$ 1.1 Billion total assets and $ 68.2 Million in payouts, Coinshift updates, Treasury Proposals & Good reads...
Growth Numbers 🎉
Latest Coinshift Stats
Total Users - 883
Payouts - $ 68.2 Million ⬆️
Total assets - $ 1.1 Billion ⬆️
We spend a lot of time building Coinshift’s Treasury management platform & curating the latest proposals & Good reads for this Newsletter. All efforts are done to keep our readers updated with the latest implementations across Coinshift & Crypto Treasuries.
Do you know what is our driving force in this? - Your feedback.
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✅ Tarun Gupta represented Coinshift at The Product House event
On Saturday, 12th March there was an event named - ‘The Product House’ powered by Polygon, Alpha Wave, & other Ecosystem Partners.
In this event, Tarun (Founder & CEO, Coinshift) shared his thoughts on DAOs and community in Web3.
Introduced 500$ bounty in this event. The winners will be announced in the upcoming week ✌️
1️⃣ Balancer Proposal: Delegate Treasury subDAO the Power to Invest Protocol Fees
Balancer turns the concept of an index fund on its head: instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders who rebalance your portfolio by following arbitrage opportunities.
A video by Whiteboard Crypto:
Treasury subDAO has been trusted with total protocol fees, which are converted into bbaUSD, and sent to veBAL lockers. The protocol fees are split into a 75:25 ratio with 75% going to veBAL and 25% going to Balancer DAO.
Note: Balancer Protocol implemented a vote-escrowed token model called veBAL which is inspired by Curve's ve (vote-escrowed) system. This has enabled BAL holders to lock up their tokens for a set period of time in order to receive pegged “VE” tokens.
Balancer DAO is focused on maintaining the transparency of their treasury- as there is a dedicated #treasury channel on discord that includes all the Balancer’s treasury-related updates.
The initial framework around protocol fees investments are:
Use of protocol fees to accumulate stables which can be used for compensation/budget requirements.
Building a base of stables to ensure the DAO can continue to operate in an extended downturn for BAL price.
Plan to be more risk-averse than yield-seeking as USDC is less risky than FEI but earns a lower yield.
bbaUSD is an example of a low-risk stable product that earns a guaranteed yield and helps Balancer to increase TVL, volume, and fees. POL creates a tailwind behind the growth of Balancer’s key metrics and the plan is to stack diversified POL as much as possible.
Process for sweeping fees and sending them to veBAL:
Governance multisig on each chain will initiate a transaction to sweep collected fees to Treasury subDAO’s gnosis safe account if token balance exceeds $10k on Ethereum and $5k on Polygon & Arbitrum.
Treasury subDAO will sell assets to stablecoins for veBAL and trade as necessary based on how the DAO plans to invest their portion
Treasury subDAO will bridge stablecoins for veBAL back to mainnet. The DAO’s share may or may not be bridged to the mainnet.
Treasury subDAO will send bbaUSD to the veBAL distribution contract and send the DAO’s share to the DAO Multisig. Treasury subDAO will not custody DAO funds after the process is completed.
Read the entire proposal here
2️⃣ Proposal: ShapeShift DAO to DAO ecosystem treasury
ShapeShift DAO plans to create a sub-DAO (D2D) treasury focused on the growth of the decentralized and aligned to their values.
The commitment of $1 million USDC (or part USDC/FOX and equivalent amounts) to the DAO to fund treasury, in which 90% will be received by governance rights to the vFOX governance token (venture FOX). The other 10% of the vFOX supply would remain in the sub-DAO treasury to be distributed as incentives to the sub-DAO committee which would source and vote on the allocation of sub-DAO assets (or to be used ultimately for whatever vFOX governance wishes)
Mainly, Sub-DAO funds will be focused on creating DAO to DAO relationships supporting, partnering, and investing in the ecosystem.
There are various motivations behind creating a D2D treasury ecosystem which you can find in the proposal here
3️⃣ Proposal: Organisations moving to Celo Blockchain
Celo is one of the fastest-growing DeFi ecosystems with 2.6M addresses, up to 1.1M daily transactions, and over 103M transactions. Additionally, Celo has been chosen by Kickstarter for its upcoming decentralized product (to date, Kickstarter has successfully supported over 214,000 projects with over $6B in funding and 20M backers)
A mobile-first EVM-compatible layer 1 blockchain that is accessible to anyone with a smartphone
Algorithmic Celo stablecoins (currently cUSD, cEUR, and cREAL) with a smart-contract based expansion and contraction platform called Mento
An overcollateralized basket of crypto assets called the Celo reserve, currently made up of CELO, the network’s native asset, as well as BTC, ETH, DAI, and MCO2
➡️ Proposal to Launch Curve on Celo Blockchain
The Celo community has proposed to deploy Curve on the Celo Blockchain. This expansion to Celo will enable Curve to broaden its reach into a new DeFi ecosystem with $7M of additional incentives for Curve users.
Also, they will work with the Curve team to deploy all necessary smart contracts needed to start Curve pools and provide any additional tooling necessary to manage incentives for the Curve community, as well as work with third-party vendors to perform smart contracts audits.
cLabs will also work to ensure that cross-chain bridge options are available for swapping CRV tokens to and from Celo to networks where Curve is present. Celo is EVM compatible and so the deployment is expected to be completed with little to no alterations to the smart contracts.
To know the metrics read the proposal here
➡️ Deployment of Uniswap V3 on Celo?
What will happen if Uniswap launches on the Celo platform
Uniswap’s influence will increase through $10M in financial incentives to Uniswap users, as well as additional grant funding provided by the Celo Foundation to utilize Uniswap as a financial building block.
Increase in Uniswap V3’s capital efficiency to the 6B smartphone users around the world.
Create green asset liquidity pools with natural capital-backed assets such as tokenized carbon credits (e.g. MCO2 and TCO2) and future nature backed assets issued on Celo like land and forests
Use of Uniswap as a decentralized mechanism to rebalance the Celo Reserve with nature backed assets rather than relying on centralized exchanges
Will Foster pathways for future green use cases on Uniswap
Read the entire proposal here
🔥 Pool Together Treasury Working Group | Second Quarter Renewal
🎙️ Treasury AMA with Llama powered by Coinshift
Topic: Best Practices in DAO Treasury Management
Coinshift simplifies treasury management by providing efficient multisig tooling to save time & money for crypto teams.
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