs do not like vested rewards, but if we kept the existing rewards as-is and added vested rewards, this would be strictly better than just the existing rewards, requiring a governance action to mint more YAM for this purpose.
Various other projects whose market cap is lower than their treasury value -
DXdao
Marketcap ~ $12MM
Treasury value ~ $42MM (or ~$50MM if you include their own tokens)
Gnosis Token
Marketcap ~ $225MM
DAO Treasury value ~ $300MM (~150,000 ETH). They also own 8.5MM GNO tokens, or $1.2BN worth
PieDAO
Marketcap ~ $7.5MM
Treasury value ~ $11MM (or ~$38MM if you include their own tokens)
Click here to read more about it.
👉 Create a volume KPI to diversify UniSwap community treasury to StableCoins
Problem -
Treasury risks while paying 100% UNI token, various drawdowns have been explored that directly affect the spending power and runway of the community treasury.
Grant value is determined in USD but paid in $UNI Tokens -
Almost all $UNI awarded to the grantee is market sold -For example, the Defi Education fund grant was awarded entirely at one time. There can be a problem selling the entire award at once to allay fears of the dilutive effect of 10 million $UNI tokens. Shortly after they received the award, they sold the entire award. This could have been avoided by the treasury divesting themselves in a controlled manner and awarding in stablecoins when necessary.
We do not know what and when spending will be required - Crypto is volatile, prepare for the worse, expect the best. If there is a significant outlay of funds at the market's low, it will be devastating for the treasury’s long-term prospects.
What can be done?
Build a KPI option using UMA’s battle-tested EMP contracts for the Uniswap Community Treasury or others who want to mint KPI options using $UNI as collateral to purchase stablecoins from the community.
KPI options can be created from any number of defined metrics/indicators, from feedback from the UNI community, or the best one can be Volume across Uniswap.
KPI for 30 Day Average Trade Volume across Uniswap
After creating the 30 DMA Volume KPI option, there are several options on how to divest, which we will be discussed more in detail after this consensus check.
Gnosis auction
Creating an LP on Uniswap (requires stablecoins to pair)
Suggestions welcome
Click here to read more about it.
If you’ve got thoughts on what should be discussed or any other feedback. Join us at our - Discord Channel
👋 👀 See ya’ll next week!
About MultiSafe
MultiSafe aims to simplify crypto treasury management for Companies & DAOs - built using Gnosis Safe, IPFS & Filecoin.
Stay connected. Stay Awesome 🤘