Following the discussions around treasury allocations in this community post the core team has realised that votes for allocations to smaller protocols take time for discussion and due diligence. In addition, to extract maximum value for Gro protocol by securing mutual deposits into Gro in return for a deposit into their protocol, more time is needed for negotiations and discussions.
Because of this time required to execute there is still a large portion of the treasury which remains unallocated (~10m USDC) which could conservatively be earning enough to contribute significantly to the operating costs of the protocol. The treasury has also not been able to act decisively to buy the dip and stock up on useful protocol assets recently (e.g. ETH at $2,200 and AVAX at $60).
We propose that a Gro Treasury Committee is set up to handle the Gro DAO treasury finances, with an agreed set of whitelist principles voted on by the DAO.
The purpose of the committee is to execute on pre-agreed (‘whitelisted’) treasury deployments quickly. It can then spend the time needed on due diligence and negotiations, submit proposals to the DAO for voting, and instruct the DAO multi-sig to act on those instructions.
Agreed whitelist principles
In the interest of moving swiftly and with agility, we propose that certain ‘blue chip’ DeFi whitelisted protocols, meaning that no further DAO vote would be needed to move funds into these protocols.
In addition, we propose that there are certain whitelisted assets: meaning that the Treasury Management Committee can (by instructing the DAO multi-sig) acquire those assets using treasury funds without further DAO instruction.
Finally there we propose whitelisted transactions. This is to allow swift action to be taken for emergency reasons, or smaller transactions to happen without a vote.
Proposed whitelisted protocols
- Lido Finance
Proposed whitelisted assets
Proposed whitelisted transactions
- Any return of funds back to the Gro DAO treasury
- Any investment in a protocol up to $100,000 value
The Gro Treasury Committee would initially be made up of the following individuals from the core team:
The core team welcomes applications from other members of the Gro community - please reply to this thread if you are interested in joining the Gro Treasury Committee.
In your reply, please introduce yourself, provide details about your experience in the DeFi world to date (including any experience in managing DAO funds or large DeFi portfolios), and motivation for being part of the Gro Treasury Committee.
Ideally the Committee would have at least one member who is not part of the core team.
We propose that the Gro Treasury Committee be re-elected every 12 months, subject to a governance proposal on who should form part of the Committee.
If there is a desire from the community (shown via a forum post and a positive indicative poll) or from the core team to add or remove Committee members within less than 12 months, then there can be a new governance vote to change the Committee (by adding, removing or substituting members).
To reflect the time spent by contributors, the Gro Treasury Committee should be remunerated for their time involved in advancing the Gro ecosystem. We propose that each Committee member receive 500 $GRO per month from the Gro DAO Treasury for their time and effort (each monthly token amount delivered as an airdrop vesting for 12 months in the rewards centre).
For any core team member who already has an allocation of $GRO as part of the team allocation set out in the $GRO tokenomics, this monthly amount will be considered already included in their existing allocation i.e. core team members will not get additional $GRO for their role on the Committee.
The expected time commitment is 5-10 hours per month but this is subject to change.
This proposal will be left open for the community to discuss for 7 days. Please indicate using the poll below if you are in favour of this proposal.
If there is support for this proposal, the core team will launch a Snapshot vote at https://vote.gro.xyz which will remain live for a further 7 days. If there are comments to update the proposal (e.g. with community Committee members), a new version of the proposal will be posted in the forum for at least 2 days before the vote.